January 16, 2012
Teslin River Delineates Potential Copper Porphyry Mineralization in the Eureka Bowl Zone During 2011 Soil Sampling Program at the Frasergold Project
Vancouver, BC, January 16, 2012 — Teslin River Resources Corp. (TLR:TSX-V) (“Teslin” or the “Company”) is pleased to announce the results from the soil sampling program performed at the Frasergold project indicate the potential presence of a copper porphyry in the Eureka Bowl zone. Teslin River signed a definitive agreement with Eureka Resources (EUK:TSX-V) giving it the right to earn a 75% interest in the Project, located 100 km east of Williams Lake in the Cariboo area of central British Columbia.
The 2011 geochemical program sampled a total of 27 line kilometers which was conducted over three zones within three separate grids. Zones are listed below.
- Eureka Bowl zone grid: 5.2 line km and 113 soil samples collected
- Kusk zone grid: 15.5 line km and 317 soil samples collected
- 18ppm zone grid: 6.3 line km and 135 soil samples collected
The Eureka Bowl zone was conducted to follow up on anomalous historical results while testing mineralizing potential adjacent to the copper porphyry found at Eureka Bowl. Results from this grid include values ranging up to 2.24ppm Au and 1200ppm Cu. These results suggest a strong association of copper sympathetic to the gold values. The Eureka Bowl grid covers an area which is believed to be underlain by volcanic rocks of the Takla Formation and possibly some small alkalic plutons. The envisioned style of mineralization is therefore believed to be hydrothermal in nature, possibly porphyry Cu/Au similar to Mount Polley, or replacement style Au similar to the AR deposit. The gold anomaly extends over a strike length of 400 meters and the coincident copper anomaly over a strike length of 600 meters, and therefore suitable to host a typical porphyry resource.
“Our geologists have hypothesized the presence of a more robust copper porphyry system located at depth due to the “free gold” nature of the mineralization found at the Frasergold Project. We are in the early stages of planning an approximately $1.1 million exploration program at Frasergold for 2012. The Eureka Bowl zone’s potential to host a copper gold porphyry system will most certainly be a focus of our attention moving forward” states Teslin River President John Burgess.
The Kusk zone which lies in the southern most portion of the property was only sampled partially due to snow fall conditions during the program. Sampling the Kusk zone was conducted to follow up on historical results and well as fill in previously unsampled areas between historical grids. The Kusk zone lies on proximal hinge of the syncline.
The 18ppm Zone is an area located approximately 500 meters northwest and along strike of the Main Zone. This grid was designed to add to the 2008 Northwest Extension grid which reports gold anomalies as high as 18.77 g/t Au. There has not been any follow up drilling on the 2008 Northwest soil grid. Results from the 18ppm zone yielded 2 clusters of anomalous gold values warranting follow up drill testing. About Frasergold Project
The Frasergold Project, optioned from Eureka Resources Inc., is located in the Cariboo GoldCamp, situated in the historic Quesnel Trough area of central British Columbia and has a longhistory of continued exploration since the 1970s. A combination of quartz veins and knottedphyllites host gold mineralization containing coarse free gold and finer grained sulphide bearinggold. Previous operators identified a twelve-kilometre belt of gold mineralization on the property through drilling, soil sampling, induced polarization (“IP”) geophysical surveys and surface exploration.
A prior NI 43-101 compliant resource was completed in November, 2009 — “Report on the 2007 and 2008 Drill Programs on the Frasergold Project”
prepared by K.V. Campbell and G.H. Giroux for Hawthorne Gold Corp. — of 614,000 ounces of gold Measured and Indicated and 1,225,000 ounces of gold Inferred at a cut-off of 0.30g/t gold. The prior resource is a historical estimate and a qualified person for the Company has not done sufficient work to classify the historical estimate as a current mineral resource. As a result the historical estimate is not being treated as a current mineral resource and is not to be relied upon.
Teslin has the right to earn a 51% interest in the Frasergold Project by spending $3,550,000 on the property and providing payments to Eureka totaling $200,000 over a 3 year period. An additional 24% interest (totaling 75%) can be earned by completing a feasibility study. About Teslin River Resources Corp.
Teslin River is an exploration company with interests in Nevada and British Columbia. The Company focuses on precious metals exploration with properties currently being explored in both Nevada and British Columbia. Existing properties include the Frasergold Project and Rand properties in British Columbia and the Mustang and Morningstar properties in Nevada.
Dr Michael Hitch, P. Eng, P. Geo. is a Qualified Person pursuant to NI 43-101 and has approved the contents of this release.Cautionary Notes: Inferred mineral resources have insufficient confidence to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability suitable for public disclosure. Neither the Company nor readers can assume that all or any part of an inferred mineral resource will be upgraded to indicated or measured mineral resource. Most projects at the inferred mineral resource stage do not ever achieve successful commercial production. Each stage of a project is contingent on the positive results of the previous stage and that there is a significant risk that the results may not support or justify moving to the next stage. Mineral resources which are not mineral reserves, do not have demonstrated economic viability.
ON BEHALF OF THE BOARD
President and CEO
For further information on the Company and its projects please visit our web site at:www.teslin-river.com
604-288-7222 or firstname.lastname@example.orgForward-Looking StatementsStatements in this release that are forward-looking statements, are subject to various risks and uncertainties concerning the specific factors identified in the Company’s periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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