CONCORD, ONTARIO, Apr. 19, 2010 (Marketwire) -- Tawsho Mining ( ''Tawsho" or the Company) (TSX VENTURE:TAW) is pleased to announce the completion of the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") compliant report on the mineral resource of the Chevrier deposit on Tawsho's Chevrier Property located near Chibougamau, Quebec. The report was completed by Met-Chem Canada Inc. ("Met-Chem") an independent engineering firm with offices in Montreal, Quebec.
The Resource Estimate was performed in accordance with NI 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves (2005). Based on a numerical modeling, Met-Chem estimates the Chevrier deposit, one of the two mineral deposits of the Chevrier Property, from surface to a depth of 250 m to contain 4.6 million tons of inferred resource at an average grade of 1.99 g/t Au using a cut-off of 1 g/t Au and a minimum width of 1.5 m for a total of 295,000 ounces. The deposit appears to extend down-dip below 250 m.
The present work constitutes the first resource estimate for the Chevrier deposit and the mineralized material in the Chevrier South deposit based on 3D modeling and includes drill results from the 2002 and 2008-2009 drill programs. The previous estimate dated 1998 was based on the polygonal method. The 3D models helped to a large degree improve the understanding of the geometry of the deposit. The block model has successfully discerned trends in the distribution of the mineralization that remain to be confirmed by additional geological work. The general model of re-folded folds with increased gold grades concentrated into sub-vertical, shoots of restricted strike length is proposed by Met-Chem. 3D modeling was a necessary step in advancing the project, prior to completing any additional drilling, field work or moving toward a preliminary economic study.
Although there is insufficient information (only 19 holes) on the Chevrier South deposit, the 3D model prepared by Met-Chem allows an estimate of a tonnage and grade of the mineralized material potentially present at 8.5 to 9.0 million tons grading 1.8 to 2.2 g/t Au. The parameters applied to both deposits are very similar. The potential quantity and grade is conceptual in nature, and has insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource on Chevrier South.
Exploration history of the Chevrier Property
The first exploration work documented on the Chevrier Property area was performed by Teck Corp. in 1950. This was followed by sporadic exploration activities targeting different portions of the present property area and held by the various mining companies. A combination of mapping, outcrop stripping, geophysical and geochemical surveying and drilling led to the discovery of several gold showings and culminated with the discovery of the Chevrier deposit and of the Chevrier South deposit.
Geology and Mineralization
The Chevrier and Chevrier South gold deposits are hosted in the Fancamp Deformation Corridor, an East-Northeast trending structure that is sub-parallel to the lithological units. The property geology consists principally of basalts, massive concordant and discordant gabbros, and felsic to intermediate pyroclastics. Cross cutting these units are felsic quartz-feldspar porphyry dykes. Both Chevrier and Chevrier South deposits are known to extend over a strike length of about 1.1 km.
The gold mineralization of the Chevrier deposit is associated with quartz-carbonate veins and disseminated pyrite chiefly hosted in gabbro and felsic porphyry units. The Chevrier South mineralization is similar, but for a concordant pyrite envelope, and a host predominantly represented by tuff and intermediate to felsic volcanic rocks. Both zones are highly deformed and show strong carbonate, sericite and chlorite alteration.
Met-Chem's report contains various suggestions and recommendations for further work, which Tawsho is presently evaluating.
"We are extremely pleased to achieve this milestone. The report confirms the existence of significant gold mineralization in the Chevrier deposit, comments on the Chevrier South deposit and confirms the faith that the Company has in this property and the need to do further work and analysis to assess the most cost efficient way of extracting the gold," said Zoran Arandjelovic, Chairman of Tawsho.
Mr. Yves Buro, Eng., an independent Qualified Person (QP) has estimated the resources and Mr. Raynald Jean, Geo., also an independent QP has validated the block-model. Ms Francoise Gagnon, Eng., Geologist, is the project manager for Tawsho and a QP. All three have reviewed and approved the technical disclosure in this press release and each is a QP as defined under NI 43-101.
A report compliant with NI 43-101 standards describing the resource estimation and providing details of the 2008-2009 drill program, as well as the QA/QC, will be filed on SEDAR (www.sedar.com) within 45 days of this news release.
About Tawsho Mining
Tawsho (22,292,249 common shares outstanding) is a gold exploration and development company actively engaged in the acquisitions of precious metal properties, primarily but not exclusively, in Canada. The Company is currently exploring and developing a 95 square kilometer gold property known as the Chevrier Property, in Chibougamau, Quebec, located about 700 km north of Montreal. In addition, the Company has recently completed the acquisition of an option in the Baie Verte Region (Whisker Valley), Newfoundland. The Company intends to build a strong portfolio of gold properties and is currently evaluating a number of properties.
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.