New Resource Potential
April 01 2008 - 2:01AM
UK Regulatory
RNS Number:2483R
International Consolidated Min. Inc
01 April 2008
FOR IMMEDIATE RELEASE
1 April 2008
INTERNATIONAL CONSOLIDATED MINERALS INC.
("ICMI" or "the Company")
NEW RESOURCE POTENTIAL AND PRELIMINARY ASSAY RESULTS FROM ITS POLYMETALIC MINING
PROPERTY IN PERU
International Consolidated Minerals Inc. (AIM: ICMI), the South American focused
mineral exploration and development company, is pleased to announce summary data
on a gold bearing potential from a breccia pipe, new copper and zinc discoveries
and preliminary assay results from the Mantos area from its polymetalic mining
property in Pachapaqui in Peru.
Highlights:
o GOLD POTENTIAL FROM A BRECCIA PIPE
o NEW COPPER AND ZINC MINERALISED ZONE DISCOVERED
o PRELIMINARY ASSAY RESULTS FROM MANTOS AREA
1. Gold potential from a breccia pipe
One of the new targets on ICMI's wholly-owned Pachapaqui polymetalic property in
Peru is an elliptical shaped diatreme breccia measuring from 400 to 500 metres
across by approximately 950 metres long. It is located near the centre of the
mineralized structures that have been mined on the property, though never mined
itself. It lies outside of the Mantos focus area explored to date by ICMI, and
makes up approximately 2 per cent. of the Mining Concessions area. The breccia
body, as currently known, is exposed at the surface in the south end at an
elevation of 4,600 metres above sea level (m.a.s.l.) and has been intersected by
diamond drilling to below 3,900 m.a.s.l., indicating a vertical depth of 600
metres with potentially several hundred million tonnes of breccia.
The breccia pipe is of interest because it is similar in appearance to
gold-bearing breccias and associated quartz porphyritic intrusive rocks that
occur in at least two well-known mining areas near the property: the Cerro de
Pasco area (140 km southeast) and in parts of the La Pierina gold mine property
(50 km northwest). Gold (Au) values up to 0.65 gpt, along with silver (Ag)
values up to 270 gpt, have been obtained from samples of the Pachapaqui breccia
gold (Au), with values up to 17 g/t located in a number of vein zones that occur
within limestone rock units that are outside of, and surround, the breccia pipe
but not included in the polymetalic-bearing veins of the Mantos Zone.
ICMI's 2007 Pachapaqui diamond drill program was designed to target and define
the Mantos veins and not specifically the breccia. In order to access the
down-dip extensions of these veins, certain of the diamond drill holes had to be
collared and drilled through a section of the breccia formation over a strike
length of 200 metres. In some sections of these holes, Au values up to 0.65 gpt
with accompanying Ag values up to 270 gpt were encountered within the breccia.
To further assess this apparently sizeable Au/Ag potential of the breccia zone,
its surface outline was defined on maps and a systematic sampling program was
planned and laid out. However, the plan has not yet been executed due to a lack
of resources and personnel, but it is intended to undertake the plan in the near
future. The Au/Ag mineralization appears to be hosted within altered zones
within the breccia and along its margins. These zones represent very large
tonnage (ten's of millions of tonnes or more) Au/Ag targets for the upcoming
focused exploration program for this area.
2. New Polymetalic Mineralized Zone(s) Discovered
In addition to the Au/Ag discoveries, the 2007 exploration program also yielded
significant potential to increase the polymetalic resources of the property.
Seven drill holes were collared in the northeast side of the breccia pipe, as
shown in Table 1 below, angled in a direction designed to test the down-dip
extension of the Mantos veins. All seven holes intersected at least one major
sulphide zone within the breccia containing significant polymetalic
mineralization which is dominated by Zinc (Zn). Four of these holes had to be
abandoned before penetrating through the whole sulphide structure when the drill
rods became stuck in near-massive sulphides. In the seven holes, mineralized
drill-hole intersections ranged from 4.9 to 48.6 metres with Zn grades ranging
from 1.99 per cent. to 6.29 per cent. as shown in Table 1 below. These
apparently thick mineralized zones within the breccia body appear to border the
Mantos veins over a strike length of at least 200 metres in a general East-West
direction.
Table 1: Breccia Pipe - Drill Hole Results
Average over Whole Width Comments
Hole Width* Au Ag Cu Pb Zn
Number (m) (g/t) (g/t) (%) (%) (%)
28-07M 26.9 0.04 25.2 0.85% 0.22% 2.60% (Hole lost in sulphides)
(incl) 9.2 0.03 23.6 0.76% 0.58% 6.29%
29-07M 15.9 0.03 25.2 0.53% 0.57% 5.25% (Hole lost in sulphides)
36-07M 7.6 0.06 25.8 0.25% 1.38% 5.09% (Hole lost in sulphides)
45-07M 4.9 0.03 40.1 0.10% 1.60% 3.05%
49-07M 34.6 0.07 23.0 0.10% 0.41% 4.30% (Hole lost in sulphides)
50-07M 48.6 0.10 35.5 0.25% 0.55% 1.99%
68-08M 50.7 Very well mineralized, not yet assayed (Hole lost before reaching
target)
* - Note: "Width" reported is intersected width and, although thought to be near
true thickness, additional drilling is required to confirm it.
