14.9m @ 164.5g/ton!ICN Resources Reports 14.9 m at 164.5g/t Au from Goldfield Bonanza Project (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwire- Aug. 15, 2011) - ICNResources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company")is pleased to announce the results of the remaining core holes completed duringits Phase I exploration drill program on the Goldfield Bonanza Project. The GFBonanza project, under option from Lode Star Gold, Inc., a private Nevadacorporation, is located in the historic Goldfield mining district of Nevada.The Goldfield district is well known for multi-ounce, bonanza grade gold oresand has recorded historic production in excess of 4 million ounces of gold atan average grade of > 17 g/t Au.
Highlights:
- Hole ICN-013 intersects 14.9 metres of 164.5 g/t Au, including 1.4 m @ 1,764 g/t Au.
- Hole ICN-014 intersects 12.0 metres of 222.6 g/t Au, including 2.9 m @ 918.0 g/t Au.
- Hole ICN-015 intersects 63.0 metres of 1.75 g/t Au, extending the Church Zone to south.
- Hole ICN-010 intersects 9.6 metres of 2.89 g/t Au, along the claim boundary with International Minerals ground.
Core holes ICN-005 to 015, reported inTable 1 below, were drilled during May and June of this year. These 11 holes(totaling 1,075 metres) complete the Phase I core drill program on ICN's GoldfieldBonanza Project. The objective of the core program was to twin some of thehistoric drilling for 43-101 verification purposes. In addition, other coreholes were utilized to facilitate improved geologic understanding of previouslyidentified mineralized areas.
| Table 1: Summary of Core Hole Intercepts |
| Hole ID | Azimuth | Angle | TD (m) | | From (m) | To (m) | Interval (m) | Au (g/t) |
| Twin Holes | | | | | | | |
| ICN-005 | 270 | -67 | 130.5 | | 63.7 | 72.9 | 9.2 | 0.52 |
| ICN-006 | ---- | -90 | 36.3 | | no significant results | | |
| ICN-007 | 90 | -55 | 161.5 | | 110.7 | 113.6 | 2.9 | 0.74 |
| | | | | | 143.1 | 153.5 | 10.4 | 1.46 |
| ICN-008 | 90 | -65 | 137.2 | | 93.1 | 98.4 | 5.3 | 27.5 |
| | | | | incl | 94.5 | 95.3 | 0.8 | 183.6 |
| | | | | | 125.9 | 132.0 | 6.1 | 1.54 |
| ICN-009 | 270 | -55 | 142.6 | | 79.3 | 89.3 | 10.0 | 0.71 |
| | | | | | 96.0 | 121.3 | 25.3 | 1.00 |
| | | | | incl | 96.0 | 104.6 | 8.6 | 1.92 |
| | | | | | 129.0 | 142.7 | 13.7 | 0.62 |
| Church Zone | | | | | | | |
| ICN-012 | ---- | -90 | 61.9 | | 16.8 | 30.8 | 14.0 | 0.92 |
| | | | | | 39.6 | 51.2 | 11.6 | 0.49 |
| ICN-013 | 280 | -45 | 40.2 | | 24.1 | 39.0 | 14.9 | 164.5 |
| | | | | incl | 24.1 | 26.8 | 2.7 | 0.74 |
| | | | | and | 26.8 | 32.3 | 5.5 | 445.2 |
| | | | | and | 32.3 | 39.0 | 6.7 | 1.84 |
| ICN-014 | 90 | -45 | 38.4 | | 25.2 | 37.2 | 12.0 | 222.6 |
| | | | | incl | 25.2 | 28.1 | 2.9 | 918.0 |
| | | | | and | 28.1 | 37.2 | 9.1 | 2.32 |
| ICN-015 | 105 | -70 | 119.8 | | 52.7 | 115.7 | 63.0 | 1.75 |
| | | | | incl | 53.7 | 61.0 | 7.3 | 6.34 |
| Other | | | | | | | | |
| ICN-010 | ---- | -90 | 46.6 | | 9.3 | 18.9 | 9.6 | 2.89 |
| | | | | | 38.0 | 45.9 | 7.9 | 0.56 |
| ICN-011 | 270 | -50 | 159.4 | | 70.4 | 76.5 | 6.1 | 0.58 |
| | | | | | 101.0 | 122.8 | 21.8 | 0.53 |
| Note: Intervals are calculated using a.01 opt (.34 g/t) cut off over a minimum of 10 feet (3.05 m). True width is unknown, as identified mineralized structural orientations are variable. |
Holes ICN-005 to 009 are twin drillholes of previously drilled holes by Traflagar or Lode Star Gold in the RedHills Zone. The twin holes match in some cases, but as before, results arevariable. Differences in drill hole pairs can be attributed to poor surveycontrol and/or natural variability of mineralization typical of the GoldfieldDistrict. No downhole survey information is available for the historic drillholes; consequently, it is difficult to know how close a twin hole is to theoriginal hole at target depths.
