ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE: ICN) is
pleased to announce initial drill results from their current
flagship project, the GF Bonanza project, which is under option
from Lode Star Gold, Inc., a private Nevada corporation and is
located in the historic Goldfield mining district of Nevada.
Core hole ICN-003 intercepted 45.6 metres of 96.3 g/t Au
(uncut).
The intercept contains an upper portion assaying 1,454.3 g/t Au
over 2.9 metres, followed by a lower grade interval of 42.7 metres
of 4.2 g/t Au (see Table 1 below). If the three highest grade
intervals of 1.22 metres @ 2,710 g/t Au (79.1 opt), 1.68 metres @
541 g/t Au (15.8 opt) and 1.98 metres @ 57 g/t Au (1.6 opt) are cut
to 1 opt (34.3 g/t), the intercept becomes 45.6 metres of 5.1 g/t
(cut to 1 opt).
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TABLE 1: Summary Core Hole Results
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From Interval Au Location -
Hole ID Azimuth Angle (m) To (m) (m) (g/t) Twin Hole
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Church
ICN-001 Vertical(i) - 24.1 43.9 19.8 0.65 (Twin TG-107)
51.5 74.7 23.2 10.51
including 59.8 61.6 1.83 119.3
80.5 123.2 42.7 1.40
140.9 149.1 8.2 1.03
Church
ICN-002 Vertical(i) - 21.0 24.1 3.0 1.79 (Twin TG-40)
36.3 45.4 9.1 4.08
55.8 69.8 14.0 0.55
Church
ICN-003 Vertical(i) - 16.9 62.5 45.6 96.3 (Twin TG-113)
including 16.9 19.8 2.9 1454.3
and 19.8 62.5 42.7 4.18
- 60 Church
ICN-004 270(i) degrees 22.1 63.0 40.9 1.41 (across zone)
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(i) Note: True width is unknown, but in the vertical holes, true width is
most certainly less than the overall interval lengths reported. All
intercepts were calculated using a 0.01 opt cutoff (0.343 g/t).
The 1 opt cut was selected because this is the historic average
grade mined during the early history of the district (1903-1914),
and it should be noted that there is no statistical basis for the
selection of this value. Multi-ounce gold ore was mined
historically in the Goldfield district, with some stopes carrying
values in excess of 1,000 opt Au.
Hole ICN-003 intercepted, an upper high grade zone of
mineralization, followed by a longer interval of lower grade
material, at shallow depth, beneath post mineral cover. The high
grade encountered is located at the contact of the post mineral
cover rock and the underlying units typical of the mineralized
sequence in the main Goldfield district. The fact that the third
hole located an example of classic "main district style"
mineralized material occurring just beneath post mineral cover,
confirms ICN's exploration strategy that post mineral rocks
(previously interpreted as contemporaneous with mineralization) do
in fact mask high grade quartz-alunite ledges similar to what was
mined in this historic + 4M oz district.
Carl Hering, President and CEO of ICN Resources commented that,
"These initial results are extremely encouraging. While we are
targeting high grade mineralization in our overall exploration
program, it was not anticipated that we would be this successful in
the first few drill holes. It is necessary to complete additional
drilling in order to fully understand the significance of these
initial results. Nonetheless, it is important to recognize that the
results do validate our exploration model in the district,
exploring for high grade "main district" style mineralization under
the post mineral cover. ICN is continuing exploration with both a
core rig and a RC rig currently on-site, and numerous untested
exploration targets remain both north and south of the Church
area."
The core program, still on-going, was designed to twin historic,
non-43-101 compliant drill holes, as well as angle across the old
vertical holes (Hole ICN-004) to facilitate geologic interpretation
of the shallow Church vein zone. Holes ICN-001, 002 and 003 are all
twins of historic, vertical, conventional rotary drill holes and
lie within 50 m of each other. Hole ICN-004 was a west directed
angle hole, drilled from the same pad as hole ICN-003 which crossed
the historic, vertical holes.
Hole ICN-001 also encountered a multi-ounce intercept of 1.83 m
of 119.3 g/t Au included within a longer interval of 23.2 m of 10.5
g/t or 3.5 g/t cut (see Table 1). In the three historic TG holes
(1979-1981) twinned by ICN, the mineralized intercepts average 1.5
metres, and the highest grade interval reported is 13 g/t Au (0.38
opt). The interval in hole TG-113 that corresponds to the 2.9 m of
1,454 g/t Au encountered by twinning with ICN-003, reported 3.05
metres of 4.5 g/t Au. It is presently unclear why the new ICN core
hole twins don't match grades in the historic holes particularly
well, nor why the ICN holes encountered several multi-ounce
intervals where none were reported in the historic holes. Possible
reasons for the poor grade correlation between the twin holes may
be the result of the generally known poor recovery and sampling
methodology typical of "pre-reverse circulation", conventional
rotary drilling, and/or, it may reflect the highly variable nature
of mineralization in high sulfidation gold systems of the type
found in the Goldfield main district. More work is currently being
completed to resolve this discrepancy and to determine the
potential significance of the high grade zones encountered in ICN's
initial drilling.
It should also be noted that check assays on the entire interval
reported herein for hole ICN-003 were completed at a second
laboratory prior to releasing results as a precautionary measure
given the high grade mineralization. All of the original results
compare favorably with the check assay results, except for the
highest grade interval containing 2,710 g/t Au (79.1 opt). The
check assay on this sample returned a value of 2,410 g/t Au (70.3
opt). Native gold, which was not common in the historic district,
was identified in the core from this interval and may account for
the discrepancy. Additional assay work is required (metallic screen
assay in process) in order to determine a more precise value. The
second highest grade sample, which originally assayed 541.7 g/t Au
(15.80 opt) by gravimetric method, re-assayed at the second lab as
553.0 g/t Au (16.13 opt), thus indicating less of an issue with
particulate gold in this interval.
All sampling on the GF Bonanza Project follows best practice
43-101 accepted principles and is being conducted by ICN personnel
or consultants. Original assays were completed at ALS Chemex in
Reno, Nevada, and the check assays were completed by American
Assay, also located in Reno, both of whom are certified
laboratories. At both labs, an initial fire assay with atomic
adsorption finish was completed for all samples, and subsequently,
for samples in excess of 10 g/t, a conventional gravimetric assay
was conducted. For the higher grade samples reported herein, at
least three different samples (pulps), separately prepared from the
original coarser material, were analyzed. ICN randomly inserts
standards, blanks and duplicate control samples to monitor
laboratory performance. Results reported herein have been checked
and undergone rigorous Quality Control review.
Tim Percival, CPG and a P.Geo., a Qualified Person as defined by
National Instrument 43-101, and a consultant to 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
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, except as may be required by law. 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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