Encouraging Phase I Results from Hog Ranch Project
The most significant results from the current program come from hole HR09-11, also drilled beneath the historic 139 pit. This hole intercepted 1.5 m of 7.4 g/t Au (8.0 g/t metallic screen check assay) and 2.1 m of 9.3 g/t Au (9.4 g/t metallic screen check assay). All drill results are shown in Table 1 below. While these moderate grade intercepts do not match the typical high grade intercepts from the historic drilling (generally >15g/t - to 50 g/t Au), they add substantial new information which is useful as ICN continues to better understand the geometry and continuity of the historic high-grade intervals. These encouraging results beneath the 139 pit require further follow-up especially because a very high grade vein/breccia, from which a sample is shown on the ICN web site, was mined at the bottom of the 139 pit.
Additionally, many of the drill holes intercepted long, low-grade intervals, suggesting not only their proximity to possible high-grade feeder structures, but also the potential to identify additional areas of large tonnage, lower grade mineralization on the property. For example, drill hole HR09-17, located to the northeast of the historic Geib pit, returned 67.1 m of 0.61 g/t Au and drill holes HR09-12 and HR09-16 intercepted 16.8 m of 0.99 g/t Au and 16.8 m of 0.92 g/t Au, respectively, along the margins of the historic Krista pit. The HR09-17 intercept is particularly significant as it occurs in a broad zone of quartz-pyrite stockwork veining and a coincident CSAMT anomaly which surrounds the interpreted Geib fault zone. This fault may control mineralization in some of the larger historically mined pits, and forms a highly prospective, new target for both near surface low grade mineralization and higher grade structurally controlled mineralization. Long intervals of low-grade gold were also found in other drill holes as shown in Table 1 below.
Hole ID |
From (m) |
to (m) |
Interval (m) |
Grade |
Area |
Drill |
HR09-01 |
21.3 |
24.4 |
3.0 |
0.89 |
139 |
RC |
|
48.8 |
96.0 |
47.2 |
0.32 |
" |
" |
incl. |
48.8 |
53.3 |
4.6 |
0.97 |
" |
" |
HR09-02 |
no significant results |
|
|
139 |
RC |
|
HR09-03 |
86.9 |
126.5 |
39.6 |
0.23 |
Geib |
RC |
HR09-04 |
125.4 |
173.3 |
47.8 |
0.35 |
Geib |
Core |
HR09-05 |
no significant results |
|
|
Geib |
RC |
|
HR09-06 |
3.2 |
34.4 |
31.2 |
0.22 |
S. Krista |
Core |
HR09-07 |
96.0 |
143.3 |
47.3 |
0.22 |
S. Krista |
RC |
HR09-08 |
73.2 |
77.7 |
4.6 |
0.59 |
Crater Zone |
RC |
|
91.4 |
99.1 |
7.6 |
0.62 |
" |
" |
HR09-09 |
11.9 |
46.9 |
35.1 |
0.48 |
Flat - NW Geib |
Core |
HR09-10 |
56.4 |
86.9 |
30.5 |
0.23 |
NE Krista |
RC |
HR09-11 |
22.5 |
24.0 |
1.5 |
7.40 |
139 |
Core |
|
47.6 |
48.7 |
1.1 |
4.13 |
" |
" |
|
176.3 |
178.4 |
2.1 |
9.30 |
" |
" |
HR09-12 |
82.3 |
106.7 |
24.4 |
0.51 |
N. Krista |
RC |
|
135.6 |
152.4 |
16.8 |
0.99 |
" |
" |
incl. |
146.3 |
152.4 |
6.1 |
2.04 |
" |
" |
|
205.7 |
243.8 |
38.1 |
0.37 |
|
|
HR09-13 |
54.9 |
131.1 |
76.2 |
0.30 |
N. Krista |
RC |
HR09-14 |
71.6 |
112.8 |
41.2 |
0.40 |
S. Krista |
RC |
incl. |
103.6 |
108.2 |
4.6 |
1.00 |
" |
" |
HR09-15 |
182.7 |
199.5 |
16.8 |
0.37 |
N. Krista |
Core |
HR09-16 |
0.0 |
29.0 |
29.0 |
0.27 |
S. Krista |
RC |
|
41.2 |
57.9 |
16.8 |
0.92 |
|
|
incl. |
48.8 |
57.9 |
9.1 |
1.35 |
|
|
HR09-17 |
24.4 |
91.4 |
67.1 |
0.61 |
Geib Fault |
RC |
incl. |
51.8 |
54.9 |
3.0 |
1.83 |
|
|
HR09-18 |
54.9 |
74.7 |
19.8 |
0.23 |
Canyon Zone |
RC |
TABLE 1: Drill Hole Results Summary. True widths have not been determined.
