Northair Provides Update of the La Cigarra Silver Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/12 -- International Northair Mines Ltd. (TSX VENTURE: INM) (the "Company" or "Northair") is pleased to provide an update of its La Cigarra silver project ("the Project"), located in north central Mexico.
Project Highlights:
-- The La Cigarra mineralized system has been traced over 3 kilometres in a
northwest to southeast direction. The mineralized system outcrops at
surface as a silver soil anomaly with multiple historic surface workings
along strike;
-- The system has been clearly identified along 2,000 metres of the trend
(encompassing both the San Gregorio and Las Carolinas Zones) through
drilling across sections spaced at 50 metre intervals. The trend remains
open on strike to the north and south;
-- Results from 11 reverse circulation and 50 core holes drilled within the
2,000 metre identified system have all returned significant silver
values with an average length-weighted grade of approximately 50 g/t
silver and additional anomalous gold, lead and zinc values;
-- Based on drilling, the significant mineralized intercepts within the
2,000 metre long zone average approximately 50 metres true width;
-- Core drilling has tested the system to approximately 200 metres down dip
where similar grade silver values were encountered (Hole CC-11-026). The
system remains open down-dip to the east;
-- To date, approximately 65% of the identified mineralized system has been
drill tested with the results interpreted, and resource definition
drilling is ongoing;
-- A further minimum 7,500 metres of core drilling is currently planned for
the San Gregorio and Las Carolinas zones;
-- A pit optimized initial resource estimate is being prepared and is
expected to be released in early Q3 2012;
-- Phase II metallurgical work is continuing with updated results expected
in Q2 2012; initial results are consistent with the phase I
metallurgical test work which indicated silver recoveries of 84% to 94%
by using a rougher flotation process;
-- JDS Energy & Mining Inc. has been retained to produce a Preliminary
Economic Assessment with delivery expected in Q4 2012.
Project Background
The La Cigarra silver project is located in Chihuahua State along the eastern fringes of the Sierra Madre Occidental in Mexico. The Project is 26 kilometres northwest of the historic silver mining city of Parral, where the Project's technical team is based (6 geologists and 7 support staff). Local topography is gentle with good road access. Northair acquired the Project in April of 2009, and commenced a surface geological program. The initial discovery of the potentially surface minable mineralized system occurred in July, 2010 with the reported intersection of 32.0 metres of 132.4 g/t silver in reverse circulation drill hole CRC-10-006 (see INM press release dated July 13, 2010). The economic potential of the occurrence was supported in February, 2011 with the reported intersection of 80.45 metres of 123.5 g/t silver in core hole CC-11-002 (see IMN press release dated February 24, 2011).
La Cigarra Geology
The La Cigarra mineralized system is hosted within sedimentary rocks and can be traced in outcrop for upwards of 3 kilometres on strike. The mineral system strikes northwest and dips moderately northeast and mirrors the strike and dip of the host sediments. Mineralization is spatially associated with narrow diorite to granodiorite sills. Silver and base metals occur in sulfides hosted within quartz-vein stockwork zones and silicified breccias containing disseminated sulphides. The recognition of disseminated style of mineralization strongly enhances the economic potential of the Project.
La Cigarra Mineralized System
Results have been reported from 11 reverse circulation and 50 core drill holes which targeted the 2,000 metre portion of the La Cigarra mineralized system (encompassing the San Gregorio and Las Carolinas zones), all of which returned significant silver intercepts. The drilling has clearly identified a mineralized zone that extends from the southern end of the Las Carolinas Zone to the northern end of the San Gregorio Zone. The La Cigarra mineralized system outcrops at surface and dips at approximately 45 degrees, parallel to the bedding of the sedimentary host rocks. Significant silver grades have been intersected up to 200 metres down dip and the system remains open at depth and along strike. The average thickness of the significantly mineralized system is 50 metres with the length weighted average silver grade of approximately 50 g/t. In addition to the silver the system reports associated gold and base metals.
Ongoing Work Program
Northair is currently conducting a 7,500 metre core drill program within the San Gregorio and Las Carolinas zones that will include infill drilling along the 2,000 metre trend and testing the permissive connecting area separating the two zones.
An initial resource estimate is being prepared by JDS Energy & Mining Inc., and is expected out in early Q3 2012. In addition, phase II metallurgical testing is ongoing with updated results expected in Q2 2012. Preliminary results of the phase II program are consistent with the phase I metallurgical test results, which indicated silver recoveries in the 84% to 94% range using a rougher flotation process. The preliminary results of the phase II program also indicate the possibility of recovering gold and base metals in a bulk concentrate, which could provide important byproduct credits.
JDS Energy & Mining Inc. has also been retained to prepare a Preliminary Economic Assessment ("PEA") on the La Cigarra project. Work will begin after the initial resource estimate and phase II metallurgical work is complete. Barring any unexpected delays, the PEA should be completed in Q4 2012.
About International Northair Mines Ltd.
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has successfully staked and acquired a number of early stage projects that offer opportunities for significant discoveries. Northair is currently drilling its La Cigarra silver project in Chihuahua State in order to complete an initial resource calculation by Q3 2012. The Company, along with its joint venture partner, is also completing an initial exploration program at its Sierra Rosario silver/gold project in Sinaloa in preparation for a drill program to begin in May of 2012.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett the Company's President and CEO, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
International Northair Mines Ltd.
Fred Hewett
President
604-687-7545 or 1-888-338-2200
International Northair Mines Ltd.
Chris Curran
Manager of Corporate Communications
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)
info@northair.com
www.northair.com/international/