In January and February 2008, another 400-metre hole was laid out to target and
test the Mantos zone on the northwest side of the breccia and collared
approximately 200 metres to the west of the 2007 holes. This hole intersected a
50.6 metre wide zone of 50 per cent. sulphides with very significant Zn and
copper (Cu) mineralization, and at present, the core is being sampled for
assaying, before having to be abandoned due to drilling problems at a depth of
305 metres prior to completely penetrating this sulphide zone or reaching the
targeted area. At the present time, it is unclear whether or not the sulphide
mineralization intersected in the 2008 hole joins up with those intersected in
the 2007 holes and further drilling must be completed to determine continuity;
however, the drill core mineralization visually appears identical. If this
sulphide zone is in fact continuous, as it appears to be at present, it could
represent a very significant tonnage addition to the Pachapaqui resources from a
previously unidentified target area.
3. Preliminary Assay Results from Mantos area
Diamond drilling continued on the sulphide veins in the Mantos focus area of
ICMI's Peruvian Pachapaqui property in December 2007 and January 2008. To the
end of January 2008, ICMI has successfully drilled and preliminarily logged,
sampled and sent-for-assays, 58 diamond drill holes (over 13,200 metres) in the
Mantos Area, and has received and compiled the data from 39 of these holes (over
8,300 metres). Strict QA/QC procedures are followed and all sample preparations
and assays are completed by SGS Del Peru S.A.C. at their facilities in Lima.
All 58 completed diamond drill holes intersected mineralization. From this, it
is known that most of the mineral resources in the Mantos Area are contained
within 3 sub-parallel mineralized vein-like zones: "Esperanza", "Intermedio" and
"Matter", ranging in true thickness from 1.5 to 8 metres, 1.5 to 5 metres, and 2
to 32 metres, respectively, separated by rock of 'low-to-none' mineralization
totaling up to 25 metres between all three zones. The Mantos zones have a strike
length of 500 metres and dip at an average 55 degrees (to SW). They have a known
down-dip length of over 600 metres from surface to the 4,000 metre elevation and
an average combined true thickness of approximately 18 to 25 metres. The
mineralized zones are contained in a limestone host rock.
Preliminary Assay Results
To the end of January 2008 the Mantos focus area preliminary diamond drilling
results were as follows:
Table 2: Holes Drilled in Mantos Drilling Program
Results of Drilling to 31 January 2008
Diamond Drill Holes No. Total Drilled Avg. Length
(m) (m)
Total Holes Started 77 16,002 208
Holes Suspended 4 339 85
Holes Lost 12 2,136 178
Holes in Progress 3 300 100
Good Holes Completed 58 13,277 228
Holes Completely Analysed 39 8,395 215
Holes Remaining to be Analysed 19 4,831 254
Table 3: Assays from Mantos Drilling Program
Assay Results to 31 January 2008 (39 of 58 holes)
Vein Inters'ns Avg.Width Average Grades
Au Ag Pb Zn Cu
No. (m) g/t ozt/t % % %
Esperanza 21 6.37 0.31 3.04 2.23 5.07 0.64
Intermedio 19 3.86 0.29 2.80 2.24 5.15 0.57
Matter 20 6.51 0.20 2.17 1.98 5.21 0.64
Amelia's 20 6.07 0.31 5.35 1.69 4.22 0.99
Total 80 0.28 3.36 2.02 4.90 0.72
These holes were drilled in an attempt to define the boundaries of the veins of the Mantos
area, and may not be representative of the entire Mantos area veins.
Seymour Sears, ICMI's Consulting Geologist commented:
"I am very pleased with the results of our early exploration program to date.
The wide intersections of zinc mineralization in the large breccia zone and the
excellent potential for substantial gold resources on the property have us all
very excited about the future of the project. Over the past few months
exploration drilling in the Mantos zone has continued to outline more
resources."
Gregory Smith, Chief Executive Officer, commented:
"These results further prove the high quality nature of polymetalic
mineralization at the Pachapaqui mine. Today's announcement of a new gold
bearing discovery and copper and zinc mineralization discoveries delivers a
substantial increase in the value of the reserves of the Company.
Our objective has been, and remains, to increase the tonnage of the ore at
Pachapaqui, and to develop this mine into a world class mining asset."
Seymour Sears, P.Geo., has reviewed and approved the technical information
contained within this press release in his capacity as a competent person, as
required under the AIM Rules. Mr Sears is a member of the Association of
Professionals Geoscientists of Ontario, Canada.
Enquiries:
International Consolidated Minerals Inc.
Greg Smith Chairman, CEO Tel: +44 (0)20 7808 4851
Pawan Sharma Executive Vice President - Tel: +44 (0)20 7808 4851
Corporate Affairs
Strand Partners Limited
Simon Raggett Tel: +44 (0)20 7409 3494
Warren Pearce Tel: +44 (0)20 7409 3494
Pelham Public Relations
Charles Vivian Tel: +44 (0)20 7743 6672
Kate Newton Tel: +44 (0)20 7743 6604
ADDITIONAL INFORMATION ON INTERNATIONAL CONSOLIDATED MINERALS INC.
International Consolidated Minerals Inc (AIM: ICMI), the South American focused
mineral exploration company, was formed to pursue the exploration, development
and production of mineral assets with a focus in Latin America, and initially in
Peru on the Pachapaqui Mine. ICMI's strategy is to focus on the development of
high-quality mining assets at an advanced stage of development. ICMIs main asset
and current focus is the Pachapaqui mining concession which contains zinc, lead,
copper, silver and gold minerals. This concession was acquired in 2005 along
with 32 mining concessions of 2,105 hectares and one beneficiation concession of
65 hectares including a disused mine and concentrator which is currently in the
process of being upgraded. In 2007, ICMI embarked on a drilling and
exploration programme primarily in and around the Mantos area and the company
intends to use this project to increase resources and reserves. Further
information is available from the Company's website at: http://www.icmi-inc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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