NEWS OUT - TRELAWNEY RESOURCES - TRR
Trelawney Resources Inc.: Dorset Zone Continues to Produce Positive Gold Results & Sulphides Intersected on Martin Zone
3/30/2007
TORONTO, ONTARIO, Mar 30, 2007 (CCNMatthews via COMTEX News Network) --
Trelawney Resources Inc. (TSX VENTURE:TRR) reports assay results for 10 holes from the ongoing drilling program on the Mishi Project, located 50 kilometres northwest of Wawa, Ontario. All holes intersected the Dorset Deformation Zone (DDZ), and all holes returned significant gold values. Drill hole MC-07-92 had the widest intersection that assayed 2.36 g/t gold over 14.2 metres (46.5 feet) including 3.76 g/t gold over 5.1 metres.
Since September, 2006 assays results have been released for 66 drill holes (MC-06-36 to MC-07-101). All holes, with the exception of MC-06-39 (diabase dike) intersected the Dorset Zone. To date, the Dorset Zone has a minimum strike length of approximately 750 metres (2460 feet). Hole MC-07-76, represents the deepest drilling conducted on the Dorset Zone to date (4.1 g/t Au over a core length of 3.4m), intersecting the zone at approximately 230 metres (750 feet) vertically below surface. The majority of the drilling has been conducted above the 150m (490 feet) elevation. Drilling is continuing on the Dorset Zone and assay results are pending on an additional 20 drill holes. Trelawney is earning 50% interest in the property from MetalCORP Limited (TSX VENTURE:MTC). by spending $2 million on exploration; making cash and stock payments to MetalCORP totalling $220,000 and issuing 900,000 shares over five (5) years. Trelawney can earn a further 20% interest by completing a feasibility study and paying $100,000 cash and issuing 500,000 shares. On completion of Trelawney's option, a joint venture will be formed between Trelawney and MetalCORP on either a 50-50 or 70-30 basis respectively.
Detailed results of each hole are listed in the following table:
From To Grade Core Length
Hole (Metres) (Metres) (g/t Au) (metres)
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MC-07-92 (-45 degrees) 98.9 113.1 2.36 14.2
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- including 99.4 111.1 2.71 11.7
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106.0 111.1 3.76 5.1
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MC-07-93 (-45 degrees) 34.1 47.6 1.81 13.5
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- including 38.5 46.0 2.83 7.5
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42.3 46.3 4.44 3.7
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MC-07-94 (-65 degrees) 126.0 138.5 1.62 12.5
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- including 126.5 135.5 2.04 9.0
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126.5 130.1 2.85 3.6
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MC-07-95 (-75 degrees) 131.0 139.4 1.18 8.4
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- including 137.9 139.4 4.28 1.5
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MC-07-96 (-45 degrees) 104.2 114.1 1.89 9.9
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108.8 113.1 2.55 4.3
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MC-07-97 (-65 degrees) 112.1 124.6 1.33 12.5
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- including 115.9 121.2 1.96 5.3
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115.9 119.2 2.38 3.3
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MC-07-98 (-65 degrees) 161.4 170.5 2.58 9.1
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- including 162.4 168.0 3.78 5.6
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164.1 168.0 4.42 3.9
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MC-07-99 (-75 degrees) 184.0 190.3 0.82 6.3
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- including 187.1 188.1 2.07 1.0
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MC-07-100 (-65 degrees) 176.8 182.8 1.99 5.4
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- including 177.5 182.2 2.15 4.7
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180.0 182.2 2.64 2.2
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MC-07-101 (-65 degrees) 140.7 150.6 1.88 9.9
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- including 146.6 150.6 2.80 4.0
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All split or sawn core samples were submitted to Accurassay Laboratories Ltd., Thunder Bay, Ontario, and/or Swastika Laboratories, Swastika, Ontario. All gold assaying was performed using a 30g standard fire assay with an AA and/or gravimetric finish.
For more information, including a detailed drill hole location plan and idealized cross section, please visit the Company website at www.trelawneyresources.com.
An initial drilling program consisting of seven holes, totalling approximately 1600 metres has been recently completed on the Mishibishu Lake Property optioned from Murgor Resources Inc. Five holes were drilled in the vicinity of the Martin Zone. Each drill hole intersected mineralization and alteration consisting of sericite, carbonate, silicification and quartz veining mineralized with variable amounts of disseminated pyrite, pyrrhotite, chalcopyrite, arsenopyrite and molybdenite. The mineralized zones occur in close proximity to a mafic volcanic-metasedimentary contact. Assay results are pending.
Trelawney President Wayne O'Connor stated:
"The ongoing drill program on the Dorset Zone continues to return significant gold values, and the Zone is continuing to show remarkable continuity, both along strike and to depth. We are also very encouraged with the style of alteration and sulphide mineralization intersected in the initial drilling conducted on the Martin Zone."
The Mishibishu Lake Property contains more than 30 known gold occurrences, the most important of which is the Martin Zone. The geology of the Martin Zone consists of pyrite and arsenopyrite mineralization in deformed, altered and quartz veined mafic metavolcanics. This zone has been traced for over a kilometre along strike in drill holes and trenches where assay results of 5.5 g/t Au over 5 metres were obtained from previous drilling. Ground and airborne geophysical surveys suggest that the zone may continue for more than three kilometres along strike. The Martin Zone appears to be similar in style and orientation to the Dorset Zone which is located about 400 metres to the northwest. Trelawney can earn a 75% interest in the property by completing $1.5 million in exploration, completing a feasibility study, and making cash payments and issuing shares.
Trelawney is the largest land holder in the entire Wawa/Hemlo mining camp with approximately 21,000 acres now under its control. The Company's neighbour, gold producer Wesdome Gold Mines Ltd. holds approximately 16,000 acres. Trelawney has assembled the largest land package in this area since the Hemlo staking rush in the 1980s. The consolidated property contains over 48 known gold occurrences attesting to the potential of the Mishibishu greenstone belt. Robert Duess, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Shares Issued: 72,050,188
SOURCE: Trelawney Resources Inc.
Trelawney Resources Inc. Wayne J. O'Connor President and CEO (416) 361-2826 (416) 364-5400 (FAX) Email: wayne@trelawneyresources.com Website: www.trelawneyresources.com
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