ICN Resources Reports 14.9 m at 164.5 g/t Au from Goldfield Bonanza Project
August 15 2011 - 9:00AM
Marketwired
ICN Resources Ltd. (TSX VENTURE: ICN) ("ICN" or the "Company") is
pleased to announce the results of the remaining core holes
completed during its Phase I exploration drill program on the
Goldfield Bonanza Project. The GF Bonanza project, under option
from Lode Star Gold, Inc., a private Nevada corporation, is located
in the historic Goldfield mining district of Nevada. The Goldfield
district is well known for multi-ounce, bonanza grade gold ores and
has recorded historic production in excess of 4 million ounces of
gold at an average grade of greater than 17 g/t Au.
Highlights:
-- Hole ICN-013 intersects 14.9 metres of 164.5 g/t Au, including 1.4 m @
1,764 g/t Au.
-- Hole ICN-014 intersects 12.0 metres of 222.6 g/t Au, including 2.9 m @
918.0 g/t Au.
-- Hole ICN-015 intersects 63.0 metres of 1.75 g/t Au, extending the Church
Zone to south.
-- Hole ICN-010 intersects 9.6 metres of 2.89 g/t Au, along the claim
boundary with International Minerals ground.
Core holes ICN-005 to 015, reported in Table 1 below, were
drilled during May and June of this year. These 11 holes (totaling
1,075 metres) complete the Phase I core drill program on ICN's
Goldfield Bonanza Project. The objective of the core program was to
twin some of the historic drilling for 43-101 verification
purposes. In addition, other core holes were utilized to facilitate
improved geologic understanding of previously identified
mineralized areas.
Table 1: Summary of Core Hole Intercepts
---------------------------------------------------------------------------
TD From To Interval Au
Hole ID Azimuth Angle (m) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Twin Holes
--------------------------------- ---------------------------------
ICN-005 270 -67 130.5 63.7 72.9 9.2 0.52
--------------------------------- ---------------------------------
ICN-006 ---- -90 36.3 no significant results
--------------------------------- ---------------------------------
ICN-007 90 -55 161.5 110.7 113.6 2.9 0.74
--------------------------------- ---------------------------------
143.1 153.5 10.4 1.46
--------------------------------- ---------------------------------
ICN-008 90 -65 137.2 93.1 98.4 5.3 27.5
--------------------------------- ---------------------------------
incl 94.5 95.3 0.8 183.6
---------------------------------
125.9 132.0 6.1 1.54
--------------------------------- ---------------------------------
ICN-009 270 -55 142.6 79.3 89.3 10.0 0.71
--------------------------------- ---------------------------------
96.0 121.3 25.3 1.00
---------------------------------
incl 96.0 104.6 8.6 1.92
---------------------------------
129.0 142.7 13.7 0.62
---------------------------------
Church Zone
--------------------------------- ---------------------------------
ICN-012 ---- -90 61.9 16.8 30.8 14.0 0.92
--------------------------------- ---------------------------------
39.6 51.2 11.6 0.49
--------------------------------- ---------------------------------
ICN-013 280 -45 40.2 24.1 39.0 14.9 164.5
--------------------------------- ---------------------------------
incl 24.1 26.8 2.7 0.74
---------------------------------
and 26.8 32.3 5.5 445.2
---------------------------------
and 32.3 39.0 6.7 1.84
--------------------------------- ---------------------------------
ICN-014 90 -45 38.4 25.2 37.2 12.0 222.6
--------------------------------- ---------------------------------
incl 25.2 28.1 2.9 918.0
---------------------------------
and 28.1 37.2 9.1 2.32
--------------------------------- ---------------------------------
ICN-015 105 -70 119.8 52.7 115.7 63.0 1.75
--------------------------------- ---------------------------------
incl 53.7 61.0 7.3 6.34
---------------------------------
Other
--------------------------------- ---------------------------------
ICN-010 ---- -90 46.6 9.3 18.9 9.6 2.89
--------------------------------- ---------------------------------
38.0 45.9 7.9 0.56
--------------------------------- ---------------------------------
ICN-011 270 -50 159.4 70.4 76.5 6.1 0.58
--------------------------------- ---------------------------------
101.0 122.8 21.8 0.53
---------------------------------------------------------------------------
Note: Intervals are calculated using a.01 opt (.34 g/t) cut off over a
minimum of 10 feet (3.05 m). True width is unknown, as identified
mineralized structural orientations are variable.
