IMZ Announces Drill Results from Goldfield Project, Nevada including Gold Intercepts of 22.8m at 1.3 g/t and 15.2m at 2.4 g/t
Scottsdale, Arizona, June 16, 2011 � International Minerals Corporation (Toronto and Swiss stock exchanges: �IMZ�) announces additional drill results from its 100%-owned Goldfield gold project in southern Nevada where IMZ anticipates completing a feasibility study by mid-2012.
The Goldfield Project comprises three main mineralized areas (Goldfield Main, McMahon Ridge and Gemfield) and several other exploration targets.
The new drill assay results include reverse circulation (�RC�) and core drill holes intended to extend and upgrade the existing mineral resources at the Goldfield Main Deposit (�Extension Drilling�) together with RC drill holes in areas outside of previously-published resource estimates (�Exploration Drilling�).
In addition, at the Goldfield Main, McMahon Ridge and Gemfield deposits, assay results are reported from core holes that were drilled to acquire samples for metallurgical studies and to twin (or duplicate) current and historical RC holes for quality control purposes. One metallurgical drill hole at the Gemfield Deposit, which drilled down the dip of the mineralization, intersected 30.5 meters (�m�) at an average uncut grade of 51 grams per tonne (�g/t�) gold.
New assay results for 19 core holes totaling 2,699m, and 61 RC drill holes totaling 13,334m, are summarized in Appendix 3 and shown on the plan maps in Appendices 1 and 2 (click here to access full release).
To date IMZ has reported drill assay results for a total of 182 RC and 19 core drill holes totaling 42,633m at the Goldfield Project.
Extension/Exploration Drilling Program
Highlights from of the new assay results (uncut average gold grades in g/t; true widths, unless indicated by an asterisk), include the following intercepts (all RC holes):
- 22.8m at 1.3 g/t in drill hole 2011-122 (Extension Drilling)
- 9.1m at 1.6 g/t in 2011-127 (Extension Drilling)
- 6.1m at 2.0 g/t in 2011-143 (Extension Drilling)
- 13.7m at 1.3 g/t in GEMR-005 (Exploration Drilling -North Gemfield)
- 15.2m at 2.4 g/t in GEMR-008 (Exploration Drilling -North Gemfield)
- 18.3m at 2.3 g/t in KEN-003 (Exploration Drilling -Kendall)*
(*True width cannot yet be estimated)
The Exploration Drilling program has been focused to the north and northeast of the Gemfield deposit (see map in Appendix 2), at the Gemfield North, Kendall and Tailings areas (the latter so-called due to the presence on surface of mill tailings from historical production, which are not currently being evaluated by IMZ).
The Extension Drilling program is currently entirely focused on the Goldfield Main deposit (see map in Appendix 1), where both RC and core drilling is targeted at upgrading and extending the existing gold resource.
Goldfield Project NI 43101 Mineral Resources
The Goldfield project hosts three known gold resources; Goldfield Main, Gemfield and McMahon Ridge. The current estimated mineral resources for the overall Goldfield project are:
- 1,247,000 ounces of Measured and Indicated resources, contained in 31.3 million tonnes (�Mt�) at an average grade of 1.2 g/t gold; and
- 385,000 ounces of Inferred resources, contained in 7.7 Mt at an average grade of 1.6 g/t gold.
The gold cut-off grades used were 0.34 g/t for Gemfield and McMahon Ridge and 0.4 g/t for Goldfield Main.
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 2011 by Qualified Person (�QP�) R.Mohan Srivastava P.Geo (see IMZ press release dated February 1st, 2011).
- 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.
Metallurgical and QAQC Twin hole drilling
IMZ drilled core holes at Gemfield and McMahon Ridge to acquire sufficient samples to conduct feasibility- level metallurgical testwork to evaluate both a heap leach recovery scenario and an agitation leach processing option.
It is important to note that the metallurgical drill holes have been designed to optimize the amount of mineralized material and so are typically drilled down the dip of (i.e. parallel to) the mineralized zones and are all drilled into areas of known mineralization. Accordingly the drill results may not be representative of the mineralization generally found at Gemfield and McMahon Ridge.
The twin (or duplicate) drill hole QAQC (Quality Assessment/Quality Control) program has been designed to confirm not only that samples generated from RC drilling in the presence of old workings are reliable but also that historical data are reliable from drill campaigns with limited verifiable supporting data. These twin holes have intentionally targeted areas of better-than-average grade from previous drill holes.
Highlights of the Metallurgical and Twin-hole Core Drilling Programs are shown below (uncut grades; drill intercepts are not reflective of true width):
- 30.49m at 51.15 g/t in MCM-005C (Metallurgical)
- 48.78m at 23.7 g/t in GEM-002C (Metallurgical)
- 35.82m at 9.15 g/t in MCM-005C (Metallurgical)
- 52.29m at 9.13 g/t in MCM-004C (Metallurgical)
- 7.93m at 11.37 g/t in MCM-002C (Metallurgical)
- 12.2m at 3.77 g/t in GMD-004C (Twin)
- 6.1m at 7.33 g/t in MCM-003C (Metallurgical)
- 13.66m at 2.96 g/t in MCM-003C (Metallurgical)
Sample intervals are currently being selected for the metallurgical testwork and final results from the column leach tests are not expected until the fourth quarter of this year. The results of the twin-hole program will be reviewed in detail and used in support of an updated mineral resource estimate for Goldfield Main expected to be published before the end of the year.
Environmental Baseline Studies
As an integral part of the planned feasibility study at Goldfield, scheduled to be completed in the summer of 2012, an environmental baseline study has also commenced, with the following components currently in progress:
- Hydrogeological characterization program - drilling, installation and development of groundwater monitoring wells at the three deposits, to be followed by hydraulic testing, monitoring and modeling of groundwater quantity and quality.
- Geochemical characterization program - acid base accounting (ABA) testing of samples from representative waste rock locations.
This work complements previous studies by previous property owner, Metallic Ventures, relating to hydrology, biological and cultural resources, and waste rock characterization.
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, the fifth largest primary silver mine in the world. Production at Pallancata in calendar year 2010 was approximately 10.1 million ounces of silver and 36,000 ounces of gold (on a 100% project basis).
In addition to the Pallancata Mine, IMZ also owns a 40% 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 royalty from Barrick Gold�s Ruby Hill gold mine in Nevada, which produced approximately 80,000 gold ounces in 2010.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss Stock Exchange (since 2002).
The technical information reported in this news release was reviewed by IMZ�s Qualified Person, Exploration Manager, Mark Cannuli.
For additional information, contact:
In North America In Europe
Paul Durham, Vice President Corporate Relations Oliver Holzer, Marketing Consultant
Tel: +1 203 940 2538 Tel: +41 44 853 00 47
Or email us at: IR@intlminerals.com Internet Site: http://www.intlminerals.com
To acess this news release from IMZ�s website, please click this link: http://www.intlminerals.com/newsreleases.php.
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 mineral resource estimates and planned feasibility studies. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks in maintaining production and processing rates, risks of cost escalation, risks of estimating mineral resources, risks of timely completion of feasibility and other technical studies and other risks and uncertainties detailed in the Company�s Renewal Annual Information Form for the year ended June 30, 2010, 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.
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