Two drill holes also targeted areas distal to the historic open pits, in areas of sparse historic drilling, and both of these holes returned encouraging results. HR09-08 was drilled to the east of the Geib pit, in an area of phreatomagmatic explosion craters defining linear trends, potentially related to significant structures. Drill hole HR09-18 was drilled in an area referred to as the Canyon Zone. Both drill holes intercepted anomalous gold values in extensive areas of clay-silica alteration, indicating new potential in these areas of limited historic drilling.
Planned drilling beneath the Bell Springs pit, located 2 miles to the south, and testing in two of the historic unmined deposit areas, the Airport and Cameco Zones, where an historic drill hole encountered 61.8 g/t Au over 6.1 metres at a downhole depth of 50.3 metres, was not completed owing to inclimate weather in late December. Further work will be planned in these and other areas after analysis of the information obtained from this Phase I program.
ICN is currently conducting further geological modeling of the drilling results, and will be completing a clay mineral zonation study based on use of a Terraspec analytical spectral device. The Terraspec data, along with patterns of anomalous As-Sb-Hg-Ag and other pathfinder elements that are apparent in ICN's drilling results and previous geophysical (CSAMT) data, will be further utilized to aid in future drill targeting to identify higher grade feeder areas and potential zones for bulk mining. The Company plans a Phase II program later in 2010 to test other prospective areas such as the Airport, Cameco (discovered after original mine closure) and Bell Springs targets once further data acquisition and evaluation is completed. A new evaluation of the potential of lower grade targets will also be conducted given the encouraging results from this current drilling program.
The technical information in this news release was reviewed by D. Baker, Ph.D., P.Geo., a qualified person as defined by NI-43-101, and President of Equity Exploration Consultants Ltd., the project manager for the 2009 Hog Ranch program.
ICN implemented industry-standard quality assurance/quality control protocols including insertion of standard, blank and duplicate samples. ALS Laboratory Group (an ISO 17025 accredited laboratory) prepared and analysed the Hog Ranch samples at its Reno, Nevada analytical facility.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Carl Hering"
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
Tel: (604) 685-8666
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, Icon 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.
ICN Announces Resignation of Directors and Appointment of New Director
The Company would also like to announce that Mr. Dave Rhys has resigned as a Director, but will be retained in the capacity of Technical Advisor for future work on the Hog Ranch Project as well as for technical evaluation of new acquisition opportunities.
The Company is also pleased to announce the appointment of Mr. Carl Hering to the board of directors. Mr. Hering was appointed as President and CEO of the Company last December. The board of directors has approved the issuance of an additional 50,000 options to Mr. Hering upon his appointment to the board, such options to be exercisable at a price of $0.22 for a period of five years.
The Company is also pleased to announce the appointment of Tasso Baras to the position of VP Business Development. The board of directors has approved the issuance of 50,000 options to Mr. Baras upon his appointment, such options to be exercisable at a price of $0.22 for a period of five years.
ICN is still awaiting final check assay results from the drill program at Hog Ranch that ended in December, 2009. Final results are expected shortly.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Herrick Lau"
Herrick Lau, Director
For more information please contact:
ICN Resources Ltd.
www.icnresources.com
Tel: (604) 685-8666
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, Icon 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.
