ICN Resources Ltd.: Encouraging Phase I Results from Hog Ranch Project
March 09 2010 - 12:17PM
Marketwired
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.
---------------------------------------------------------------------------
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.
Neither TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: ICN Resources Ltd. Tasso Baras (604) 685-8666 or 1-877
738-3882 (604) 685-8677 (FAX) www.icnresources.com
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