TNR Gold Corp (TNR.v) Announces El Salto Results

Remember Bob Moriarty's visit to El Salto and El Tapau earlier in 2008 that resulted in a spike of share purchases of TSX miner TNR Gold?

Well it would seem like he's right... there is mineralization on the large properties! Tapau had first drill results of 0.59% Copper over 82+ metres... easily economical... and TNR just announced El Salto results yesterday. (see below)

While it isn't as groundbreaking as say, Los Azules (estimated at $652 million by Canaccord) - keep inmind this is just the first 12 holes.

Los Azules had what, 35+ holes drilled in the entire region which is much smaller than Salto!?

The potential of Los Azules is suggested in successive exploration drilling programs in which significant high-grade copper mineralization has been discovered. For example, in 2006 an 11-hole drilling program returned intervals including 1.62 percent copper over 221 meters (about 725 feet) and one percent copper over 173 meters.

For the 2007-2008 field season, a 10,000-meter, 24-hole drilling program will further gauge Los Azules' potential.

Funny though - as TNR and the company improves its value and assets - share prices have taken a tumble as have most other quality miners. Teck Cominco today has dropped to $3/share...  keep the faith!

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2008-11-18 20:33 ET - News Release

Mr. Gary Schellenberg reports

TNR GOLD ANNOUNCES EL SALTO DRILL RESULTS

TNR Gold Corp. has provided assay results from seven diamond drill holes of the 2008 exploration program on its 100-per-cent-owned El Salto project in Argentina. TNR drilled 12 exploratory drill holes, totalling 6,446.45 metres, to evaluate a copper-molybdenum-gold porphyry system on this underexplored property.

Of the 12 drill holes (ES07-01 and ES08-02 to ES-08-12), eight holes were drilled in the northwestern (ES07-01, ES08-02, 03, 04, 07, 10, 11 and 12), and two holes each in the central (ES08-05 and 06) and southeastern (ES08-08 and 09) parts of the property. These holes targeted a large (4.8 kilometres long and up to 1.3 kilometres wide) IP chargeability anomaly extending from the northwest to southeast end of the property. This anomaly corresponds very well with a distinctive alteration system (largely phyllic with local potassic and silica alteration), and is also partially coincident with geochemical anomalies (copper and molybdenum) delineated during the reconnaissance program in the 2006 and 2007 field season.

Of the eight drill holes (3,690.55 metres) that tested the northwestern property, six holes were located in a stockwork-breccia area. Assay results currently available show copper values exceeding 500 parts per million (0.05 per cent) in samples from all six holes, anomalous molybdenum and, in some instances, gold associated with copper mineralization.

The two drill holes (ES08-08 and 09) in the southeastern part of the property intersected anomalous copper and molybdenum throughout but yielded no intercepts of economic significance.

The results from drill holes ES08-07 (northwestern property), ES08-05 and 06 (central property) are still pending. Significant intervals of copper and molybdenum mineralization from seven drill holes in the northwestern part of the property are in the table.

