Dunes Property Staked
The Dunes lies along the Kings River Rift structure, a regional feature that hosts high-grade vein-related gold systems at the Sleeper gold mine and the Goldbanks deposit. The area is covered by sand and gravel and the target of upcoming exploration will be the discovery of gold mineralization similar to that at Sandman, along projected northeast and north trending structures.
Dunes lies approximately 30 kilometers west-northwest of Winnemucca and about 25 kilometers due south of the high grade Sleeper Mine which produced 1.66 million ounces of gold. With the addition of this property, ICN is continuing its focus on high level volcanic hosted epithermal systems which have the potential for both bulk tonnage and high grade vein gold mineralization.
To the best of the Company's knowledge, limited exploration work in the area was conducted by Kennecott along with Santa Fe Minerals in the late 1980's. ICN is actively seeking details of historic information, but plans to complete its own geological and geophysical evaluation in the area.
ICN is primarily focused on volcanic hosted exploration opportunities in Nevada, but is initiating evaluation of potential projects in established mineral belts elsewhere in the United States. The Company is continuing with its transition in management, and is seeking to add an Advisory Board.
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
Rockland-Pine Grove Property Acquired
The property has geological and geochemical characteristics of epithermal gold deposits, including both high grade veins as well as larger, bulk tonnage mineralization. An inactive underground mine, the Rockland Mine, reportedly produced 50,000 tons of gold ore grading approximately 0.5 opt Au (17.1 g/t) from veins related to a Tertiary rhyolite flow-dome complex. Other hydrothermally altered rhyolite domes occur in the district, many of which contain silicification and brecciation, accompanied by stockwork and banded chalcedonic quartz veins. These characteristics suggest comparison to epithermal vein systems at the nearby Aurora and Bodie districts in Nevada and California respectively, each with over 1.5 million ounces of historic Au production from veins grading up to 1 opt Au.
Four target areas have been identified thus far within the project area, including two areas that have undergone historic drill testing (Rockland and East Zone), and two target areas that have not been drill tested (North Vein and WTW) with samples up to 30 g/t Au).
The Rockland area was last explored by BHP Minerals in the late 1980's BHP completed underground sampling, surface rock sampling and reverse circulation drilling (historic, non-43-101 data with limited documentation). Subsequent soil and rock sampling indicate possible extension of the Rockland mineralization to the northeast. The following selected drill intercepts are from a 1988 summary report by BHP, and the original analytical results and summary methodology are not available. They are reported here as historical results, to indicate that further exploration is warranted in order to determine potential of the gold system.
Hole Number |
From (m) |
To (m) |
Interval (m) |
Gold (ppm) |
|
RK-11 |
10.7 |
47.3 |
36.6 |
1.12 |
|
RK-17 |
65.6 |
68.6 |
3.0 |
8.54 |
|
RK-18 |
22.9 |
25.9 |
3.0 |
5.1 |
|
Note: Intervals reported at a cutoff grade of 0.3 ppm over 3 metres |
|||||
The Rockland mineralization described here has not been tested since the 1980's and these non-43-101 compliant results need to be confirmed.
The East Zone target area lies two miles east of the Rockland mine, and has seen exploration drilling by Hecla (1989), Inmet (late 1990's) and Romarco (2006-2008). Mineralization similar to the Rockland Mine was encountered deeper, as seen in the table below. The following selected drill results are from wide-spaced drilling and are non-43-101 compliant. However the long drill intersections in excess of 1 g/t indicate the size and strength of the system, and the possibility exists that shallow or narrower high grade zones may be located.
Hole Number |
From (m) |
To (m) |
Interval (m) |
Gold (g/t) |
|
PG-13 |
160.0 |
187.5 |
27.4 |
1.38 |
|
PG-15 |
169.2 |
178.3 |
9.2 |
1.70 |
|
PG-32 |
352.0 |
438.9 |
86.9 |
1.08 |
|
PG-36C |
278.3 |
292.0 |
13.7 |
1.48 |
|
Note: Intervals reported at a cutoff grade of 0.3 ppm over 3 metres |
|||||
The two exploration targets that have not been drill tested contain gold values from surface sampling, and exhibit characteristics of epithermal gold deposits. Northwest of the Rockland mine is the newly discovered North Vein, a poorly exposed set of crustiform quartz veins extending 3,000 feet along a northeast trend. Rock chip samples contain up to 1.5 ppm Au and 17.6 ppm Ag. In the WTW target area, west of the East Zone target area, rock chip samples containing 1.0 to 30 ppm Au occur along a 1200 by 700 foot zone within a broader east-west trending zone of hydrothermal alteration.