Holes ICN-005 to 009 are twin drill holes of previously drilled
holes by Traflagar or Lode Star Gold in the Red Hills Zone. The
twin holes match in some cases, but as before, results are
variable. Differences in drill hole pairs can be attributed to poor
survey control and/or natural variability of mineralization typical
of the Goldfield District. No downhole survey information is
available for the historic drill holes; consequently, it is
difficult to know how close a twin hole is to the original hole at
target depths.
Drill Holes ICN-012 to 015 were all drilled in the newly
discovered Church Zone (see ICN NR of May 17, 2011). Holes 013 and
014 are both 45 degree angle holes, drilled from different
directions across the high grade intercept in ICN-003 reported in
the above mentioned News Release. Both holes once again encountered
individual intercepts in excess of 50 opt Au (greater than 1,700
g/t Au). The ability to reproduce the high grade values discovered
with drill hole ICN-003, while drilling at different orientations,
suggests that the original results are not biased by core parallel
structures. Multiple vein orientations are observed in the Church
Zone, including horizontal features that may represent dilational
openings related to sheeted, 55 degree dipping structures.
The intercept in hole ICN-015 is located approximately 40 metres
south and west of ICN-003, and encountered a long interval of
consistent mineralization reporting 63.0 m @ 1.75 g/t Au. This
interval contains an upper zone of higher grade mineralization
consisting of 7.3 m @ 6.34 g/t. The individual interval with the
highest gold content in hole ICN-015 contained 0.8 m @ 24.5 g/t
Au.
One hole, ICN-010, was drilled near the edge of the historic
January-Combination pit, immediately adjacent to the shared claim
boundary with International Minerals. This drill hole encountered
two zones of mineralization, with the upper zone containing 9.6 m @
2.89 g/t Au, starting 9.33 metres below the surface.
Carl Hering, President and CEO of ICN Resources stated that, "We
are particularly encouraged by the fact that between the RC and
core holes we have encountered mineralization along the north and
south extension of the high grade Church zone, extending the
potential strike to over 300 metres. A Phase II drill program is
being planned, and further drill testing will resume as soon as a
drill rig is available."
QA/QC
All sampling on the Goldfield Bonanza Project follows ("NI
43-101") accepted principles and is being conducted by ICN
personnel or consultants (National Instrument 43-101 Standards of
Disclosure for Mineral Projects). Assays for the RC holes were
completed at ALS Chemex in Reno, Nevada, an ISO:9001 certified
laboratory or by American Assay, Reno, Nevada, also an accredited
laboratory. Initial fire assay with atomic adsorption finish is
completed for all samples, and subsequently, for samples in excess
of 10 g/t, a conventional gravimetric assay is conducted. ICN
randomly inserts reference standards, blanks and duplicate control
samples to monitor laboratory performance. Results reported herein
have been checked and have undergone quality control review.
Tim Percival, CPG and a P.Geo., a Qualified Person as defined by
NI 43-101 and Chief Geologist for the Company, has reviewed and
approved the technical information contained in this news
release.
About ICN Resources
ICN is primarily focused on exploration for volcanic-hosted
precious metal deposits in western Nevada, emphasizing targets with
geological similarities to Sleeper, Sandman, Hollister, Midas and
Aurora. ICN plans to explore the feeder zones associated with large
low-grade gold and silver systems, as well as explore for high
grade deposits at the new Goldfield Bonanza Project located in
western Nevada. ICN continues to evaluate opportunities in
established metallogenic belts elsewhere in the United States. The
ICN management and geological team have extensive experience in
Nevada and worldwide, utilizing this experience to generate prime
opportunities for ICN shareholders.
On Behalf of the Board of Directors of ICN Resources Ltd.,
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
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, ICN 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 ICN 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 its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: ICN Resources Ltd. Tasso Baras 1-877-738-3882 or
604-738-3882 www.icnresources.com
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