International Enexco Completes Drill Program at Contact Copper Project and Reports Remaining Assays
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/10/12 -- International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX: IEXCF)(FRANKFURT: IE6) (the "Company" or "Enexco") is pleased to announce that the remaining assay results have been received from the 2011-2012 drill program on its 100%-owned Contact Copper Project ("Contact"). All assay results from the program will now be incorporated into an updated mineral resource estimate that is expected this Fall. In addition, a full review of the 2011-2012 exploration program is underway in order to help identify additional exploration and pre-development actions required for the on-going development of Contact. Management is also focusing on additional unexplored targets that are Contact extensions or new areas within the district that have shown opportunity for copper mineralization.
Highlights from the remaining assay results released today include:
-- All assays completed, 42,418 feet (12,932 metres)
-- 0.40% Copper over 90 feet (27 metres) in EN-172
-- 0.57% Copper over 20 feet (6 metres) in EN-178
-- 0.44% Copper over 27 feet (8 metres) in EN-180
-- Update of Mineral Resource in Progress
"The successful completion of our recent drill program marks another step in the development of Contact and allows us to update our resource estimates in preparation for a feasibility study. Although our focus is on the current resource area, we are excited about our land position, which is allowing us to identify other promising areas for exploration and advance them towards drilling," commented President & CEO Arnold Armstrong.
Drilling on the east end of the project this year added over 3,000 feet (914 m) of strike length to the identified copper oxide mineralization, which now extends over 7,250 feet (2,210 m) in length. The results today include ten core holes; eight were drilled on the east extension, in the down-dip direction of copper bearing zones encountered earlier this year. The remaining two core holes were drilled on the west end as in-fill holes and demonstrate continuity in previous drilling. Of the ten holes drilled, nine contained multiple intervals of copper oxides grading above 0.10% copper. EN-172 intersected the thickest continuous interval; with 0.40% Cu over 90 feet (27 m) down-dip from previously reported RC holes ENR-8 and ENR-14.
The current mineral resources for the Contact Copper Project are as estimated in the 2010 NI 43-101Technical Report Pre-feasibility Study Update for the Contact Copper Project, Elko County, Nevada, as posted on Sedar.
Category Tons % Copper Pounds Copper
Measured 52,976,000 0.282% 298,397,000
Indicated 82,233,000 0.251% 413,413,000
Total M & I 135,209,000 0.263% 711,810,000
Inferred 53,490,000 0.272% 291,368,000
(i) Resources from Oct. 2010 NI 43-101 PFS Update
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Az/Incl From To Length Length
Drill Hole (degrees) (metres) (metres) (metres) (feet) Cu %
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EN-171 n.a./-90 28.3 37.5 9.1 30.0 0.15
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42.1 52.7 10.7 35.0 0.13
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80.2 92.4 12.2 40.0 0.13
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110.6 130.5 19.8 65.0 0.24
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EN-172 340/-90 104.2 131.7 27.4 90.0 0.40
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203.3 209.4 6.1 20.0 0.16
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EN-173 n.a./-90 55.5 66.1 10.7 35.0 0.12
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89.0 101.2 12.2 40.0 0.18
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125.6 131.7 6.1 20.0 0.15
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EN-174 330/-55 63.1 69.2 6.1 20.0 0.19
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75.3 82.9 7.6 25.0 0.13
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124.1 133.2 9.1 30.0 0.17
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EN-175 25/-60 73.8 79.9 6.1 20.0 0.14
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118.0 127.1 9.1 30.0 0.12
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EN-176 340/-50 122.5 132.4 9.9 32.5 0.12
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195.7 201.8 6.1 20.0 0.23
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EN-177 340/-70 No significant intercepts
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EN-178 n.a./-90 87.8 93.9 6.1 20.0 0.57
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127.4 133.5 6.1 20.0 0.10
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EN-179 340/-50 26.5 37.2 10.7 35.0 0.21
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55.5 63.1 7.6 25.0 0.15
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86.0 92.0 6.1 20.0 0.11
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159.1 177.4 18.3 60.0 0.16
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EN-180 340/-55 49.7 55.8 6.1 20.0 0.10
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61.9 70.0 8.1 26.5 0.45
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75.6 81.7 6.1 20.0 0.13
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101.2 107.6 6.4 21.0 0.26
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159.4 165.5 6.1 20.0 0.11
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174.7 180.7 6.1 20.0 0.14
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Note: All intervals were calculated using 0.1% Cu cutoff and a minimum width
of 20 feet (6.1 m) with no internal waste zones greater than 15 feet (4.6 m)
in length. None of the holes listed above are included in the Company's NI
43-101-compliant resource estimate of October, 2010. The samples from the
Contact Copper Project drilling program are prepared and analyzed by SGS
Minerals Services in Toronto, Canada, an ISO/IEC 17025 certified laboratory.
To view Drill Location Maps, please visit the following link: http://media3.marketwire.com/docs/iec910i.pdf.
The Contact Copper Project is a copper oxide project located in Elko County, Nevada, that is planned to use low cost SX-EW recovery to produce copper cathode on site.
Year to date, the Company has drilled 42,418 feet (12,932 m) in 58 reverse circulation holes and 24 core holes. Results were announced in previous news releases and the remaining results for 10 core holes are given in the table above. Additional information is available on Enexco's website at http://www.enexco.ca/s/contact_copper.asp and in the October, 2010 NI 43-101 Technical Report Pre-feasibility Study Update for the Contact Copper Project, Elko County, Nevada as posted on Sedar.
Qualified Person
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and development company focused on the feasibility stage Contact Copper Project in northern Nevada. The Company also pursues gold and silver exploration in Idaho and Nevada, and is advancing the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. This project is a joint venture with Cameco as operator and Areva-two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable.
We seek safe harbour.
The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
International Enexco Ltd.
Spiros Cacos
+1 604 669-8368
+1 604 662-3691 (FAX)
info@enexco.ca
www.enexco.ca