Drill Holes ICN-012 to 015 were alldrilled in the newly discovered Church Zone (see ICN NR of May 17, 2011). Holes013 and 014 are both 45 degree angle holes, drilled from different directionsacross the high grade intercept in ICN-003 reported in the above mentioned NewsRelease. Both holes once again encountered individual intercepts in excess of50 opt Au (>1,700 g/t Au). The ability to reproduce the high grade valuesdiscovered with drill hole ICN-003, while drilling at different orientations,suggests that the original results are not biased by core parallel structures.Multiple vein orientations are observed in the Church Zone, includinghorizontal features that may represent dilational openings related to sheeted,55 degree dipping structures.
The intercept in hole ICN-015 is locatedapproximately 40 metres south and west of ICN-003, and encountered a longinterval of consistent mineralization reporting 63.0 m @ 1.75 g/t Au. Thisinterval contains an upper zone of higher grade mineralization consisting of7.3 m @ 6.34 g/t. The individual interval with the highest gold content in holeICN-015 contained 0.8 m @ 24.5 g/t Au.
One hole, ICN-010, was drilled near theedge of the historic January-Combination pit, immediately adjacent to the sharedclaim boundary with International Minerals. This drill hole encountered twozones of mineralization, with the upper zone containing 9.6 m @ 2.89 g/t Au,starting 9.33 metres below the surface.
Carl Hering, President and CEO of ICNResources stated that, "Weare particularly encouraged by the fact that between the RC and core holes wehave encountered mineralization along the north and south extension of the highgrade Church zone, extending the potential strike to over 300 metres. A PhaseII drill program is being planned, and further drill testing will resume assoon as a drill rig is available."
QA/QC
All sampling on the Goldfield BonanzaProject follows ("NI 43-101") accepted principles and is beingconducted by ICN personnel or consultants (NationalInstrument 43-101 Standards of Disclosure for Mineral Projects).Assays for the RC holes were completed at ALS Chemex in Reno, Nevada, anISO:9001 certified laboratory or by American Assay, Reno, Nevada, also anaccredited laboratory. Initial fire assay with atomic adsorption finish iscompleted for all samples, and subsequently, for samples in excess of 10 g/t, aconventional gravimetric assay is conducted. ICN randomly inserts referencestandards, blanks and duplicate control samples to monitor laboratoryperformance. Results reported herein have been checked and have undergonequality control review.
Tim Percival, CPG and a P.Geo., aQualified Person as defined by NI 43-101 and Chief Geologist for the Company,has reviewed and approved the technical information contained in this newsrelease.
About ICN Resources
ICN is primarily focused on explorationfor volcanic-hosted precious metal deposits in western Nevada, emphasizingtargets with geological similarities to Sleeper, Sandman, Hollister, Midas andAurora. ICN plans to explore the feeder zones associated with large low-gradegold and silver systems, as well as explore for high grade deposits at the newGoldfield Bonanza Project located in western Nevada. ICN continues to evaluateopportunities in established metallogenic belts elsewhere in the United States.The ICN management and geological team have extensive experience in Nevada andworldwide, utilizing this experience to generate prime opportunities for ICNshareholders.
On Behalf of the Board of Directors ofICN Resources Ltd.,
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
The forward-looking informationcontained in this press release is made as of the date of this press releaseand, except as required by applicable law, ICN does not undertake anyobligation to update publicly or to revise any of the included forward-lookinginformation, whether as a result of new information, future events orotherwise. By its very nature, such forward-looking information requires ICN tomake assumptions that may not materialize or that may not be accurate. Thisforward-looking information is subject to known and unknown risks anduncertainties and other factors, which may cause actual results, levels ofactivity and achievements to differ materially from those expressed or impliedby such information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tasso Baras ICN Resources Ltd. 1-877-738-3882 or 604-738-3882 www.icnresources.com