ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE: ICN), is
pleased to announce the results of the initial reverse circulation
(RC) drill holes from their current flagship project, the Goldfield
Bonanza Project. In addition, ICN reports the results of follow-up
metallic screen assays for the multi-ounce intercepts encountered
in core hole ICN-003 containing an intercept of 45.6 metres of 96.3
g/t Au (uncut); (see ICN News Release of May 17, 2011). The
Goldfield Bonanza Project is under option from Lode Star Gold,
Inc., a private Nevada corporation, and is located in the historic
Goldfield mining district of Nevada. The Goldfield district is
famous for multi-ounce, bonanza 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(1).
Highlights include:
-- Hole ICR-001 with an intercept of 50.3 metres of 2.06 g/t Au, and
-- Hole ICR-003 with an intercept of 45.7 metres of 5.52 g/t Au (see Table
1 below).
-- Drill results to date confirm that Controlled Source Audio Frequency
Magnetotellurics (CSAMT) is a useful targeting technique under post
mineral cover.
-- ICN's exploration model, to explore for "main district" style, high
grade mineralization under the post mineral cover, is further validated
by these new results.
---------------------------------------------------------------------------
Table 1: Summary RC Drill Intercepts
From To Interval Au
Hole ID Azimuth (m) (m) (m) (g/t) Type Location
---------------------------------------------------------------------------
ICR-001 vertical 16.8 67.1 50.3 2.06 RC Church - ICN-002
including 41.2 51.8 10.7 5.53
ICR-002 vertical 24.4 27.4 3.0 1.10 RC Church - TG-41
33.5 54.9 21.3 0.78
62.5 71.6 9.1 0.74
99.1 120.4 21.3 0.67
ICR-003 vertical 16.8 62.5 45.7 5.52 RC Church - ICN-003
including 16.8 27.4 10.7 13.83
with 19.8 21.3 1.5 39.00
---------------------------------------------------------------------------
Note: True width is unknown. All intercepts were calculated using a 0.01 opt
cutoff (0.343 g/t).
Carl Hering, President and CEO of ICN, comments, "Since these RC
holes are in the same area as the previously announced ICN core
holes. This confirmation of high grade mineralization in the Church
area by the RC drill results is very positive. The high grade holes
are located on a "bulls-eye" CSAMT resistivity high and this
positive correlation indicates the CSAMT survey data may
significantly aid exploration under the thin post-mineral cover.
The two ICN core and RC twin holes suggest that the historic data
may not fairly represent the ultimate potential in the Church area.
We have confirmed the exploration model by demonstrating that high
grade "main district" style mineralization exists under the post
mineral cover. ICN now awaits the results of our other exploration
holes drilled in several different areas of the Goldfield Project
as part of a Phase 1 drill evaluation program to better understand
the potential of this under explored property."
ICN Results vs. Historic Results
The three RC holes reported in Table 1 are all located in the
Church area, as are the initial ICN core holes. Two of the RC holes
ICR-001 and ICR-003 were drilled as twins of ICN core holes
(ICN-002 and ICN-003) reported on May 17, 2011. The RC holes were
drilled in an attempt to assess the differences between results of
the ICN core holes and the historic drill results from the 1979 to
1981 conventional rotary holes. These grade differences raised
concerns regarding the reliability of the historic conventional
rotary holes as the ICN core twins of selected conventional rotary
holes contain significantly higher grades than the old holes. The
comparison of the two ICN twin pairs (one ICN core hole and a twin
ICN RC hole), suggests a much better correlation of gold grades and
intercept lengths between the pairs of ICN holes than with the
historic conventional rotary drill data. However, a direct
comparison between the new and historic holes is not possible given
that the assay data for the historic holes is incomplete and the
historic assays were determined by utilizing an on-site,
company-owned, laboratory.