These four distinct target areas, Rockland, East Zone, WTW and North Vein will be the focus of data compilation, review and field evaluation prior to defining drill targets. The drill results included herein do not comply with NI 43-101 standards and additional data will be acquired where possible. The historic results will be reviewed in detail, and confirmation drilling will be planned where necessary.
The executed and binding Letter Agreement calls for a US$ 5,000 payment upon signing (paid) and another US$ 5,000 payment upon receipt of TSX approval for the transaction. A formal and standard exploration and mining lease agreement will be prepared within 30 days, and calls for a US$ 40,000 payment upon execution. Annual minimum payments, either as lease payments or NSR royalty payments (3% NSR), whichever are greater, escalate to US$ 100,000 on the forth year anniversary, July 15, 2014. The initial year one work commitment is US$ 25,000, with subsequent annual work commitments totaling US$ 525,000 by the end of year six.
Carl Hering, President and CEO of ICN comments that "It is rare that one gets the opportunity to explore a volcanic system of this size, with historic ore grade intercepts and two totally untested target areas with strong surface gold values. This property provides ICN the opportunity to explore a very large mineral system in the productive Walker Lane belt of Nevada, with significant untested and hidden potential."
ICN is primarily focused on volcanic hosted exploration opportunities in Nevada, but is initiating evaluation of other potential projects in established mineral belts elsewhere in the United States. Corporately, the Company is continuing with its transition in management, and is seeking to add an Advisory Board.
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.
ICN receives right to acquire JJ property
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.
Exploration Update
The Company plans to complete work towards a 43-101 resource at Hog Ranch during 2010. Given results of ICN's 2009 drill program on the Property (see ICN's news release of March 9, 2010), in particular drill hole HR09-17 which intercepted 67.1 m of 0.61 g/t Au, an initial 43-101 resource needs to be completed in order to fully evaluate the known mineralization on the Property. This drill hole, located to the northeast of the historic Geib pit, is in an area of other historical drill holes with good grade intercepts. In addition, three other deposits, Airport, Cameco and White Mountain, which were not previously mined, are known to exist at Hog Ranch. ICN is working to acquire additional historical drill hole data that is not currently in the database. It is preferable from the Company's perspective to first make every attempt to locate the substantial amount of missing data, otherwise re-drilling of certain areas would be necessary. ICN was recently successful in acquiring data on another 70 drill holes, along with additional historical geophysical information that highlights several untested targets on the Property. The Company is actively using its best efforts to locate this information as a means to most efficiently advance the project.
On other strategic fronts, the Company is completing evaluation of numerous other opportunities, at both early exploration stages and more advanced resource stages in order to expand ICN's project portfolio. The overall strategy calls for a focus on acquisition of early stage projects where application of improved geologic targeting entices major companies to farm in, mitigating the greater risk-reward profile of such opportunities to ICN. However, other opportunities being pursued have the potential to provide a "go it alone" approach to future success.
The Company is primarily focused in Nevada, but is initiating evaluation of other potential projects in established mineral belts elsewhere in the United States, and is considering implementation of an evaluation and project acquisition approach in eastern
Canada. Corporately, the Company is continuing with its transition in management, and is seeking to add an Advisory Board.
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.
ICN Announces Amendment to Option Agreement on the Hog Ranch Gold Project, Nevada, USA
Under the original terms of the Option Agreement ICN was required to make a CDN $525,000 final cash payment and issue a further one million common shares to Seabridge. In lieu of making the final cash payment the Option Agreement has been amended to provide for ICN to issue a convertible debenture for the principal amount of CDN $525,000 with an 18 month term bearing interest at a rate of 5% per annum (compounded annually), with both principle and interest convertible into ICN common shares, at Seabridge's option, at $0.30 per share. The requirement for ICN to issue one million shares remains, and those shares have been issued and delivered to Seabridge. The issuance of the convertible debenture is subject to regulatory approval.
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