ICN Resources Announces Initial Phase II Drill Results From the Goldfield Bonanza Project
2011年11月23日 - 10:00PM
Marketwired Canada
ICN Resources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company") is pleased to
announce the initial drill results from its Phase II drill program at the
Goldfield Bonanza Project. The project, under option from Lode Star Gold, Inc.
("Lode Star"), a private Nevada corporation, is located in the historic
Goldfield mining district of Nevada. The Goldfield district is well known for
multi-ounce, bonanza grade gold ores and has recorded historic production in
excess of 4.1 million ounces of gold at an average grade of greater than 17 g/t
Au (0.5 oz/t). For further information on the option to acquire an 80% interest
in the Goldfield Bonanza Project from Lode Star see the Company's news releases
of March 29, 2011 and April 13, 2011.
Highlights Include:
-- 36.6 metres of 1.68 g/t Au and 21.3 metres of 2.30 g/t Au from the area
above the Newmont Lode, which had never previously been drilled from
surface;
-- 12.2 metres of 1.56 g/t Au from an area in the vicinity of the January
shaft; and
-- 13.7 metres of 6.63 g/t Au in a new area southeast of the Silver Pick
shaft, near the eastern claim boundary.
Table 1. RC Drill Results for Holes ICR-030 to ICR-047
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TD From To Interval Au
Hole ID Azimuth Angle (m) (m) (m) (m) (g/t)
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Newmont Lode Area
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ICR-030 90 -70 91.5 76.2 80.8 4.6 1.33
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ICR-031 90 -75 140.2 88.4 125.0 36.6 1.68
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ICR-032 45 -75 122.0 61.0 82.3 21.3 2.30
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ICR-035 270 -75 115.9 91.5 106.7 15.2 0.78
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ICR-036 90 75 109.8 82.3 94.5 12.2 0.48
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January Shaft
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ICR-033 270 -75 91.5 1.5 13.7 12.2 1.56
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25.9 44.2 18.3 0.79
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ICR-034 270 -75 85.4 no significant results
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ICR-037 80 -75 182.9 22.9 26.5 3.0 0.75
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ICR-038 - vertical 91.5 0.0 18.3 18.3 0.78
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East Perimeter of
January-
Combination Pit
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ICR-039 - vertical 91.5 see Table 2 below
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ICR-040 - vertical 115.9 no significant results
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ICR-041 - vertical 103.7 no significant results
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ICR-042 - vertical 97.6 no significant results
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ICR-043 - vertical 97.6 no significant results
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East of Silver Pick
Shaft
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ICR-044 - vertical 73.2 12.2 25.9 13.7 6.63
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incl. 12.2 13.7 1.5 28.32
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ICR-045 - vertical 67.1 0.0 3.0 3.0 1.90
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21.3 30.5 9.1 0.90
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ICR-046 - vertical 61.0 0.0 3.0 3.0 0.75
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18.3 32.0 13.7 1.63
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ICR-047 - vertical 73.2 no significant results
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Note: Intervals are calculated using a 0.01 oz/ton (0.34 g/t) cut off over
a minimum of 10 feet (3.05 m). True width is unknown as dips of
mineralized zones are variable. No significant results indicates that
there were no intercepts greater than 4.6 m (15 ft) above 0.50 g/t Au.
The Phase II drill program was recently completed with a total of 11 core holes
for just over 1,000 metres and 34 reverse circulation (RC) holes for
approximately 3,750 metres. Both a core and an RC rig were utilized to follow-up
on previous high grade results (core holes) and to continue initial testing of
both geophysical and new exploration targets (RC holes). Initial results of the
first 18 RC holes are tabulated above in Table 1. Core results in the Church
Area are still awaited, along with the RC results from drilling of the Church
Extension and other identified geophysical targets.
Carl Hering, President and CEO of ICN Resources, commented that, "Given the fact
that all of these holes are in new areas not previously tested by ICN and only
have limited historic drilling, we are quite pleased with the results of this
first pass test. In addition, we also await the results of both the core and RC
drilling yet to come, specifically in the area of our previous high grade
discovery."