The three RC holes reported herein, and the previously reported
core holes, all lie within 30 metres of each other. Hole ICR-001,
contained 50.3 m @ 2.06 g/t Au and is a twin of core hole ICN-002
(see Table 1). Over a similar interval, hole ICN-002 assayed 48.5 m
@ 1.00 g/t Au compared to the above RC hole intercept. Hole ICR-003
is a 4 metre offset of the high grade core hole ICN-003. The 10.7
metres of 13.83 g/t Au (Table 1) for RC hole ICR-003, (which
includes one 1.5 metre interval of 39.0 g/t Au) compares favorably
with the same interval in core hole ICN-003 of 9.9 metres of 26.4
g/t (if the two multi-ounce intervals in the core hole are cut to
1.5 opt Au). The overall interval of 45.7 m @ 5.52 g/t Au in RC
hole ICR-003 equates quite favorably to the similar interval
reported for ICN-003 of 45.6 m @ 5.1 g/t Au (cut to 1 opt). The ICN
core and RC results exhibit good overall correlation of interval
lengths and gold grades and have substantially upgraded the
historic drilling, suggesting that the exploration potential in the
Church area could be significant.
Metallic Screen Results for High Grade Intercepts
As a follow-up to the earlier core hole results, metallic screen
assays were completed on the two multi-ounce intercepts in core
hole ICN-003 (2.9 m @ 1,454.3 g/t Au (reported on May 17, 2011).
The intercept included two assays of 541.7 g/t Au (15.8 opt) and
2,713 g/t Au (79.1 opt). Standard 30 gram gravimetric analysis at
two different accredited labs reported results of 541.7 to 551.9
g/t Au and 2,431 to 2,712 g/t Au for the respective samples.
Metallic screen assays were completed on these two intercepts and
reported 524.5 and 2,472 g/t Au respectively, and agree with the
previously reported values. A significant result of the metallic
screen assays is the fact that the coarse fraction contained
between 5% to less than 15% of the total gold content in the
samples and indicates that most of the gold is fine-grained and
evenly distributed throughout the mineralized rock. The high-grade
intercept in drill hole ICN-001 of 1.83 m @ 119.3 g/t is currently
in the process of re-analysis by metallic screen assay.
Historic Production from the Goldfield District
To place the high grade values ICN has encountered to date at
the Goldfield Bonanza Project in context, it is useful to review
historic production from the district. During the first 10 years of
mining (1903 to 1912) recorded production totaled 2.98 M oz at an
average grade of 62 g/t Au (1.81 opt) - (NBMG Bull. 78)(1). The
district is also noted for significant grade variations over very
short distances (1 - 2 m), even within a single mineralized ledge,
according to published reports(2). Consequently, it is not expected
that twin holes will necessarily reproduce well, but in general,
the overall zones of mineralization should correspond, which they
do in the ICN core and ICN reverse circulation holes. More detailed
drilling in the Church area is needed to determine a potential
resource given the results reported to date and will require
close-spaced drilling, which is planned for later this summer.
Overall, the presence of post mineral cover means that exploration
on the property will be drill intensive with expected variable
results.
ICN Drill Program Update
ICN has completed 15 core holes for a total of 5,225 feet and 29
RC holes for a total of 15,120 feet. Assays are pending for the
remaining holes, and will be released when finalized in the
different areas being tested. ICN is continuing to drill the
geophysical targets outlined by the CSAMT survey completed earlier
this year. These drill hole results will be utilized to augment
further interpretation of the CSAMT data. Additional results are
expected to be received over the next two to six weeks.
QA/QC
All sampling on the Goldfield Bonanza Project follows National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101") accepted principles and is being conducted by ICN
personnel or consultants. Assays for the RC holes were completed at
ALS Chemex in Reno, Nevada, an ISO:9001 certified laboratory, and
the metallic screen assays were completed by American Assay, Reno,
Nevada, also an accredited lab. 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 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 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.
Notes:
1. Nevada Bureau of Mines and Geology Bulletin 78, Geology and Mineral
Deposits of Esmeralda County, Nevada: Albers and Stewart (1972).
2. NI 43-101 Technical Report on the Goldfield Project, Esmeralda County,
Nevada, prepared for Metallic Ventures Inc., September 30, 2002 by Mine
Development Associates, Reno, Nevada.
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 VP Business Development
1-877-738-3882 or 604-738-3882 www.icnresources.com
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