Inspiration Provides Revision to Its Press Release Dated February 3rd, 2011
TORONTO, ONTARIO -- (Marketwire) -- 03/16/11 -- As a result of a review by the Ontario Securities Commission, Inspiration Mining Corporation ('Inspiration' or the 'Corporation') (TSX: ISM)(FRANKFURT: OI8) is issuing the following press release to clarify its disclosure in its press release of February 3, 2011.
The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the majority of the past nickel producing mines of Langmuir No. 1 and 2. Two main deposits were drilled and identified by Inspiration Mining on which inferred nickel resources were estimated at 1.7 Mt @ 0.51% for Langmuir 1 and 8.3 Mt @ 0.4% Ni for Langmuir North deposits (43-101 Micon Report, Jan 2010).
In addition to successfully increasing the resource at Langmuir 1 and Langmuir North, extensive exploration drilling in 2008 and 2010 in the northeast extension of Langmuir 1 deposit has provided the definition of three (3) mineralized zones, corresponding to adjacent stratigraphic ultramafic and mafic NE-trending horizons dipping to the southeast.
- L1Extension is the main mineralized zones located 300 m northeast of the Langmuir 1 deposit. It is mostly hosted in ultramafic and mafic komatiitic flows in contact with underlying intermediate volcanic and intrusive felsic sequences to the NW and contains high grade nickel sulfide intersections. A total of 25 holes were drilled on the zone with the following selected intersections:
L1 Extension historical results reported in 43-101 Micon Report,
January 2010:
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Hole Id From To Length Ni Weight Av %
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IMCEX-23 273 281 7 0.43
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284 298 13 0.37
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312 322 9.6 1.74
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IMCEX-24 146.3 153 6.7 0.32
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308.2 335 26.8 0.34
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IMCEX-28 200 225 25 0.35
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316 343.4 118.4 0.22
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IMCEX-35 118 171 53 0.22
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IMCEX-36 138 212 74 0.22
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IMCEX-37 6 61 55 0.25
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95 99 4 0.23
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129 133 4 0.22
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IMCEX-50 321 366.1 45 0.25
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IMCEX-51 330.7 341.6 10 1.24
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IMCEX-52 346 371.4 25.4 1.45
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all intersection length should be considered as apparent width
In the recent press releases of Nov 2, 2010 and Feb 3, 2011, selected intersection from hole L1-10-01, 02, 05, 06 and 07 were quoted to outline either the potential for high grade nickel zones in the extension of Langmuir 1 deposit or low grade / high tonnage stratigraphically located below or above the Langmuir 1 deposit zone. For further clarity, the following table lists all intersections using a 0.2% Ni cut off grade. It should be noted that all lengths are apparent thickness and that most of angles are relatively steep with respect to core axis.
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Hole Id From To Length Ni Weight Av %
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L1-10-01(i) 5 48.4 43.4 0.22
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314 419 105 0.24
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427 434.3 7.3 0.23
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L1-10-02(i) 92 144 52 0.23
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255 296 41 0.27
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388 463 75 0.25
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L1-10-04 399 440 41 0.23
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444.6 476 31 0.26
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(i) Selected intercepts reported in Press Release dated November 2, 2010
all intersection length should be considered as apparent width
Results from L1-10-12 are pending. Chromium values were revealed in L1-10-01, 12 m @ 0.29% and in L1-10-04, 16 m @ 0.24% Cr with maximum concentration of 0.39 and 0.35% Cr, likely related to chromite. Its potential will be further investigated in metallurgical studies.
- L1Ramp is a mineralized zone located stratigraphically below the intermediate and felsic sequences immediately underlying the Langmuir1 deposit zone, mostly hosted in intrusive mafic and ultramafic rocks and contains low-grade nickel intersections. A total of 13 holes were drilled on the zone with the following selected intersections:
L1 Ramp historical results reported in 43-101 Micon Report, January
2010:
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Hole Id From To Length Ni Weight Av %
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L1EX-7 64 156 92 0.21
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L1EX-8 9.7 162.1 151 0.24
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209.3 279.1 63 0.26
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L1EX-13 10 65 53 0.22
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L1EX-19 196 257 0.19
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L1EX-20 118.6 170.8 52 0.21
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195.3 236.5 41 0.22
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243.5 323.3 80 0.25
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L1EX-21 118.7 190 71 0.24
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215 300 85 0.24
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L1EX-22 212 338 126 0.27
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L1EX-35 118 171 53 0.22
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L1EX-36 138 212 74 0.22
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all intersection length should be considered as apparent width
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Hole ID From To Length Ni Weight Av %
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L1-10-08 121 324 202 0.24
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L1-10-09 124 297 173 0.24
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L1-10-10 88 222 129 0.24
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all intersection length should be considered as apparent width
Results from holes L1-10-11 and L1-10-16 are pending. In the Ramp zone, the continuity of Ni mineralization will be looked at and further tested for low-grade and high tonnage nickel deposit.
- L1-32-31 is a mineralized zone located stratigraphically above the Langmuir1 deposit zone and hosted in ultramafic and mafic komatiitic flows. It is in contact with overlying intermediate volcanic and felsic intrusive sequences dipping to the SE and contains low-grade Ni intersections. A total of 3 new holes were drilled on the zone with the following selected intersections:
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Hole Id From To Length Ni Weight Av %
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L1-10-05(i) 78 133 55 0.25
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268 312 44 0.24
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L1-10-06(i) 63 270 207 0.23
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356.25 385 28.75 0.22
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L10-10-07 75 197 120 0.23
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202 222 19 0.2
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(i) Selected intercepts reported in Press Release dated November 2, 2010
all intersection length should be considered as apparent width
Chromium values have been revealed in L10-07 showing 65 m @ 0.25% Cr with values up to 0.40%. The matter will be further investigated in metallurgical study as well as the potential of the zone.
In the press release dated February 3, 2011, the comparison of Langmuir to the Mt. Keith or the Talvivaara deposit in Finland was based on the premise of a high tonnage lower grade nickel deposit. The Corporation continues to undertake the exploration work necessary in order to provide the supporting evidence for such comparison.
The Qualified person in charge of the Langmuir Property and the person who prepared the technical data in this release is Andre Ciesielski, P.Geo.
Forward Looking Statements
This news release contains 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'anticipated', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Inspiration Mining Corporation
Ian Stewart
President of the Company
416-842-9000
www.inspirationmining.com
For Investor Relations call:
Gale Capital Corporation
604-221-7604
604-221-7606 (FAX)
galecapital@shaw.ca