ICN Resources Ltd. (TSX VENTURE: ICN) ("ICN" or the "Company") is
pleased to announce the results of the remaining reverse
circulation (RC) drill holes completed during its Phase I
exploration drill program on the Goldfield Bonanza Project. The
Goldfield 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. From 1903 through
1912, the District produced 3 million ounces of gold at an average
grade of 1.81 oz/ton Au (62 g/t).
RC Highlights:
-- Mineralization extended 250 metres along strike to the north of the high
grade Church Zone.
-- Exploration drilling south of the Silver Pick Shaft encountered a
brecciated and silicified zone over a strike length of 300 metres in the
first known drill testing of this portion of the property.
-- Overall, the RC exploration drill program identified new areas of
mineralization over a combined length of 700 metres along the main
structural corridor.
RC Holes ICR-004 to ICR-029 were drilled during May and June of
this year, for a total of approximately 4,300 metres in 25 holes.
Results of the first three (3) RC holes, drilled in the newly
identified high grade Church Zone target area, were released on
June 9, 2011. The 25 RC holes reported herein are distributed
throughout property, and are the first exploration holes ICN has
drilled away from previously known mineralized areas, including the
high grade Church Zone.
Carl Hering, President and CEO of ICN Resources stated that,
"The RC drill results are certainly significant from a geologic
standpoint as they are the first exploration holes drilled in the
northern and southern portions of the property. The areas tested
are covered by post mineral rock, and collar locations were
selected based on limited geologic information. Despite this fact,
a number of the holes encountered silicified and mineralized zones
requiring further drill testing. We are particularly encouraged by
encountering mineralization along the north extension of the high
grade Church zone, extending the potential strike here to over 250
metres, while remaining open to both the north and south."
The RC drilling was focused on five (5) main target areas as
discussed below. Particularly encouraging results were obtained in
the area lying immediately to the north of the Church Zone (see ICN
News Release of May 17, 2011 for initial results in the Church
Zone), and along the southern extension of the Silver Pick workings
(see Table 1 below).
The long intervals intercepted north of the Church Zone are
indicative of proximity to areas of stronger mineralization. Drill
results between the Church Zone and the January-Combination open
pit extend the strike of the identified mineralization over 250 m
to the north of the high grade ledge at the Church Zone. For
example, hole ICR-023 encountered 44.2 m @ 0.58 g/t Au and hole
ICR-019 intercepted 12.2 m @ 1.32 g/t Au. Information to date from
all previous work suggests that long, low grade intercepts are
often found near high grade, multi-ounce ledges.
Table 1: Summary of RC Drill Intercepts ICR-004 to ICR-029
---------------------------------------------------------------------------
Inclin- TD From To Interval Au
Hole ID Azimuth ation (m) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Decline Structure - 4 Holes
---------------------------------------------------------------------------
ICR-005 75 -65 170.7 53.4 64.0 10.7 0.44
---------------------------------------------------------------------------
ICR-013 75 -70 152.4 143.3 147.9 4.6 0.90
---------------------------------------------------------------------------
Phelan Shaft - 5 Holes no significant results
Silver Pick Shaft - 7 Holes
---------------------------------------------------------------------------
ICR-008 255 -70 164.6 122.0 128.0 6.1 0.50
---------------------------------------------------------------------------
ICR-009 255 -60 170.7 144.8 149.4 4.6 0.57
---------------------------------------------------------------------------
ICR-012 255 -70 158.5 154.0 157.0 3.0 1.03
---------------------------------------------------------------------------
ICR-020 255 -75 353.7 99.1 103.7 4.6 0.59
---------------------------------------------------------------------------
North Extension of Church - 6 Holes
---------------------------------------------------------------------------
ICR-019 90 -70 158.5 80.8 93.0 12.2 1.32
---------------------------------------------------------------------------
ICR-021 90 -60 158.5 97.6 108.2 10.7 0.79
---------------------------------------------------------------------------
117.4 120.4 3.0 0.41
--------------------------
125.0 129.6 4.6 0.88
--------------------------
137.2 140.2 3.0 0.46
---------------------------------------------------------------------------
ICR-023 90 -60 140.2 71.6 115.9 44.2 0.58
---------------------------------------------------------------------------
ICR-025 90 -60 164.6 93.0 132.6 39.6 0.43
---------------------------------------------------------------------------
Geophysical Targets - 4 Holes
---------------------------------------------------------------------------
ICR-027 270 -60 262.2 74.7 77.7 3.0 0.43
---------------------------------------------------------------------------
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 in number
sequence not shown in the above table returned either less
significant or no significant results.
Drill holes located south of the Silver Pick shaft were designed
to test for the presence of a large, low grade (1 to 4.9 g/t)
breccia body reported by Searles (Univ. of Nevada Bull. vol. XLII,
no. 5, 1948) as being found between the 271' (82 m) and 500' (152
m) levels of the Silver Pick workings. The ICN RC drilling returned
relatively narrow intercepts in the 0.5 to 1 g/t range from a
silicified and veined zone. Given the fact that none of these holes
encountered old workings or backfilled areas as might be expected
from drill hole placement, it appears that there may be a
discrepancy in the underground surveys of the 1920's to 1950's and
their relationship to the ICN surface survey control. However, the
fact that mineralization was encountered in a consistent silicified
zone, striking roughly north-south and dipping east as reported by
Searles, suggests that we are proximal to the target area.
Additional drilling will be completed, particularly further to the
south, as drill hole ICR-012, the southern-most drill hole,
returned the best gold intercept of 1.03 g/t in the 300 m long
silicified and variably mineralized corridor that comprises the
Silver Pick target.
The Phelan target is located approximately 100 metres northwest
of the Silver Pick shaft, and the five RC holes drilled here also
intersected a silicified and veined north-northwest-trending
structural zone averaging 13 metres wide in the drill holes.
Geologic and the alteration features suggest proximity to the
high-grade Phelan ledge (reported to be greater than 3 opt Au), but
none of the holes contained significant assay results. Drill
results in the Decline Structure and in the four geophysical
targets tested indicate that additional analysis of these target
areas is required. Drill hole maps and complete results will be
posted on the Company web-site following release of the core hole
results early next week.
Drill Planning Update
A specialist has been engaged to complete mineralogical studies
on selected core and RC holes using a TerraSpec analytical
spectrometer. The purpose of this work is to assist in determining
alteration mineral zonation to be interpreted in conjunction with
selected trace element analyses. Results from both of these studies
will be utilized to focus more precisely on higher grade portions
of specific target areas. In addition, a biogeochem survey is being
conducted in the areas of post mineral cover. Biogeochem is a
similar to a soil survey, with the exception that it utilizes trace
element analysis of vegetation samples collected on a grid to
detect sub-surface geochemical anomalies in concealed areas that
would otherwise be undetectable by conventional soil sampling.
New data developed from the above programs will be integrated
into the overall database for the purpose of planning a Phase II
drill campaign. The Company is currently planning a Phase II
drilling program, to be initiated within the next three to six
weeks.
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 and/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 Au,
a conventional gravimetric assay is conducted. ICN randomly inserts
standard reference material, 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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