IMZ Announces Initial Drilling Results From Goldfield Project, Nevada. Includes gold intercepts of 13.7m at 7.3g/t and 4.6m at 28.3g/t
International Minerals Corporation (Toronto stock exchange: IMZ) (Swiss
stock exchange: IMZ) is pleased to announce the results of its initial
reverse circulation ('RC?) drilling program at the Goldfield Main
Deposit at its 100%-held Goldfield gold project in southern Nevada. The
Goldfield project was acquired as part of IMZ′s takeover of Metallic
Ventures Gold Inc. ('Metallic?) completed in February 2010 (see news
release dated February
26, 2010).
Highlights from this drilling program (in sequential drill-hole order),
and representing estimated true widths and uncut gold grades, include
the following:
- 48.8 meters ('m?) at 1.7 grams per tonne gold ('g/t?) in drill-hole
2010-048 - 32.0m at 2.6 g/t in 2010-049, including 4.6m at 14.5g/t
- 18.3m at 3.7 g/t in 2010-053
- 30.5m at 1.3 g/t in 2010-054
- 6.1m at 2.7 g/t in 2010-055
- 21.3m at 6.9 g/t in 2010-055, including 4.6m at 28.3 g/t
- 39.6m at 2.0 g/t in 2010-063
- 13.7m at 7.3 g/t in 2010-067
- 4.6m at 3.9 g/t in 2010-067
- 9.1m at 4.1 g/t in 2010-067
Assay results for all 31 RC drill holes totaling 6,767 meters ('m?) are
summarized in Appendix
1 and shown on the plan map in Appendix
2.
Goldfield Main Deposit
The Goldfield Main deposit is one of three principal mineralized areas
that have been evaluated on the property over the past two decades. The
other deposits are Gemfield and McMahon Ridge (See Appendix
2)
Gold mineralization at Goldfield Main primarily occurs as narrow,
high-grade veins, within tabular, gently-dipping, lower-grade
mineralized zones. The majority of gold produced in the Goldfield
district was mined from these high-grade veins. Reported production from
the district from 1903 to1960 is estimated to be 4.2 million ounces of
gold at an average grade of approximately 18 g/t.
Eleven of the 31 drill-holes for which results have been received to
date have extended the known mineralization (designated as 'Extension?
in Appendix 1) and are expected to increase the existing NI 43-101
compliant resource base of approximately 242,000 Measured and Indicated
gold ounces and 80,000 Inferred ounces (see tonnage and grade details
below).
The other 20 drill-holes are located within the existing resource at
Goldfield Main (designated in Appendix 1 as 'In-fill/Confirmation?).
Mined-out areas (generally 2-5m wide) encountered in the drilling
program (designated as 'Voids? in Appendix 1) are intercepts of old mine
workings. It is of interest to note that while drill-hole 2010-067
intercepted good-grade material those intercepts 'straddle? voids or
mine workings, indicating the presence of much higher-grade material
that was previously extracted. The continuity of these mined out
workings is currently being evaluated.
These initial results indicate that the mineralized bodies continue
down-dip to the east, with many of the Extension assay results
indicating grades significantly higher than the average grade of the
current mineral Resource (see below). As a consequence of these initial
encouraging results, eleven additional drill holes have been added to
the original drill plan as part of the drill program described below. It
is also encouraging to note that the historical underground workings
extend up to an additional 700m east of the eastern extent of the
current IMZ drilling program (see Appendix
2), indicating the potential for a significant increase in mineral
resources at Goldfield Main.
Goldfield Project ? Overall 2010 Drill Program
This initial RC drilling program (approximately 20,000m in 93 holes) is
designed to both increase the confidence level of the mineral resource
base at Goldfield Main as well as expand the existing resource base as
part of a feasibility study with a targeted completion date in late
2011. In addition, IMZ expects to announce an updated mineral resource
estimate for the Goldfield Main deposit before the end of the first
calendar quarter of 2011.
In other parts of the Goldfield District, three additional targets were
developed as a result of a review of the existing Metallic database and
approximately 5,000m of RC drilling is planned for these three targets
in the coming months.
Goldfield Project - NI 43-101 Mineral
Resources
The previous NI 43-101 compliant independent mineral resource estimates
(rounded to the nearest 1,000 ounces) for the Goldfield Main deposit are:
242,000 ounces of Indicated resources, contained in 6.0 million tonnes
('Mt?) at a grade of 1.2 g/t gold
80,000 ounces of Inferred resources, contained in 1.9 Mt at a grade of
1.3 g/t gold
Combined with the Gemfield and McMahon Ridge deposits, the current total
resource estimate (rounded to the nearest 1,000 ounces) for the overall
Goldfield project comprises:
1,068,000 ounces of Measured and Indicated resources, contained in
28.8 Mt at a grade of 1.2 g/t gold.
105,000 ounces of Inferred resources, contained in 3.0 Mt at a grade
of 1.1 g/t gold.
