CALGARY, June 11 /CNW/ - TANQUERAY RE
SOURCES LTD. (TQY-TSX-V) is pleased
to announce that a Letter of Intent has been entered into with Wallbridge
Mining Company Limited (WM: TSX; FWB: WC7) whereby Tanqueray may earn a 50%
interest in three highly prospective gold properties controlled by Wallbridge
in the Kirkland Lake gold camp. The Kirkland Claims and the Verna Lake Claims
are located 36 kilometers northeast of Kirkland Lake and 10 km north of
Highway 101 and the Lee Claims are located 20 kilometers west-northwest of
The Kirkland Claims consist of 19 claims totaling 3,136 hectares. This
property is north of and contiguous with Queenston Mining's gold discovery in
the Upper Beaver Syenite Zone. A recent high resolution airborne magnetic and
VLF survey completed by Wallbridge in 2008, highlighted a 4 km long magnetic
feature that has been mapped as a similar syenite unit. Recent surface
sampling of strongly altered syenite within this feature returned 128 g/t Au.
The Verna Lake Claims consist of 7 claims totaling 1,168 hectares.
Previous shallow exploration by Wallbridge identified high-grade gold
intersections, including 121.7 g/t Au over 1.22 meters, and longer anomalous
intervals including 41.61 meters averaging 0.373 g/t Au. This property also
was recently flown using a high-resolution magnetic and VLF system.
The Lee Claims are located 20 km west-northwest of Kirkland Lake.
Previous surface sampling on the property has reportedly returned high gold
Under the terms of the agreement contemplated by the Letter of Intent,
Tanqueray may earn a 50% interest in the three properties by spending
$3,000,000 in work commitments, and $1 million in cash payments and/or
Tanqueray Shares, over a three year period. Tanqueray may increase its
interest to 70% by spending an additional $3 million in work commitments and
$0.75 million in cash and/or Tanqueray Shares. The work commitment can be
applied to any or all of the properties at Tanqueray's discretion. Execution
of a formal agreement is subject to verification of Wallbridge's title to the
properties, approval by the Boards of Directors of both Wallbridge and
Tanqueray, receipt of all required regulatory approvals and completion of a
$2 million financing by Tanqueray.
President Alan Farmer stated that "Tanqueray plans to commence drilling
the Kirkland Claims in 2008 and to continue to acquire a larger portfolio of
advanced projects in known gold camps. The deal with Wallbridge is an
important first step in this direction."
About Tanqueray - Tanqueray is a junior exploration company with
interests in several exploration projects in Canada targeting gold, uranium
and nickel. The Company's Baker Lake gold property is located approximately
55 kilometers south of the Meadowbank gold deposit in Nunavut. Previous
exploration programs resulted in gold discoveries on the Ayak Gossan zone and
several other surface zones of high-grade gold tenor. Subject to a planned
financing, a 1200 meter drill program will be carried out in the summer of
Other projects include an option agreement with Forum Uranium Corp. and
Northern Superior Resources, Inc. (the North Thelon Joint Venture) also on the
Baker Lake uranium and diamond project. Based on previous sampling and
positive results from ground gravity surveys, Forum has advised that drilling
could commence in the summer of 2008.
The Company also plans to drill in 2008, a high grade nickel target
outlined by an airborne geophysical survey on the Mum claims also in the Baker
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release
For further information:
For further information: ALAN FARMER, President, Phone: (403) 263-9055,
Fax: (403) 263-9061