|
Inspiration
Mining Corporation (TSX:ISM - News; FRANKFURT:OI8 - News;
"Inspiration" or the "Corporation") is pleased to
announce results from its ongoing infill and detail drilling program at the
Langmuir Open Pit Nickel Deposit.
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 from 2008 through 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:
IMCEX-23 : 7 m @ 0.43%, 13 m @ 0.37% and 9.6 m @ 1.74% Ni
IMCEX-24 : 7 m @ 0.32% and 27 m @ 0.34% Ni
IMCEX-28 : 25 m @ 0.35% and 118 m @ 0.22% Ni
IMCEX-37 : 63 m @ 0.25% Ni
IMCEX-50 : 45 m @ 0.25% Ni
IMCEX-51 : 10 m @ 1.24% Ni
IMCEX-52 : 25 m @ 1.45% Ni
L1-10-01 : 112 m @ 0.24% Ni
L1-10-02 : 41 m @ 0.27% and 44 m @ 0.25% Ni
L1-10-04 : 41 m @ 0.23% and 31 m @ 0.26% Ni
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:
Hole Id
Intersections m
Ni grade
L1Ex 07
92
0,21
L1Ex 08
151
0,24
L1Ex 08
63
0,26
L1-10-8
202
0,24
L1-10-9
173
0,24
L1-10-10
129
0,24
L1Ex 13
53
0,22
L1Ex 19
61
0,19
L1Ex 20
52
0,21
L1Ex 20
41
0,22
L1Ex 20
80
0,25
L1Ex 21
71
0,24
L1Ex 21
85
0,24
L1Ex 22
126
0,27
L1Ex 35
53
0,22
L1Ex 36
74 0,22
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:
L1-10-05 : 55 m @ 0.25% and 44 m @ 0.24% Ni
L1-10-06 : 207 m @ 0.23% Ni
L1-10-07 : 139 m @ 0.22% Ni
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.
"We
have long believed that Langmuir was a world class, high tonnage-lower grade Ni
deposit much like that of Mt. Keith or the Talvivaara
deposit in Finland. It is very encouraging to start to see the data coming in
to support our theory of the project. We look forward to aggressively
advancing our program and to producing an updated 43-101 report within the
next 90 days, which we are confident, will clearly demonstrate the
significance of the deposit" said Ian Stewart, President, Inspiration Mining.
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.
Contact:
Ian Stewart
Inspiration Mining Corporation
President of the Company
416-842-9000
www.inspirationmining.com
Gale Capital Corporation
For Investor Relations call:
604-221-7604
604-221-7606 (FAX)
galecapital@shaw.ca
|