Icon Announces Exploration Progress at Its Hog Ranch Epithermal Project, Nevada, USA
August 21 2009 - 3:04PM
Marketwired
Icon Industries Limited ("Icon" or the "Company") (TSX VENTURE:
ICN) is pleased to report its ongoing exploration progress at its
Hog Ranch project located in Washoe County, northwest Nevada, USA.
Hog Ranch comprises 238 unpatented lode mining claims that cover
approximately 4917 acres (1990 hectares), and a mining lease with
Estill Ranches LLC ("Estill") on approximately 592 acres (239.6
hectares) of privately owned fee land which contain the
past-producing Hog Ranch minesite from which a 100% interest is
being obtained under option from Seabridge Gold Inc. ("Seabridge").
Historical mining on the property was from a series of low grade
open pits in a very high level epithermal system. Given its
position in the Northern Nevada Rift aged belt of Bonanza Grade
epithermal deposits, and similarities of the historically mined
mineralization and geology to high level parts of other epithermal
systems both in Nevada and globally, Icon believes the property has
high potential for the discovery of high grade low sulphidation
style epithermal gold mineralization that lies in feeder structures
beneath and potentially lateral to, the past producing mineralized
areas.
Through its geological team and geological contractor, Equity
Exploration of Vancouver B.C., Icon has continued to compile and
evaluate the large volume of historical exploration information
from the property. At the time of the initial option agreement,
Icon obtained a digital database from Seabridge which covered much
of the historical work, but lacked information from many historical
drill holes, geophysical surveys completed, geological reporting
and mapping, and various types of soil and rock sampling. The
Company has been systematically obtaining and compiling additional
exploration information from private individuals and former
operators of the property, and is significantly advanced in this
process. Given the more than 2,600 drill holes drilled on the
property, although most are shallow and comprise definition drill
holes for the historically mined pits, it has been necessary to
obtain as complete a drilling database as possible in particular so
that exploration efforts are not duplicated and the historical data
can be effectively utilized. The data acquisition process is
ongoing, but the data obtained to date has been utilized to
generate targets and advance understanding of the mineralizing
system for subsequent drill targeting.
Initial site visits were conducted over several days in the
early summer to assess ground conditions and provide an initial
evaluation of the geology. This was followed recently by several
weeks of geological fieldwork by the Company's geological team and
contractors that has just been completed. Field work has comprised
a combination of geological mapping to augment, and where
necessary, provide new geological information to refine the
geological understanding of the property. In addition, focused soil
sampling, rock chip sampling and prospecting, and the mapping and
evaluation of the distribution of structural and alteration
features which may host or control gold mineralization were also
undertaken. Sampling for assessment of hydrothermal alteration
patterns utilizing a Terraspec analytical spectral device was
completed during the mapping program across the property to assess
patterns in hydrothermal alteration that can identify potential
areas which may be underlain by upflow zones that occur above vein
systems at depth. Although much of the previous diamond drill core
and reverse circulation (RC) chips from previous drill campaigns is
no longer available or is lost, drill core and RC chips from
drilling programs run by previous operators Seabridge and Cameco
Gold are available. These have been sampled also for clay mineral
analysis to obtain a 3-dimensional view of alteration zoning which
can further augment targeting in areas of this drilling.
In conjunction with the geological ground surveys, modeling of
drill hole assay data has identified some high priority drilling
targets in the vicinity of several of the historically mined pits.
Here, east-northeast trending breccia zones and areas of
chalcedonic veining lie above some previous drill intercepts which
could collectively represent the upper projection of feeder systems
to the near surface mineralization that could contain steeply
dipping fault-hosted veins. Since previous drilling either
comprised vertical drill holes, widely spaced angle drill holes
drilled to the east, and/or drill holes completed only to very
shallow depths, these targets are poorly tested, or are untested by
previous drilling. Several drill holes are proposed to test these
targets areas to sufficient depths of at least 150 to 200 m below
the current surface, which are approximate minimum depths of
initial appearance of veins below surface in similar systems
globally. Additional targets are apparent in other parts of the
property where favorable styles of alteration and faulting are
present. Overall the geological ground work and data evaluations
continue to suggest that Hog Ranch has high potential to host a
significant epithermal gold vein system.
As previously stated, Company management is planning a fall
drilling program. Since drilling targets have been clearly
identified during the recent geological work, potential CSAMT and
I.P. geophysical surveys which have been considered to be completed
on the property to aid in drill targeting will be considered after
the drilling program, when the results of the drilling may aid in
better assessing their optimal location and position.
The technical information in this news release was compiled by
David Rhys, P. Geo., a qualified person as defined by N.I. 43-101,
and a director of Icon.
Additional information concerning the Hog Ranch project is
available at the Company's website at:
http://www.iconindustriesltd.com/s/HogRanch.asp
AGM date change
The Company also announces a change to the date of its proposed
Annual General Meeting from September 9 to September 25, 2009, in
the offices of The Baron Group International at #1980 - 1075 West
Georgia Street, Vancouver, B.C., Canada V6E 3C9 at 9:30 AM.
On behalf of the Board of Directors of Icon Industries
Limited,
T. Barry Coughlan, President
Certain matters discussed in this press release may contain
forward-looking statements. Investors are cautioned that all
statements, other than statement of historical fact, involve risks
and uncertainties, including but not limited to: exploration and
mining risks and financing risks. There can be no assurance that
such statement will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Investors are encouraged to review ICON's filings
on SEDAR at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Icon Industries Limited Erick James Bertsch (604)
685-8666 (604) 685-8677 (FAX) www.iconindustriesltd.com
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