Mineral resource estimates at the Goldfield project have been conducted
separately for the Goldfield Main deposit and the Gemfield/McMahon Ridge
deposits: at Goldfield Main the mineral resources were estimated in 2002
by Mine Development Associates, with Scott Hardy, P. Eng, Neil Prenn, P.
Eng and Steve Ristorcelli, R.P.Geo as the Qualified Persons ('QP′s?); at
Gemfield and McMahon Ridge the mineral resources were estimated in 2005
by Watts, Griffis and McOuat, with John R. Sullivan, P.Geo as the QP.
General
Sample preparation and analytical work for the Goldfield drilling
program were carried out by Inspectorate Labs in Sparks, Nevada, an ISO
9001:2008 certified laboratory which employs industry-standard
analytical methods. As part of IMZ ´s QA/QC protocol, standard samples
and blanks were inserted into the sample processing stream at a rate of
one per 10 samples. Duplicate and alternate laboratory check samples
also form part of this sampling protocol. The technical disclosure
including drill results in this news release has been reviewed by IMZ′s
Qualified Person, Exploration Manager, Mark Cannuli.
About International Minerals
International Minerals is a silver-gold producer, explorer and developer
with silver-gold production from its 40%-owned Pallancata Mine in Peru,
one of the top-10 primary silver mines in the world. Production of
approximately 10 million ounces of silver and 33,000 ounces of gold (on
a 100% project basis) is estimated by IMZ in 2010.
In addition to the Pallancata Mine, IMZ also controls a 70% interest in
the Inmaculada gold-silver project in Peru and majority or 100%
ownership interests in development stage gold projects in Nevada
(Goldfield and Converse) and Ecuador (Rio Blanco and Gaby). IMZ also
receives a 3% net smelter return ('NSR?) royalty from Barrick Gold′s
Ruby Hill gold mine in Nevada, which produced approximately 100,000 gold
ounces in 2009.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss
Stock Exchange (since 2002).
Cautionary Statement:
Some of the statements contained in this release are 'forward-looking
statements? within the meaning of Canadian securities law requirements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements in this release
include statements regarding estimates of resources and time lines for
drilling programs and feasibility studies. Factors that could cause
actual results to differ materially from anticipated results include
risks and uncertainties such as risks of estimating mineral resources,
delays in exploration programs and other risks and uncertainties
detailed in the Company′s Amended Annual Information Form for the year
ended June 30, 2009, which is available at www.sedar.com
under the Company′s name. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Appendix 1: Goldfield Project - Goldfield Main Drill Results IMZ News Release dated August 25, 2010 | |||||||||||||||||||||||||||||||||||
| Drill Hole | Section | Type | Total | Intersection | Intercept | True | True | Gold | |||||||||||||||||||||||||||
2010-012 | 10700N | Extension | 600 | 270-290 | 20 | 15 | 4.6 | 0.4 | |||||||||||||||||||||||||||
2010-016 | 10900N | Infill/Confirmation | 500 | 180-190 | 10 | 10 | 3.0 | 1.0 | |||||||||||||||||||||||||||
260-270 | 10 | 10 | 3.0 | 1.2 | |||||||||||||||||||||||||||||||
290-345 | 55 | 50 | 15.2 | 0.9 | |||||||||||||||||||||||||||||||
2010-045 | 11400N | Infill/Confirmation | 600 | 360-445 | 85 | 80 | 24.4 | 1.5 | |||||||||||||||||||||||||||
530-565 | 35 | 32 | 9.8 | 0.5 | |||||||||||||||||||||||||||||||
2010-047 | 11500N | Extension | 900 | 700-765 | 65 | 65 | 19.8 | 1.0 | |||||||||||||||||||||||||||
2010-048 | 11500N | Infill/Confirmation | 885 | 100-110 | 10 | 10 | 3.0 | 15.5 | |||||||||||||||||||||||||||
285-315 | 30 | 30 | 9.1 | 0.7 | |||||||||||||||||||||||||||||||
620-780 | 160 | 160 | 48.8 | 1.7 | |||||||||||||||||||||||||||||||
2010-049 | 11500N | Infill/Confirmation | 825 | 25-130 | 105 | 105 | 32.0 | 2.6 | |||||||||||||||||||||||||||
Including: | 25-40 | 15 | 15 | 4.6 | 14.5 | ||||||||||||||||||||||||||||||
570-615 | 45 | 45 | 13.7 | 0.9 | |||||||||||||||||||||||||||||||
615-625 | 10 | VOID | |||||||||||||||||||||||||||||||||
625-630 | 5 | 5 | 1.5 | 2.7 | |||||||||||||||||||||||||||||||
630-635 | 5 | VOID | |||||||||||||||||||||||||||||||||
635-640 | 5 | 5 | 1.5 | ||||||||||||||||||||||||||||||||