ICN Announces Close of Private Placement and Appointment of new President and CEO
The Company is also pleased to announce the appointment of Carl Hering, Ph.D. as its new President and CEO. Dr. Hering is a geologist with over 30 years of diversified technical and managerial experience in mineral exploration and corporate development worldwide. He was instrumental in two major gold discoveries in Latin America, each exceeding 3 million ounces. He has experience in all aspects of exploration, corporate development, management, strategic planning and new program design and implementation. Dr. Hering previously worked in senior positions (1978-1997) for both Noranda Exploration and Placer Dome Inc. worldwide. From 1997 to 1999 he was Vice President Corporate Acquisitions for Bema Gold Corporation, and in 2006, held the position of Senior V. P. Exploration and Business Development for Rio Narcea Gold Mines. He is now an independent consultant and a Director of several other public companies. Recently he was responsible for the acquisition of the Hammond Reef gold project (Brett Resources) which now hosts a resource of 6.7 million ounces. Additionally, while working for Noranda in 1985 at Hog Ranch, he developed an exploration model which led to discovery of two new zones of mineralization -- both of which have now been mined.
Mr. Hering's past experience at Hog Ranch and his enthusiasm for the project augment the work now in progress by the Company as they seek new discovery on this project located in north-western Nevada. A 5,200 meter drill program, testing new concepts, is currently in progress (see the Companies Press Release of November 2, 2009), and approximately half of the planned program has been completed to date.
ICN would also like to take the opportunity of thanking outgoing President and CEO Barry Coughlan for his dedication to the Company over the past many years. Mr. Coughlan will remain on the board of directors and will continue to be instrumental in providing valuable direction to the Company going forward.
The Company also announces, subject to TSX.V approval, the issuance of 100,000 director's stock options exercisable at $0.22 for a five year period and in accordance with applicable vesting periods.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Herrick Lau"
Herrick Lau, Director
For more information please contact:
ICN Resources Ltd.
Tel: (604) 685-8666
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, Icon 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.
Icon Announces Name Change, Close of First Tranche of Private Placement
The Company is pleased to announce that at the Annual and Special Meeting of its shareholders held September 25, 2009, the shareholders voted in favour of the resolution authorizing a name change, from Icon Industries Limited. to ICN Resources Ltd.
The TSX Venture Exchange has confirmed that the common shares of the Company will commence trading under the new name at market open Monday November 16, 2009.
The Company also announces that it has closed the first tranche of its non-brokered private placement announced September 25, 2009. The Company has issued 1,000,000 Units at a price of CDN$0.17 per Unit. Each Unit consists of one common share and one-half share purchase warrant each whole warrant entitling the holder to acquire a common share of the Company at an exercise price of $0.25 for a period of 2 years from closing.
The Proceeds of this financing will be used for exploration of the Company's Hog Ranch Property in Nevada and for general working capital purposes.
On Behalf of the Board of Directors of Icon Industries Ltd.
"T. Barry Coughlan"
T. Barry Coughlan, Chairman & CEO
For more information please contact:
T. Barry Coughlan
Chairman & CEO
Tel: (604) 685-8666
Email: barryc@talcap.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, Icon 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
"Icon Commences Drilling at the Hog Ranch Project and Substantially Expands its Land Position"
The drilling program is targeting high grade gold mineralization within potential feeder structures that often occur beneath low-grade, very high level epithermal deposits like those previously mined at Hog Ranch. As such, drill holes will penetrate deeper (200 to 500 metres) than most prior drill holes on the property. Comparable gold deposits globally, including Great Basin Gold's nearby Hollister deposit and Newmont's Midas deposit, are characterized by high grade vein systems 100 to 200 metres below the near surface, paleowater table levels analogous to those seen in outcrop at Hog Ranch. To target these deeper levels, 1,000 metres of drilling in four core holes and 4,200 metres drilling in 16 reverse circulation drill holes will be completed. The core holes will be drilled between planned RC holes to provide additional geological information not obtainable in the RC drilling.
Most of the drilling will be completed in the area of the historically mined 139, Geib, and Krista pits, from where the bulk of the approximately 200,000 ounces of historical production was obtained. These drill holes will be oriented mainly north-northwest to east-southeast and are planned to cross breccia, veinlet, and mineralized trends defined by 3D analysis of previous drilling results. Although historical mining at Hog Ranch was at grades of 1 to 1.5 g/T Au from shallow dipping disseminated zones of mineralization, local areas grading multiple ounces of gold per tonne were encountered indicating the potential for bonanza gold grades in the system. Many high grade drill intercepts obtained by previous operators lie beneath the depths of the historical mining, underscoring this potential. In the 139 pit area, downward extensions of high grade mineralization encountered in late stages of mining will also be tested, including the potential continuity of mineralization encountered in drill hole 8-199, which intercepted 194.1 g/T Au over 1.5 metres at depths of 91.4 to 92.9 metres, well below the historical mining depths. Other intercepts in the few deeper drill holes beneath the pit areas will be followed up, including an intercept beneath the Krista Pit of 13.0 g/T Au over 7.6 metres at depths of 118.9 to 126.5 metres in drill hole 8-018. Morphology and continuity of these intercepts are currently unknown.
