Typhoon Exploration Inc. Adds a 4th Drill on the Fayolle Projectadmin
Typhoon Exploration Inc. announces the addition of a 4th drill on the Fayolle Project, explored in partnership with Aurizon Mines Ltd.
Two drills are mobilized for definition drilling on the Fayolle Deposit in order to confirm its size and geometry. Two other drills have been allocated for the systematic exploration drilling program covering the Fayolle Property in order to test different targets and geophysical anomalies along a favourable corridor measuring 2.5 km long by 1.0 km wide, all while being open at depth.
David Mc Donald, President and CEO points out that 28 of the 29 drill holes completed in 2010 intersected significant gold values, making this campaign a true success.
The Fayolle Project straddles about 15 km of the Porcupine-Destor Fault (80 million ounces of gold produced) and clearly shows geological and structural similarities with the South Barnat Deposit, Kerr-Addison Mine and Beattie Mine.
In conclusion, some exploration work is currently taking place on a high-favourability zone, at more than 2 km from the Fayolle Deposit.
All drill cores are oriented using “CorientR” tool in order to measure their geological structures.
Mr. Robert Gagnon, P. Geo. (OGQ) of Typhoon Exploration Inc., and Mr. Daniel Gaudreault Eng., Geo (OIQ) of Geologica Groupe-Conseil Inc., are the Qualified Persons as defined by National Instrument 43-101 to supervise the preparation of the information in this news release.
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol “TYP”.
Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those in these “forward-looking statements”. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
TYP.V (TSX Venture Exchange)
19,271,752 Shares outstanding
$4,7 million dollars in cash and carrying no debt
Agreement of $27 million dollars with Aurizon Mines Ltd. for the development of the Fayolle gold Project located in the heart of Abitibi’s developing mining projects
A 50,000 metre drill program is underway on the Fayolle Project, with a budget of $6.5 million invested by Aurizon Mines Ltd. in 2011
Main deformation corridor of 2.5 km long by 1 km wide and open at depth, on the Fayolle Project
Drill program on the Aiguebelle- Goldfields Project (51% owned by Typhoon and 49% owned by Agnico-Eagle Mines Ltd.), located between the Destorbelle and Fayolle projects
Drill program on the Destorbelle Project, located on the prolific Porcupine-Destor Fault and in which Typhoon Exploration Inc. and Diamond Frank Exploration Inc. each hold a 50% interest
Winner of the 2010
Entrepreneur of the Year Award (granted by the AEMQ)
Winner of the 2010 e3 Plus Award for Responsible Exploration (granted by the AEMQ)