IMZ Announces Initial Drilling Results for Goldfield Project, Nevada. Includes Gold Intercepts of 13.7m at 7.3g/t and 4.6m at 28.3g/t
Scottsdale, Arizona, August 25, 2010 � International Minerals Corporation (Toronto and Swiss stock exchanges: �IMZ�) is pleased to announce the results of its initial reverse circulation (�RC�) drilling program at the Goldfield Main Deposit at its 100%-held Goldfield gold project in southern Nevada. The Goldfield project was acquired as part of IMZ�s takeover of Metallic Ventures Gold Inc. (�Metallic�) completed in February 2010 (see news release dated February 26, 2010).
Highlights from this drilling program (in sequential drill-hole order), and representing estimated true widths and uncut gold grades, include the following:
- 48.8 meters (�m�) at 1.7 grams per tonne gold (�g/t�) in drill-hole 2010-048
- 32.0m at 2.6 g/t in 2010-049, including 4.6m at 14.5g/t
- 18.3m at 3.7 g/t in 2010-053
- 30.5m at 1.3 g/t in 2010-054
- 6.1m at 2.7 g/t in 2010-055
- 21.3m at 6.9 g/t in 2010-055, including 4.6m at 28.3 g/t
- 39.6m at 2.0 g/t in 2010-063
- 13.7m at 7.3 g/t in 2010-067
- 4.6m at 3.9 g/t in 2010-067
- 9.1m at 4.1 g/t in 2010-067
Assay results for all 31 RC drill holes totaling 6,767 meters (�m�) are summarized in Appendix 1 and shown on the plan map in Appendix 2 (click here to see full news release with Appendices).
Goldfield Main Deposit
The Goldfield Main deposit is one of three principal mineralized areas that have been evaluated on the property over the past two decades. The other deposits are Gemfield and McMahon Ridge (see Appendix 2).
Gold mineralization at Goldfield Main primarily occurs as narrow, high-grade veins, within tabular, gently-dipping, lower-grade mineralized zones. The majority of gold produced in the Goldfield district was mined from these high-grade veins. Reported production from the district from 1903 to1960 is estimated to be 4.2 million ounces of gold at an average grade of approximately 18 g/t.
Eleven of the 31 drill-holes for which results have been received to date have extended the known mineralization (designated as �Extension� in Appendix 1) and are expected to increase the existing NI 43-101 compliant resource base of approximately 242,000 Measured and Indicated gold ounces and 80,000 Inferred ounces (see tonnage and grade details below).
The other 20 drill-holes are located within the existing resource at Goldfield Main (designated in Appendix 1 as �In-fill/Confirmation�). Mined-out areas (generally 2-5m wide) encountered in the drilling program (designated as �Voids� in Appendix 1) are intercepts of old mine workings. It is of interest to note that while drill-hole 2010-067 intercepted good-grade material those intercepts �straddle� voids or mine workings, indicating the presence of much higher-grade material that was previously extracted. The continuity of these mined out workings is currently being evaluated.
These initial results indicate that the mineralized bodies continue down-dip to the east, with many of the Extension assay results indicating grades significantly higher than the average grade of the current mineral Resource (see below). As a consequence of these initial encouraging results, eleven additional drill holes have been added to the original drill plan as part of the drill program described below. It is also encouraging to note that the historical underground workings extend up to an additional 700m east of the eastern extent of the current IMZ drilling program (see Appendix 2), indicating the potential for a significant increase in mineral resources at Goldfield Main.
Goldfield Project � Overall 2010 Drill Program
This initial RC drilling program (approximately 20,000m in 93 holes) is designed to both increase the confidence level of the mineral resource base at Goldfield Main as well as expand the existing resource base as part of a feasibility study with a targeted completion date in late 2011. In addition, IMZ expects to announce an updated mineral resource estimate for the Goldfield Main deposit before the end of the first calendar quarter of 2011.
In other parts of the Goldfield District, three additional targets were developed as a result of a review of the existing Metallic database and approximately 5,000m of RC drilling is planned for these three targets in the coming months.
Goldfield Project - NI 43-101 Mineral Resources
The previous NI 43-101 compliant independent mineral resource estimates (rounded to the nearest 1,000 ounces) for the Goldfield Main deposit are:
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242,000 ounces of Indicated resources, contained in 6.0 million tonnes (�Mt�) at a grade of 1.2 g/t gold
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80,000 ounces of Inferred resources, contained in 1.9 Mt at a grade of 1.3 g/t gold
Combined with the Gemfield and McMahon Ridge deposits, the current total resource estimate (rounded to the nearest 1,000 ounces) for the overall Goldfield project comprises:
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1,068,000 ounces of Measured and Indicated resources, contained in 28.8 Mt at a grade of 1.2 g/t gold.
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105,000 ounces of Inferred resources, contained in 3.0 Mt at a grade of 1.1 g/t gold.
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 2002 by Mine Development Associates, with Scott Hardy, P. Eng, Neil Prenn, P. Eng and Steve Ristorcelli, R.P.Geo as the Qualified Persons (�QP�s�); 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.
General
Sample preparation and analytical work for the Goldfield drilling program were carried out by Inspectorate Labs in Sparks, Nevada, an ISO 9001:2008 certified laboratory which employs industry-standard analytical methods. As part of IMZ�s QA/QC protocol, standard samples and blanks were inserted into the sample processing stream at a rate of one per 10 samples. Duplicate and alternate laboratory check samples also form part of this sampling protocol. The technical disclosure including drill results in this news release has been reviewed by IMZ�s Qualified Person, Exploration Manager, Mark Cannuli.
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, one of the top-10 primary silver mines in the world. Production of approximately 10 million ounces of silver and 33,000 ounces of gold (on a 100% project basis) is estimated by IMZ in 2010.
In addition to the Pallancata Mine, IMZ also controls a 70% 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 (�NSR�) royalty from Barrick Gold�s Ruby Hill gold mine in Nevada, which produced approximately 100,000 gold ounces in 2009.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss Stock Exchange (since 2002).
For additional information, contact:
In North America Paul Durham, VP Corporate Relations Tel: +1 203 940 2538
In Europe Oliver Holzer, Marketing Consultant Tel: +41 44 853 00 47
Or email us at: IR@intlminerals.com Internet Site: http://www.intlminerals.com
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 estimates of resources and time lines for drilling programs and feasibility studies. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as risks of estimating mineral resources, delays in exploration programs and other risks and uncertainties detailed in the Company�s Amended Annual Information Form for the year ended June 30, 2009, 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. |