The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
TAU: TSX-V
President and CEO: Raj Chowdhry
Chairman: Rick Van Nieuwenhuyse
Vice President, Exploration: Jerry Zieg
TintinaGold Resources Inc. emerged on the Alaska mining scene in 2009 when NovaGold Resources Inc. (see NovaGold Resources Inc.) rolled 397,680 acres of its early-stage exploration properties in Alaska into the Vancouver B.C.-based junior.
This transaction included two gold exploration claim groups in the Kuskokwim region (Tintina gold properties and the Colorado Creek gold project) and three western Alaska base metal properties (Kugruk, Baird and Omilak).
In exchange for the properties, TintinaGold issued NovaGold 3.125 million shares of its common stock, which, at the time, represented about 7 percent of TintinaGold's issued and outstanding shares.
TintinaGold appointed NovaGold President Rick Van Nieuwenhuyse chairman of its board of directors, and recruited geologist Jerry Zieg to become the junior's vice president of exploration.
The two companies also have a service agreement in which NovaGold will provide exploration, human resource and land management services to the exploration company.
The agreement also provides NovaGold with a right of first opportunity to participate in proposed transactions involving the Colorado Creek, Kugruk, Baird and Omilak properties.
In January 2010, TintinaGold raised C$5 million by selling 12.5 million each shares and warrants to Electrum Strategic Metals LLC, an affiliate of privately held global mining group Electrum Ltd.
This financing raised Electrum's stake in the junior to 30.1 percent, and, if the global miner exercises its warrants, Electrum's interest in TintinaGold could reach 44.1 percent.
The primary focus of TintinaGold's 2010 exploration was on the Kugruk project in Northwest Alaska, about 70 miles north of Nome.
The 177,280-acre property hosts copper-iron skarns, silver-lead-zinc prospects and placer gold rich drainages.
The juxtaposition of these various mineral systems leads the explorer to believe that a large-scale iron oxide-copper-gold deposit could be hidden below the loess that covers the prospect.
Representing the first drill testing of Kugruk since a small program in the late 1970s, the junior completed some 1,500 meters of drilling in 2010.
In addition, crews completed mapping and surface geophysical programs at the prospect.
TintinaGold said assay results from the first three holes confirm the presence of a large-scale hydrothermal alteration system with associated broad mineralized zones containing significant grades of copper, gold, silver and iron.
Hole KU10-003 drilled in the Billiken Zone encountered 3 composite intervals totaling 90.8 meters, grading 0.27 percent copper, 0.07 grams per metric ton gold, 2.8 g/t silver, and 33.1 percent total iron.
Two intersections in hole KU10-003 contain significantly better grade copper mineralization associated with strong precious metals.
A 5.7-meter zone contains 1.23 percent copper, 0.2 g/t gold and 7 g/t silver.
A second 3.3-meter interval contains 1.7 percent copper, 0.6g/t gold and 18g/t silver.
The company said skarn alteration has been identified on surface and in drill holes over an area seven kilometers by three kilometers, or 4.3 miles by 1.9 miles, and its geophysical signature extends at least 15 kilometers, or 9.3 miles, along strike.
The entire area is covered by wind-blown silt and tundra with only sparse outcrops.
The junior spent C$2.4 million on exploration through June 30.
TintinaGold also began drilling at its recently acquired Sheep Creek copper-cobalt property in Montana in September.
Cash and short-term deposits: C$2.77 million (at June 30, 2010)
Working capital: C$2.25 million (at June 30, 2010)
Market capitalization: C$32.51 million (at Sept. 11, 2010)
595 Burrard St., Suite 1723 Vancouver, B.C. Canada V7X 1G4
Tel: 604-628-1162 Fax: 604-628-1163
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