ICN Resources Announces Core Hole Results from Goldfield Bonanza Project, Intercepts Include 25.3 m of 4.10 g/t Au and 31.4 m...
February 14 2012 - 10:23AM
Marketwired Canada
ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to
announce assay results from the eleven (11) core holes drilled late last year as
part of its Phase II drill program at the Goldfield Bonanza Project. The
project, under option from Lode Star Gold, Inc., 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 opt).
Highlights Include:
-- 25.3 metres of 4.10 g/t Au, including 3.0 metres of 17.1 g/t Au
-- 31.4 metres of 2.73 g/t Au, including 1.8 metres of 37.7 g/t Au
-- 18.4 metres of 4.47 g/t Au, including 3.7 metres of 15.6 g/t Au
Table 1. Core Hole Results for Holes ICN-016 to ICN-026
--------------------------------------------------------------------------
TD From To Interval Au
Hole ID Az Angle (m) (m) (m) (m) (g/t)
--------------------------------------------------------------------------
------------------------------- -------------------------------------
ICN-016 90 -75 107.6 22.4 47.1 24.7 0.93
------------------------------- -------------------------------------
ICN-017 90 -58 78.7 29.6 45.1 15.5 0.83
------------------------------- -------------------------------------
55 59.8 4.7 1.96
------------------------------- -------------------------------------
ICN-018 97 -70 137.2 46.6 72 25.3 4.1
------------------------------- -------------------------------------
incl. 56.4 59.5 3 17.1
-------------------------------------
101.8 111.6 9.8 1.04
------------------------------- -------------------------------------
ICN-019 ---- -90 76.2 15.5 34.1 18.6 1
------------------------------- -------------------------------------
51.2 66.2 14.9 1.04
------------------------------- -------------------------------------
ICN-020 90 -70 93.6 29.7 32.9 3.2 1.53
------------------------------- -------------------------------------
43.6 59.1 15.5 0.77
-------------------------------------
81.7 89.3 7.6 1.85
-------------------------------------
incl. 84.9 85.5 0.6 14.2
------------------------------- -------------------------------------
ICN-021 270 -63 94.5 31.9 61.3 29.4 0.8
------------------------------- -------------------------------------
incl. 31.9 41.9 10.1 1.24
-------------------------------------
71.5 77.7 6.3 0.99
------------------------------- -------------------------------------
ICN-022 90 -73 101.5 30.2 36.6 6.4 0.81
------------------------------- -------------------------------------
63 91.6 28.7 0.94
------------------------------- -------------------------------------
ICN-023 ---- -90 91.9 46.8 78.2 31.4 2.73
------------------------------- -------------------------------------
incl. 63.7 65.5 1.8 37.7
------------------------------- -------------------------------------
ICN-024 90 -73 69.5 17.5 36 18.4 4.47
------------------------------- -------------------------------------
incl. 24.1 27.7 3.7 15.6
------------------------------- -------------------------------------
ICN-025 280 -75 81.1 46.2 54.9 8.8 0.89
------------------------------- -------------------------------------
ICN-026 80 -75 91.5 39.9 60.2 20.3 0.74
--------------------------------------------------------------------------
Notes:
1. Intervals are calculated using a 0.01 oz/ton (0.34 g/t) cutoff over a
minimum width of 10 feet (3.05 m).
2. True widths are unknown as dips of mineralized zones are variable.
The Phase II drill program was completed late last year, with a total of 11 core
holes for just over 1,000 metres and 34 reverse circulation (RC) holes for
approximately 3,750 metres. Assay results from the RC holes were previously
reported in the Company's news releases dated November 23, 2011 and January 24,
2012. The RC holes include results of 13.7 metres of 6.63 g/t Au, 36.6 metres of
1.68 g/t Au, 21.3 metres of 2.30 g/t Au, and 50.3 metres of 1.32 g/t Au,
including 3.0 metres of 10.87 g/t Au. The RC holes targeted both exploration
areas and CSAMT geophysical anomalies not previously tested by ICN. The 11 core
holes reported herein are all located in the area of the Church Zone discovery
announced last year. The Church Zone includes several core holes with intercepts
of moderate to high grade gold over significant lengths, as exemplified by the
following past intercepts: 23.2 m of 10.51 g/t Au; 45.6 m of 96.3 g/t Au; 14.9 m
of 164.5 g/t Au; 12.0 m of 222.6 g/t Au; and 63.0 m of 1.75 g/t Au.
Carl Hering, President and CEO of ICN Resources, stated that "We are pleased to
have received all of the core results in the Church Zone and to have
confirmation of the continuity of strong mineralization in the area. These
results, when integrated with prior data, should allow us to better define the
structural orientation of the higher grade mineralization. This process, along
with initial metallurgic work, are the next steps in designing further drilling
on the property."
The 11 core holes were all drilled around discovery hole ICN-003, within a 100
metre by 150 metre area. The overall pattern of the core holes is considered too
wide-spaced to define the extremely high gold grades (greater than 1,750 g/t or
greater than 50 opt) intercepted in three previous holes, ICN-003, 013 and 014
in the original Church discovery zone. However, hole ICN-024, with 18.4 metres
of 4.47 g/t Au, including 3.7 metres of 15.6 g/t Au and hole ICN-023, containing
31.4 metres of 2.73 g/t Au, with 1.8 metres of 37.7 g/t Au lie along the same
north-northeast structural trend which falls within a broader 400 metre long
northeast-trending corridor of mineralization. Hole ICN-023 lies the furthest
south of all the core holes, approximately 75 metres south-southwest of the
Church discovery hole. Many of the RC holes reported previously are located both
north and south of the core hole area but lie within the same north-northeast
trending mineralized corridor.
ICN core and RC drilling has now intercepted high grade mineralization (greater
than 16 g/t Au) within this northeast corridor along approximately 280 metres of
the overall 400 m strike.
ICN is now in the process of compiling all results from the Phase I and II drill
programs into a set of geological cross sections and a three-dimensional (3D)
model to gain further understanding of controls on both the high grade and lower
grade mineralization. Biogeochemical results obtained from a vegetation sampling
program last year are also currently being interpreted. This data, along with
alteration studies, detailed geophysics, and trace element geochemical studies
will be integrated with the drill results to further aid in planning future
drill campaigns on the property. In addition, drill samples for initial
metallurgic work are also being selected for testing. Combined, these studies
will help to define the size, distribution, mineral association, and extraction
characteristics of the gold in the mineralized zones.
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 core holes were completed at American Assay Labs, Reno, Nevada, an
accredited lab. Initial one-ton fire assays with atomic adsorption finish are
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, and all results reported herein have undergone detailed 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.
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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