ICN Resources Ltd. ("ICN" or the
"Company") (TSX.V:ICN), is pleased to announce
assays results from the remaining reverse circulation (RC)
drill holes completed late last year as part of its Phase II
drill program at the Goldfield Bonanza Project. The project,
under option from Lode Star Gold, Inc. ("Lode
Star"), 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 4.1
million ounces of gold at an average grade of >17 g/t Au
(0.5 oz/t). For further information on the option to acquire
an 80% interest in the Goldfield Bonanza Project from Lode
Star see the Company's news releases of March 29, 2011
and April 13, 2011.
Highlights Include:
-
50.3 metres of 1.32 g/t Au, including 3.0 metres of 10.87
g/t Au;
-
18.3 metres of 1.24 g/t Au;
-
4.6 metres of 3.23 g/t Au; and
-
70.1 metres of 0.50 g/t Au.
Table 1.RC Drill Results for Holes ICR-048 to ICR-063
|
|
Hole ID
|
|
UTM North
|
|
UTM East
|
|
Bearing
|
|
Angle
|
|
TD
|
|
From (m)
|
|
To (m)
|
|
Length
(m)
|
|
Au (g/t)
|
|
ICR-048
|
4173598.9
|
480146.8
|
95
|
-75
|
57.9
|
33.5
|
44.2
|
10.7
|
0.51
|
|
ICR-049
|
4173599.9
|
480175.5
|
275
|
-80
|
99.1
|
47.3
|
56.4
|
9.1
|
0.93
|
|
ICR-050
|
4173620.5
|
480170.9
|
90
|
-75
|
122
|
44.2
|
114.3
|
70.1
|
0.5
|
|
|
|
|
|
|
incl
|
44.2
|
51.8
|
7.6
|
1.33
|
|
ICR-053
|
4173670.2
|
480191
|
270
|
-75
|
140.2
|
51.8
|
56.4
|
4.6
|
0.69
|
|
|
|
|
|
|
|
111.3
|
115.9
|
4.6
|
1.05
|
|
ICR-054
|
4173439.2
|
480085.1
|
270
|
-85
|
91.5
|
32
|
41.2
|
9.2
|
0.51
|
|
|
|
|
|
|
|
48.8
|
53.4
|
4.6
|
3.23
|
|
|
|
|
|
|
|
67.1
|
74.7
|
7.6
|
0.48
|
|
ICR-056
|
4173700
|
480198.8
|
270
|
-70
|
129.6
|
35.1
|
53.4
|
18.3
|
1.24
|
|
ICR-057
|
4173727.1
|
480183.9
|
270
|
-80
|
76.2
|
32
|
35.1
|
3.1
|
0.58
|
|
ICR-059
|
4173225.6
|
480619
|
60
|
-80
|
170.7
|
160.1
|
161.6
|
1.5
|
2.19
|
|
ICR-061
|
4173681.5
|
480209.5
|
270
|
-75
|
128
|
57.9
|
62.5
|
4.6
|
1.65
|
|
|
|
|
|
|
|
68.6
|
118.9
|
50.3
|
1.32
|
|
|
|
|
|
|
incl
|
106.7
|
109.8
|
3.1
|
10.87
|
Notes:
1. Intervals are calculated using a 0.01 oz/ton (0.34 g/t)
cutoff over a minimum width of 10 feet (3.05 m).
2. True widths are unknown as dips of mineralized zones are
variable.
3. Exploration Holes with no significant values include
ICR-052, 55 and 60.
4. Geophysical Targets with no significant results include
ICR-051, 58, 62 and 63.
The Phase II drill program was completed last year, with a
total of 11 core holes for just over 1,000 metres and 34
reverse circulation (RC) holes for approximately 3,750
metres. The 16 RC holes reported herein complete results for
the 34-hole RC program, as the Company's news release
dated November 23, 2011 reported the assay results from the
initial 18 RC holes. Those holes included results of 36.6
metres of 1.68 g/t Au and 21.3 metres of 2.30 g/t Au from the
area above the Newmont Lode, 12.2 metres of 1.56 g/t Au from
an area in the vicinity of the January shaft, and 13.7 metres
of 6.63 g/t Au in a new area located southeast of the Silver
Pick shaft, near the eastern claim boundary. The results of
the 11 core holes should be available within the next several
weeks.
The RC holes reported herein include:
-
Holes drilled along a northeast trending corridor lying
between the Newmont Lode and the January-Combination open
pit, and
-
Five holes (5) that were collared based on CSAMT
geophysical results. These holes were designed to test
geophysical anomalies similar to that lying above the
high grade Church Zone discovered last year.
The exploration holes drilled along the corridor returned
numerous lower grade intervals as exemplified by holes
ICR-050 and ICR-061. The degree of silicification, quartz
veining and fracturing in these holes indicates that the
gold-bearing intercepts likely represent halos to higher
grade mineralization. The lower grade mineralization appears
to occur when drilling in the vicinity of, but not quite in
the right spot, to encounter significant high grade
mineralization. Hole ICR-061 did intercept 3.0 metres of
10.87 g/t Au within a broader zone of lower grade
mineralization similar to that encountered in drill hole
ICR-050.
One of the geophysical targets returned an ore grade
intercept of 2.19 g/t, while the other four geophysical holes
did not return any significant results. Re-interpretation of
the CSAMT geophysical targets will be necessary.
When assays from the core hole program are complete, ICN will
compile all results from the Phase I and II drill programs
into a 3 dimensional model to gain further understanding of
controls on both the high grade and lower grade
mineralization. Biogeochem results obtained from a vegetation
sampling program last year are also currently being
interpreted to further aid in planning future drilling on the
property.
QAQC
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
American Assay Labs, Reno, Nevada, an accredited lab. Initial
one-ton fire assays with atomic adsorption finish are
completed for all samples, and subsequently, for samples in
excess of 10 g/t, a conventional gravimetric assay is
conducted. ICN randomly inserts blind 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 National Instrument 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"
Carl Hering, President & CEO
For further information, please contact Tasso Baras at
1-877-738-3882 or 604-738-3882.
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.