The drill holes reported in Table 1 are grouped based on the areas in which they
were drilled. The first holes reported are located in the area referred to as
the Newmont Lode, and were designed to test for near surface mineralization
above the 300 foot level where Newmont mined ore averaging 17 g/t (0.5 opt) in
the late 1940's and early 1950's. Phase I ICN drilling located multi ounce high
grade from surface drilling, at 17 metres depth, above the Church workings, and
this current drilling also produced intercepts at shallower depths than the old
Newmont workings, most notably, hole ICR-032 which contained 21.3 metres of 2.20
g/t Au, less than 60 metres vertically from surface.
Drilling in the vicinity of the January Shaft, west of the January-Combination
open pit, along the claim boundary with International Minerals Corporation
generated a near surface intercept of 12.2 metres at 1.56 g/t Au. Other drill
holes located within 50 metres of the western edge of the open pit produced less
encouraging results, although hole ICR-039, located approximately 50 metres
southwest of the pit margin, encountered strong mineralization along the walls
of old workings (see Table 2 below). Encountering this extent of workings was
unanticipated, but does demonstrate that good ore did exist in this area.
Intercepts in holes ICR-044 and ICR-046 come from an area east of the Silver
Pick Shaft. The two holes lie approximately 50 metres apart in a north-south
direction and both have near surface intercepts, including hole 44 which
reported 13.7 metres of 6.63 g/t Au, starting at a depth of 12.2 metres and
including 1.5 metres at 28.3 g/t Au.
Table 2. Results from Drill Hole ICR-039
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TD From To Interval Au
Hole ID Bearing Angle (m) (m) (m) (m) (g/t) Comments
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ICR-039 - vertical 91.5 0.0 6.1 6.1 0.58
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6.1 21.3 15.2 workings no sample
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21.3 22.9 1.5 1.10
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22.9 25.9 3.0 workings no sample
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25.9 27.4 1.5 1.17
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27.4 35.1 7.6 workings no sample
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35.1 39.6 4.6 2.90
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39.6 47.3 7.6 workings no sample
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47.3 53.4 6.1 3.87
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53.4 56.4 3.0 workings no sample
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56.4 64.0 7.6 1.15
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QAQC
All sampling on the Goldfield Bonanza Project follows National Instrument 43-101
-- Standards of Disclosure for Mineral Projects ("NI 43-101") accepted
principles and is being conducted by ICN personnel or consultants. Assays for
the RC holes were completed at American Assay Labs, Reno, Nevada, an accredited
lab. Initial one-ton fire assay with atomic adsorption finish is completed for
all samples, and subsequently, for samples in excess of 10 g/t, a conventional
gravimetric assay is conducted. ICN randomly inserts blind standards, blanks and
duplicate control samples to monitor laboratory performance. Results reported
herein have been checked and have undergone quality control review.
Tim Percival, CPG and a P.Geo., a Qualified Person as defined by National
Instrument 43-101 and Chief Geologist for the Company, has reviewed and approved
the technical information contained in this news release.
About ICN Resources
ICN is primarily focused on exploration for volcanic-hosted precious metal
deposits in western Nevada, emphasizing targets with geological similarities to
Sleeper, Sandman, Hollister, Midas and Aurora. ICN plans to explore the feeder
zones associated with large low-grade gold and silver systems, as well as
explore for high grade deposits at the new Goldfield Bonanza Project located in
western Nevada. ICN continues to evaluate opportunities in established
metallogenic belts elsewhere in the United States. The ICN management and
geological team have extensive experience in Nevada and worldwide, utilizing
this experience to generate prime opportunities for ICN shareholders.
On Behalf of the Board of Directors of ICN Resources Ltd.,
Carl Hering, President & CEO
ICN Resources Ltd.
The forward-looking information contained in this press release is made as of
the date of this press release and, except as required by applicable law, ICN
does not undertake any obligation to update publicly or to revise any of the
included forward-looking information, whether as a result of new information,
future events or otherwise. By its very nature, such forward-looking information
requires ICN to make assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or implied
by such information.
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