 SELECTED ASSAY RESULTS FROM HOLES ES07-01 TO ES08-04               AND ES08-10 TO ES08-12   Drill hole      From     To     Width    Cu      Mo No.              (m)     (m)     (m)     (%)     (%)  ES07-01         6.00   173.20   167.20  0.077  0.007                199.05   254.40    55.35  0.205  0.012 Includes      217.75   224.00     6.25  0.511  0.015               340.00   367.90    27.90  0.180  0.015 ES08-02       399.00   421.10    22.10  0.106  0.002 Includes      399.00   401.00     2.00  0.233  0.002               470.30   515.45    45.15  0.078  0.002               581.00   601.05    20.05  0.082  0.003 ES08-03        95.30   176.70    81.40  0.077  0.002 ES08-04       185.70   232.25    46.55  0.225  0.002 Includes      208.60   210.60     2.00  0.550  0.001               309.30   417.80   108.50  0.186  0.003 Includes      381.00   411.60    30.60  0.246  0.003               438.70   488.60    49.90  0.106  0.003 ES08-10        14.50    57.50    43.00  0.215  0.004 Includes       46.45    50.35     3.90  0.317  0.001               114.60   125.00    10.40  0.299  0.001 ES08-11         3.00    66.40    63.40  0.098  0.003 Includes       23.60    29.60     6.00  0.190  0.001 Includes       57.75    66.40     8.65  0.177  0.0005               243.00   257.60    14.60  0.110  0.003               457.00   476.00    19.00  0.147  0.001 Includes      471.50   476.00     4.50  0.403  0.0005               535.00   546.00    11.00  0.110  0.002               577.50   593.00    15.50  0.094  0.0007 Includes      577.50   582.65     5.15  0.108  0.0005 ES08-12         9.00    25.85    16.85  0.152  0.008 Includes        9.00    16.00     7.00  0.260  0.008                54.35   168.20   113.85  0.094  0.008 Includes      136.80   165.85    29.05  0.134  0.012               187.50   208.45    20.95  0.115  0.005               570.10   608.00    37.90  0.086  0.001 Includes      570.10   579.30     9.20  0.159  0.0006 

All of the seven drill holes in the northwestern portion of the property with assay results intersected significantly anomalous copper and molybdenum mineralization over relatively large widths. The best mineralized intercepts were observed in drill holes ES07-01 and ES08-04. Drill hole ES07-01, intersecting several stockwork and/or breccia zones within hornfelsic sedimentary host rock, yielded 0.077 per cent copper and 0.007 per cent molybdenum over 167.20 metres (6.00 m to 173.20 m), and 0.205 per cent copper and 0.012 per cent molybdenum over 55.35 metres (199.05 m to 254.40 m), which includes 0.511 per cent copper and 0.015 per cent molybdenum over 6.25 metres (217.75 m to 224.00 m).

Drill hole ES08-04 targeted a strong chargeability feature situated at the centre of a Y-shaped anomaly and located approximately 850 m southeast from drill hole ES07-01. ES08-04 intersected highly anomalous copper and molybdenum mineralization throughout the entire length of the hole. Significant mineralized intercepts contained 0.225 per cent copper and 0.002 per cent molybdenum over 46.55 metres (185.7 m to 232.25 m), and 0.186 per cent copper and 0.003 per cent molybdenum over 108.50 metres (309.3 m to 417.8 m), which includes 0.246 per cent copper and 0.003 per cent molybdenum over 30.60 metres (381.00 m to 411.60 m).

Assay results from these exploratory holes, though subeconomic, are suggestive of a large porphyry system with copper-molybdenum mineralization, especially in the northwestern part of the property. Recent mapping also suggests that a substantial part of the northwestern area contains a significant hydrothermally altered stockwork-breccia zone. Identification of this zone is an important step in developing the exploration model for El Salto, which is based on Chilean porphyry deposit models.

"We are very encouraged by these results from our first reconnaissance drill program. We have confirmed that we have a large copper-molybdenum porphyry system with anomalous copper and molybdenum values present in seven of the nine holes assayed to date. We will now focus exploration efforts to identify and delineate a high-grade core of the system," says president and chief executive officer of TNR Gold, Gary Schellenberg.

This news release has been prepared under the supervision of Ike Osmani, PGeo, TNR's qualified person on this news release.

The El Salto property

The El Salto property, consisting of 3,300 hectares in the San Juan province, is located within the Yellow Belt district of San Juan, which hosts the two well-known copper deposits, the El Pachon deposit (724 million tons at 0.65 per cent copper) in Argentina and the Los Pelambres mine (1,487 million tons at 0.66 per cent Cu) near the Chile-Argentine border (note: property and resource figures obtained from Falconbridge/Xstrata and Antofagasta websites).

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