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| | Thu Jun 3, 2010
ICN receives right to acquire JJ property
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| | ICN Resources Ltd. ("ICN" or the "Company") (TSX.V:ICN), is pleased to announce that it has signed a Letter Agreement granting ICN the right to acquire 100% of twenty (20) mining claims located in Humboldt County, Nevada, referred to as the JJ Property (the "Property"). The Property is located approximately 20 miles from the historic high grade Sleeper deposit, mined by AMAX Gold from 1986 to 1996, producing 1.66 million ounces of gold and 2.3 million ounces of silver.
The JJ Property hosts a high level, epithermal Au-Ag system, hosted by Tertiary volcanic rocks, with certain similarities to Sleeper. AMAX Gold explored the Property in 1988-89, drilling 15 reverse circulation holes in two phases of drilling. Surface sampling (143 rock chip samples by AMAX in 1988) returned a high value of 1.05 g/t Au, with 36 of the samples ranging from 0.1 g/t to 1.0 g/t Au. Anomalous indicator elements include highs of 400 ppm As and 175 ppm Sb, along with 12.3 g/t Ag.
There has been no drilling within 500 feet of the 1.05 g/t surface gold value referred to above. The closest drill hole, GT-06, intercepted 30.5 meters of 0.46 g/t Au (100 ft. at 0.013 opt) from 5 to 105 feet. This vertical hole terminated at 132.6 meters (435 feet) in mineralized rock, with the last 5 foot interval assaying 0.35 g/t Au. The entire 131.1 meters (430 feet, from 5 to 435 feet) averaged 0.25 g/t Au. The highest grade individual 5 foot sample in this interval is 1.02 g/t Au. With the exception of the first hole drilled by AMAX, all drill holes were vertical, and no further drilling has been completed on the Property since 1989. All assay data reported herein is historic in nature being completed prior to 43-101 standards. Quality control procedures are unknown, but AMAX assay data was generated by Bondar-Clegg, now part of ALS Chemex.
ICN plans to compile and reinterpret the historic data and complete additional geological mapping and geophysical surveys in order to enhance the target quality in preparation for future drill testing or to facilitate a joint venture with a third party.
The terms of the Letter Agreement to acquire 100% of the claims require total cash payments of US$ 1 million over 6 years with a total work commitment of US$ 1 million over the same time period, subject to a retained 2% NSR, half of which may be purchased by ICN for a total consideration of US$ 1 million at any time prior to completion of the first year of commercial production. The initial cash payment, to be made upon approval, is US$ 5,000, with a year one work commitment of US$ 25,000. ICN has staked an additional 49 claims in the area, and ICN plans to complete initial geological assessment in the coming months.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Carl Hering"
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
For further information about the Company, please contact Tasso Baras at 1-877 738-3882
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 Icon 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. |
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