ICN Resources Ltd.: Encouraging Phase I Results from Hog Ranch Project
March 09 2010 - 11:17AM
Marketwired Canada
ICN Resources ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to announce
the results of its Phase I drill program at its wholly owned Hog Ranch project,
located in northwestern Nevada. In late December, 2009, ICN completed 2,856
metres (9,370 ft.) of drilling in 13 reverse circulation (RC) holes and 1,427.1
metres (4,682 ft.) in five core holes, for a total of 4,283.1 meters (14,052 ft)
in18 drill holes. This Phase I program was designed to test for steeply dipping,
high grade gold "feeder structures" lying beneath and around previously mined
open pits. Potential structural trends, defined by 3D analysis of historical
drill data, were the focus of most of the drilling completed during this Phase I
program. Areas of high grade mineralization such as that encountered in drill
hole 8-199, which intercepted 194.1 g/t Au over 1.5 metres beneath the historic
139 pit, were the types of targets tested.
The most significant results from the current program come from hole HR09-11,
also drilled beneath the historic 139 pit. This hole intercepted 1.5 m of 7.4
g/t Au (8.0 g/t metallic screen check assay) and 2.1 m of 9.3 g/t Au (9.4 g/t
metallic screen check assay). All drill results are shown in Table 1 below.
While these moderate grade intercepts do not match the typical high grade
intercepts from the historic drilling (generally greater than 15g/t - to 50 g/t
Au), they add substantial new information which is useful as ICN continues to
better understand the geometry and continuity of the historic high-grade
intervals. These encouraging results beneath the 139 pit require further
follow-up especially because a very high grade vein/breccia, from which a sample
is shown on the ICN web site, was mined at the bottom of the 139 pit.
Additionally, many of the drill holes intercepted long, low-grade intervals,
suggesting not only their proximity to possible high-grade feeder structures,
but also the potential to identify additional areas of large tonnage, lower
grade mineralization on the property. For example, drill hole HR09-17, located
to the northeast of the historic Geib pit, returned 67.1 m of 0.61 g/t Au and
drill holes HR09-12 and HR09-16 intercepted 16.8 m of 0.99 g/t Au and 16.8 m of
0.92 g/t Au, respectively, along the margins of the historic Krista pit. The
HR09-17 intercept is particularly significant as it occurs in a broad zone of
quartz-pyrite stockwork veining and a coincident CSAMT anomaly which surrounds
the interpreted Geib fault zone. This fault may control mineralization in some
of the larger historically mined pits, and forms a highly prospective, new
target for both near surface low grade mineralization and higher grade
structurally controlled mineralization. Long intervals of low-grade gold were
also found in other drill holes as shown in Table 1 below.
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Interval Grade
Hole ID From (m) to (m) (m) (g/t Au) Area Drill Type
---------------------------------------------------------------------------
HR09-01 21.3 24.4 3.0 0.89 139 RC
48.8 96.0 47.2 0.32 " "
incl. 48.8 53.3 4.6 0.97 " "
HR09-02 no significant results 139 RC
HR09-03 86.9 126.5 39.6 0.23 Geib RC
HR09-04 125.4 173.3 47.8 0.35 Geib Core
HR09-05 no significant results Geib RC
HR09-06 3.2 34.4 31.2 0.22 S. Krista Core
HR09-07 96.0 143.3 47.3 0.22 S. Krista RC
HR09-08 73.2 77.7 4.6 0.59 Crater Zone RC
91.4 99.1 7.6 0.62 " "
HR09-09 11.9 46.9 35.1 0.48 Flat - NW Geib Core
HR09-10 56.4 86.9 30.5 0.23 NE Krista RC
HR09-11 22.5 24.0 1.5 7.40 139 Core
47.6 48.7 1.1 4.13 " "
176.3 178.4 2.1 9.30 " "
HR09-12 82.3 106.7 24.4 0.51 N. Krista RC
135.6 152.4 16.8 0.99 " "
incl. 146.3 152.4 6.1 2.04 " "
205.7 243.8 38.1 0.37
HR09-13 54.9 131.1 76.2 0.30 N. Krista RC
HR09-14 71.6 112.8 41.2 0.40 S. Krista RC
incl. 103.6 108.2 4.6 1.00 " "
HR09-15 182.7 199.5 16.8 0.37 N. Krista Core
HR09-16 0.0 29.0 29.0 0.27 S. Krista RC
41.2 57.9 16.8 0.92
incl. 48.8 57.9 9.1 1.35
HR09-17 24.4 91.4 67.1 0.61 Geib Fault RC
incl. 51.8 54.9 3.0 1.83
HR09-18 54.9 74.7 19.8 0.23 Canyon Zone RC
---------------------------------------------------------------------------
TABLE 1: Drill Hole Results Summary. True widths have not been determined.
Two drill holes also targeted areas distal to the historic open pits, in areas
of sparse historic drilling, and both of these holes returned encouraging
results. HR09-08 was drilled to the east of the Geib pit, in an area of
phreatomagmatic explosion craters defining linear trends, potentially related to
significant structures. Drill hole HR09-18 was drilled in an area referred to as
the Canyon Zone. Both drill holes intercepted anomalous gold values in extensive
areas of clay-silica alteration, indicating new potential in these areas of
limited historic drilling.
Planned drilling beneath the Bell Springs pit, located 2 miles to the south, and
testing in two of the historic unmined deposit areas, the Airport and Cameco
Zones, where an historic drill hole encountered 61.8 g/t Au over 6.1 metres at a
downhole depth of 50.3 metres, was not completed owing to inclimate weather in
late December. Further work will be planned in these and other areas after
analysis of the information obtained from this Phase I program.
ICN is currently conducting further geological modeling of the drilling results,
and will be completing a clay mineral zonation study based on use of a Terraspec
analytical spectral device. The Terraspec data, along with patterns of anomalous
As-Sb-Hg-Ag and other pathfinder elements that are apparent in ICN's drilling
results and previous geophysical (CSAMT) data, will be further utilized to aid
in future drill targeting to identify higher grade feeder areas and potential
zones for bulk mining. The Company plans a Phase II program later in 2010 to
test other prospective areas such as the Airport, Cameco (discovered after
original mine closure) and Bell Springs targets once further data acquisition
and evaluation is completed. A new evaluation of the potential of lower grade
targets will also be conducted given the encouraging results from this current
drilling program.
The technical information in this news release was reviewed by D. Baker, Ph.D.,
P.Geo., a qualified person as defined by NI-43-101, and President of Equity
Exploration Consultants Ltd., the project manager for the 2009 Hog Ranch
program.
ICN implemented industry-standard quality assurance/quality control protocols
including insertion of standard, blank and duplicate samples. ALS Laboratory
Group (an ISO 17025 accredited laboratory) prepared and analysed the Hog Ranch
samples at its Reno, Nevada analytical facility.
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, Icon
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 Icon 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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