For Immediate Release - Vancouver, Canada: Dr. Sally Eyre, President and CEO of TLC Ventures (TLV.TSX Venture Exchange) is pleased to announce the results of the Phase 1 drill program on the 100% controlled Point Leamington Zn-Au-Cu-Ag massive sulphide deposit, located in north-central Newfoundland. Prior to initiating the Phase 1 drilling program, Hatch Associates Limited (“Hatch”) completed an independent mineral resource estimate for the Point Leamington deposit (see TLC News Release dated March 30, 2004). Above a 1.00% Zn cutoff grade, Hatch estimated that the Point Leamington massive sulphide deposit contains an inferred resource of 12,300,000 tonnes grading 1.92% Zn, 0.88 g/t Au, 0.28% Cu and 16.94 g/t Ag. The Phase 1 drill program consisted of 2402 metres of diamond core drilling in 5 holes and was designed to locate extensions of the known higher grade Zn-Au mineralization outside the current resource, both at depth and along strike, and to expand the recently discovered South Zone.
Drill hole PL04-077 was drilled along the projection of higher grade massive sulphide mineralization in the southern portion of the main deposit, beyond the lower edge of previously defined mineralization. This hole intersected 4.00 metres of massive sulphide grading 14.94% Zn, 4.93 g/t Au, 59.0 g/t Ag and 0.36% Cu (see Table 1). Additional drilling was targeted on a new sulphide zone, the South Zone, discovered in the final hole of a previous drill program in 2000 and located about 250 metres south of the known limit of the Point Leamington deposit. Drill Hole PL04-073 and PL04-074 targeted this zone down plunge to the north. PL04-073 intersected 3.9 metres of massive sulphide, grading 5.18% Zn, 1.65 g/t Au, 33.1 g/t Ag and 0.27% Cu (see Table 1) 110 metres from the previous intersection (PL-072 drilled in 2000 which returned 8.08 metres grading 0.44% Zn, 1.08 g/t Au, 0.66% Cu). This mineralization is interpreted to lie at the same stratigraphic horizon and likely represents a faulted offset of the Point Leamington deposit. The potential exists for additional mineralization between these two mineralized zones. Drill hole PL04-074 was intended to test the South Zone 75 metres down dip from PL04-073 but intersected a wide dyke at the target depth. As such, the South Zone remains untested below PL04-073 and PL-072.
Two drill holes PL04-075 and PL04-076, explored the entire thickness of prospective volcanic stratigraphy for additional mineralized horizons. Several lower grade intervals of stringer to semi-massive sulphide mineralization were intersected in this section, particularly within the footwall unit to the main deposit (see Table 1).
Assaying was conducted on sawn, one-half, NQ-sized core sections and analyzed at Eastern Analytical Ltd., Springdale, Newfoundland. Gold was analyzed by fire assay-atomic absorption on a 30 gram sub-sample. Check analyses were done on all samples with greater than 1.0 g/t Au. Base metals and other elements were analyzed by aqua regia digestion and inductively coupled plasma-atomic emission spectroscopy (ICP-AES). Any of Zn, Cu, or Ag that reported greater than detection limits were re-assayed using atomic absorption. Duplicate and blank samples were included in each sample batch. A pulp from approximately every tenth sample was forwarded to Chemex Labs in North Vancouver, B.C. for check gold (fire assay-atomic absorption) and ICP (aqua regia digestion, and ICP-AES) analyses. The Phase 1 drill program was managed by Vancouver-based Equity Engineering Limited under the direction of Murray Jones, M.Sc. P.Geo. an independent and qualified person as defined by National Instrument 43-101.
Regional government mapping and lithogeochemical sampling has indicated that Point Leamington’s host volcanic stratigraphy extends well beyond the vicinity of the deposit. However, exploration on the Point Leamington property is hindered by a lack of outcrop exposure of the prospective volcanic rocks that host the massive sulphide mineralization. An airborne geophysical survey, using a deep penetrating, electro-magnetic and magnetometer system is planned during 2005 to allow for extrapolation of the prospective stratigraphy and definition of additional exploration targets on the property. This survey, which would cover approximately 1000 line kilometres at 100 metre line spacing, would cost approximately $125,000. Additional diamond drilling may be carried out upon completion and interpretation of the planned airborne survey to explore new geophysical targets and further expand the higher grade Zn-Au zones intersected in the 2004 Phase 1 drill program.
TLC Ventures is an exploration and mine development Company, focused on the acquisition, advancement and development of global precious and base metal assets. Gold Fields (through a wholly-owned subsidiary) is a significant equity owner in TLC Ventures controlling
an approximate 9.5% equity interest in the Company. For further information on TLC Ventures Corp. and its properties, please visit TLC’s website at http://www.tlcventurescorp.com.
TLC VENTURES CORP.
‘Signed Sally L. Eyre’
Dr. Sally L. Eyre
President and CEO
For more information contact TLC Ventures Corp. Tel: 604 681 9944.
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