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Tigray Resources Charges Forward on TSX Venture Exchange

Ethiopia-focused Tigray Resources is making a healthy splash on the TSX Venture Exchange.

On its first day of trading on the TSX Venture Exchange on Wednesday, Tigray Resources charged forward closing up 64 percent at C$1.00 on brisk trading volume. Then it continued the streak, jumping up a further 41 percent to C$1.41 within the first few minutes of trading yesterday.

The investor demand signals strong interest in getting on board one of the TSX Venture Exchange's latest junior explorers.

Tigray joined the TSX Venture Exchange Wednesday, having been spun-out by Canaco Resources, which earlier this year decided its 70-percent-owned Harvest project in Ethiopia deserved a separate company.

Now Tigray Resources follows in Canaco's footsteps, continuing to drill for near surface gold and copper mineralization in oxides and possible supergene enrichment below.

Tigray Resources recently launched an 11,000-metre first phase drill program at the Harvest project with one rig currently drilling and about two more planned in the coming weeks.

According to Smith, the first phase drill program at Harvest is now under way at Terakimti, one of six concessions on the Harvest property, where Tigray's due diligence drilling last year resulted in the discovery of significant oxide gold and primary VMS mineralization and identified potential for supergene mineralization.

Tigray was created as a spin-out from Canaco Resources Inc. and owns 70 percent of the Harvest project in Ethiopia, a poly metallic volcanogenic massive sulphide (VMS) property covering 362 square kilometres in the Neoproterozoic Asmara volcanogenic belt that stretches southward from Eritrea. 

Source: Mineweb