Icon Industries Limited ("Icon" or the "Company") (TSX VENTURE:
ICN) is pleased to report that the Company has commenced a 5,200
metre drilling program on the Hog Ranch epithermal gold property,
which is located in Washoe County in northwestern Nevada, USA. The
Company has an option to earn a 100% interest in the property from
Seabridge Gold Inc. ("Seabridge").
The drilling program is targeting high grade gold mineralization
within potential feeder structures that often occur beneath
low-grade, very high level epithermal deposits like those
previously mined at Hog Ranch. As such, drill holes will penetrate
deeper (200 to 500 metres) than most prior drill holes on the
property. Comparable gold deposits globally, including Great Basin
Gold's nearby Hollister deposit and Newmont's Midas deposit, are
characterized by high grade vein systems 100 to 200 metres below
the near surface, paleowater table levels analogous to those seen
in outcrop at Hog Ranch. To target these deeper levels, 1,000
metres of drilling in four core holes and 4,200 metres drilling in
16 reverse circulation drill holes will be completed. The core
holes will be drilled between planned RC holes to provide
additional geological information not obtainable in the RC
drilling.
Most of the drilling will be completed in the area of the
historically mined 139, Geib, and Krista pits, from where the bulk
of the approximately 200,000 ounces of historical production was
obtained. These drill holes will be oriented mainly north-northwest
to east-southeast and are planned to cross breccia, veinlet, and
mineralized trends defined by 3D analysis of previous drilling
results. Although historical mining at Hog Ranch was at grades of 1
to 1.5 g/T Au from shallow dipping disseminated zones of
mineralization, local areas grading multiple ounces of gold per
tonne were encountered indicating the potential for bonanza gold
grades in the system. Many high grade drill intercepts obtained by
previous operators lie beneath the depths of the historical mining,
underscoring this potential. In the 139 pit area, downward
extensions of high grade mineralization encountered in late stages
of mining will also be tested, including the potential continuity
of mineralization encountered in drill hole 8-199, which
intercepted 194.1 g/T Au over 1.5 metres at depths of 91.4 to 92.9
metres, well below the historical mining depths. Other intercepts
in the few deeper drill holes beneath the pit areas will be
followed up, including an intercept beneath the Krista Pit of 13.0
g/T Au over 7.6 metres at depths of 118.9 to 126.5 metres in drill
hole 8-018. Morphology and continuity of these intercepts are
currently unknown.
In the vicinity of the Geib and Krista pits, multiple historic
drill hole intercepts at depths of 40 to 90 metres suggest the
presence of one or more shallowly dipping horizons of significantly
higher grade than that which was previously mined. These levels
will be further tested during the current program, since drill
holes targeting deeper feeder vein mineralization will also pass
through them, and several shallow drill holes may also be completed
to test continuity between the intercepts. No resource has
previously been estimated for these horizons, within which the
mineralization is aligned in east-northeast trends that are up to
several tens of meters wide and several hundred meters long in plan
view. These zones may represent the upward projection of high grade
feeder structures at depth. Some of the more significant higher
grade intercepts in this area include:
- 26.6 g/T Au over 3.05 metres from 48.77 metres in drill hole
6-143, beneath the Krista pit
- 59.5 g/T Au over 3.05 metres from 62.48 metres in drill hole
7-120 beneath the Geib pit
- 92.9 g/T Au over 1.52 metres from 60.96 metres in drill hole
7-238 beneath the Geib pit
- 64.9 g/T Au over 1.52 metres from 82.3 metres in drill hole
8-025 beneath the Geib pit
- 19.7 g/T Au over 9.14 metres from 50.29 metres in drill hole
9-042 beneath the Geib pit
- 72.8 g/T Au over 1.5 metres from 73.15 metres in drill hole
9-044 beneath the Geib pit
- 5.2 g/T Au over 21.3 metres from 67.06 metres in drill hole
HR-040-03 between and below the levels of the Geib and Krista
pits
Based on the shallow dipping morphology of this mineralization
and the steep dip of the drill holes, most of these intercepts are
likely at or close to true thickness, and in cross section are
likely to be lensoidal. Continuity between these, and other
significant intercepts not listed here, has not yet been
definitively established, and surrounding portions of the shallow
dipping horizon are lower grade, but do include additional
intercepts grading greater than 10 g/T Au over intervals greater
than 1 metre. While believed to be reliable, these results cannot
be verified due to their historical nature.
In addition to the drilling in the main pit areas during the
upcoming exploration program, drilling in four holes is planned to
test the down dip extent of mineralization in the Cameco and
Airport zones in northwestern portions of the property. These zones
both occur in flat lying lacustrine sedimentary rocks and comprise
shallowly dipping zones of high level disseminated mineralization.
Previous drilling in the Cameco zone encountered 61.8 g/T Au over
6.1 metres at a downhole depth of 50.3 metres, for which true width
is unknown, and for which the limits are partially bounded. This
high level intercept reflects the local potential for high grade
mineralization if a deeper feeder vein system can be identified in
the underlying, more competent flow foliated rhyolite. Two drill
holes are also planned in the Bell Springs area, which comprises
the southernmost of the historically mined Hog Ranch deposits.
Drilling will test for deeper mineralization beneath the pit where
erratic high gold grades were historically intersected, but where
most drilling was also very shallow.
Exploration activities on the Hog Ranch site are being managed
by Equity Exploration Consultants, of Vancouver B.C. under the
direction of Darcy Baker, Ph.D, P. Geo, President of Equity.
Drilling is anticipated to be completed in early December,
2009.
Staking
When the option on the Hog Ranch property was obtained from
Seabridge, the property comprised 238 unpatented lode mining claims
covering approximately 4917 acres (1990 hectares), and a mining
lease with Estill Ranches LLC on approximately 592 acres (239.6
hectares) of privately owned fee land. This ground position
constituted a minimum holding area covering the extents of previous
mining and known mineralization. Icon has recently completed a
surface staking program which has nearly doubled the area of the
property with the addition of approximately 220 new claims,
covering extensions of prospective alteration from the mineralized
areas and structural targets, as well as providing a buffer for
potential future exploration and mining.
Additional information concerning the Hog Ranch project is
available at the company's website at:
http://www.iconindustriesltd.com/s/HogRanch.asp.
Technical information in this news release was compiled by D.
Rhys, P. Geo., a Qualified Person as defined by N.I. 43-101 and a
director of Icon.
On behalf of the Board of Directors of Icon Industries
Limited.
T. Barry Coughlan, Chairman & CEO
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 T. Barry Coughlan 1 (604)
685-8666 or Cell: 1 (604) 644-9561 (604) 685-8677 (FAX)
barryc@talcap.com www.iconindustriesltd.com
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