IGC Resources

Published : March 03rd, 2008

Significant gold and copper exploration project acquired in Zambia, Africa

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  08-05

 

For Immediate Release

 
IGC RESOURCES LOGO small 040820

 

Significant gold and copper exploration project

acquired in Zambia, Africa

 

VANCOUVER, Canada (TSXv: IGC; Frankfurt: I6G (WKN: A0HGX4) and Pink Sheets: IGCGF) – March 3, 2008 - IGC Resources Inc. (“IGC” or the “Company”) is pleased to announce it has entered into an option agreement to acquire approximately 3,500 square kilometres of exploration ground within the copper province in central  Zambia, Africa. The agreement is subject to completion of a technical and legal due diligence by 17 May 2008.  To date historical data indicate the areas are highly prospective for copper and gold mineralisation.

Initially the Company will pay a non-refundable payment of US$50,000 to secure an exclusive 90 day period during which the Company will complete a technical and legal due diligence.  On successful completion of a satisfactory due diligence the Company will pay a further US$100,000, followed by two additional payments of US$100,000 and US$100,000 each subsequent six months on the anniversary of signing to acquire a 90% interest in the project.

The summary data provided to the Company by the vendors indicates that the project comprises two granted exploration permits within the central region of Zambia, Africa. A number of prospects have already been identified with historical samples reporting significant copper and gold mineralisation. Values of up to 38.1% copper have been recorded in trenching and pit samples with seven advanced targets identified within the concessions.

Previous exploration by a number of companies up until the mid 1970’s has seen a significant database developed including  over  300 shallow holes and 10 diamond holes drilled on  the Chimena and Karibarembi  prospects with areas of  ground and airborne geophysics and extensive pit and trench sampling  completed throughout the concessions. 

Of particular interest amongst the advanced targets is the Karibarembi prospect. This prospect is considered to have the potential for Carlin type (Nevada) gold mineralisation with argillaceous host rocks displaying strong silicification and anomalous gold, arsenic and tungsten mineralisation.

Further to this, Roan Consolidated Mines throughout the 1950s-to 1970s have recorded occurrences of copper including chalcopyrite, malachite and haematitie and limonite associations in veins systems within the Karibarembi prospect.  Assays from trench sampling at the prospect gave up to 39.4% copper and 5.8 dwt. gold (9.02 grams per tonne, 0.29 oz per ton).

The Company will now embark upon an independent geological assessment of the existing data including verification of all historical data as claimed by the vendors in their summary report and as reported in this release.  It is anticipated that following a positive result of the due diligence by early 2008 work will commence immediately on ground with field surveys confirming previous results, and defining probable drill targets for early drilling later in 2008.

Technical information in this announcement was reviewed by Mr. Dave Holden, CEO, who is a Member of the AusIMM and a “Qualified Person” as defined under Canadian National Instrument 43-101 (“NI 43-101”).

About IGC Resources Inc.: IGC Resources Inc.’s principal business activities are the exploration, development and mining of gold copper projects in Australia and Africa while continuing to investigate other mineral resource prospects for potential acquisition globally. IGC holds gold resources at Blackburn, Western Australia, an IOCG exploration project in the southern Fraser Range proterozoic mobile belt and a copper–gold/uranium project at Uaroo, immediately south of the Manyingee uranium deposit near Onslow, Western Australia

For more information, please visit our website at www.igcresources.com, email us at info@igcresources.com or call us at +1 604-664-7424.

***

 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  Statements in this release may constitute forward-looking statements which involve known and unknown inherent risks and uncertainties that are detailed in IGC’s periodic filings with Canadian securities regulators.  Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.  Actual events or results could differ materially from IGC’s expectations and

 

 

 

IGC RESOURCES INC.

 

Per:

Linda Holmes

Director & Corporate Secretary

 

O: 250-404-0310

F:  250-404-0311

 

www.igcresources.com

 

IGC Resources

CODE : IGC.V
ISIN : CA44952P1009
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IGC Res. is a gold producing company based in Australia.

IGC Res. holds various exploration projects in Australia, in Canada and in Tanzania.

Its main asset in production is BLACKBURN - GREAT SOUTHERN PROJECT in Australia and its main exploration properties are NARROWS in Canada, NGAKA in Tanzania and UAROO in Australia.

IGC Res. is listed in Canada and in Germany. Its market capitalisation is CA$ 392 460 as of today (US$ 368 245, € 269 813).

Its stock quote reached its highest recent level on December 27, 2006 at CA$ 0.90, and its lowest recent point on March 14, 2014 at CA$ 0.01.

IGC Res. has 26 164 000 shares outstanding.

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Annual reports of IGC Resources
Annual Report 2007
Financings of IGC Resources
4/7/2008Private placement closed
Nominations of IGC Resources
12/20/2007Appoints Dave Holden as President
Project news of IGC Resources
6/4/2009(Ngaka)Reports Start of Bankable Feasibility Study at Ngaka Coal Pr...
2/18/2009(Ngaka)JORC-COMPLIANT COAL RESOURCE IN ATOMIC RESOURCES INC.
1/26/2009(Ngaka)INITIAL DRILLING PROGRAM COMPLETED -NGAKA COAL DEPOSIT, TANZ...
5/29/2008(Blackburn - Great Southern Project)extends Gold Mineralisation at Blackburn
8/29/2007(Blackburn - Great Southern Project)Drilling commences at Blackburn Gold Project
6/5/2007(Blackburn - Great Southern Project)Discovers New Gold Zone Blackburn
Corporate news of IGC Resources
3/3/2011Sale of Shares
5/12/2008Atomic Ltd, finalizes coal JV with Tanzanian Government
3/3/2008Significant gold and copper exploration project acquired in ...
1/8/2008John Braden appointed as Investor Relations Consultant and O...
11/19/2007 Resources’Associate, Atomic Resources Limited (28.5% owned)...
11/14/2007Drilling Success Finds New Gold Mineralisation at Blackburn ...
7/9/200728% owned Uranium Explorer, Atomic Resources Limited, Comple...
6/25/2007Completes Uranium Investment with Atomic V1.pdf - Adobe Acro...
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