In the vicinity of the Geib and Krista pits, multiple historic drill hole intercepts at depths of 40 to 90 metres suggest the presence of one or more shallowly dipping horizons of significantly higher grade than that which was previously mined. These levels will be further tested during the current program, since drill holes targeting deeper feeder vein mineralization will also pass through them, and several shallow drill holes may also be completed to test continuity between the intercepts. No resource has previously been estimated for these horizons, within which the mineralization is aligned in east-northeast trends that are up to several tens of meters wide and several hundred meters long in plan view. These zones may represent the upward projection of high grade feeder structures at depth. Some of the more significant higher grade intercepts in this area include:
- 26.6 g/T Au over 3.05 metres from 48.77 metres in drill hole 6-143, beneath the Krista pit
- 59.5 g/T Au over 3.05 metres from 62.48 metres in drill hole 7-120 beneath the Geib pit
- 92.9 g/T Au over 1.52 metres from 60.96 metres in drill hole 7-238 beneath the Geib pit
- 64.9 g/T Au over 1.52 metres from 82.3 metres in drill hole 8-025 beneath the Geib pit
- 19.7 g/T Au over 9.14 metres from 50.29 metres in drill hole 9-042 beneath the Geib pit
- 72.8 g/T Au over 1.5 metres from 73.15 metres in drill hole 9-044 beneath the Geib pit
- 5.2 g/T Au over 21.3 metres from 67.06 metres in drill hole HR-040-03 between and below the levels of the Geib and Krista pits
In addition to the drilling in the main pit areas during the upcoming exploration program, drilling in four holes is planned to test the down dip extent of mineralization in the Cameco and Airport zones in northwestern portions of the property. These zones both occur in flat lying lacustrine sedimentary rocks and comprise shallowly dipping zones of high level disseminated mineralization. Previous drilling in the Cameco zone encountered 61.8 g/T Au over 6.1 metres at a downhole depth of 50.3 metres, for which true width is unknown, and for which the limits are partially bounded. This high level intercept reflects the local potential for high grade mineralization if a deeper feeder vein system can be identified in the underlying, more competent flow foliated rhyolite. Two drill holes are also planned in the Bell Springs area, which comprises the southernmost of the historically mined Hog Ranch deposits. Drilling will test for deeper mineralization beneath the pit where erratic high gold grades were historically intersected, but where most drilling was also very shallow.
Exploration activities on the Hog Ranch site are being managed by Equity Exploration Consultants, of Vancouver B.C. under the direction of Darcy Baker, Ph.D, P. Geo, President of Equity. Drilling is anticipated to be completed in early December, 2009.
Staking
When the option on the Hog Ranch property was obtained from Seabridge, the property comprised 238 unpatented lode mining claims covering approximately 4917 acres (1990 hectares), and a mining lease with Estill Ranches LLC on approximately 592 acres (239.6 hectares) of privately owned fee land. This ground position constituted a minimum holding area covering the extents of previous mining and known mineralization. Icon has recently completed a surface staking program which has nearly doubled the area of the property with the addition of approximately 220 new claims, covering extensions of prospective alteration from the mineralized areas and structural targets, as well as providing a buffer for potential future exploration and mining.
Additional information concerning the Hog Ranch project is available at the company's website at: http://www.iconindustriesltd.com/s/HogRanch.asp .
Technical information in this news release was compiled by D. Rhys, P. Geo., a Qualified Person as defined by N.I. 43-101 and a director of Icon.
On behalf of the Board of Directors of Icon Industries Limited.
"T. Barry Coughlan"
T. Barry Coughlan
Chairman & CEO
For Further Information, please contact:
T. Barry Coughlan
Tel: 1 (604) 685-8666
Cell: 1 (604) 644-9561
Email: barryc@talcap.com
Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review ICON's filings on SEDAR at www.sedar.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.