Hello, I believe ICN is awaiting 16 remaining RC holes and 11 cores... here is a recap of some select comments concerning Phase 2 drilling (I've added bold and underlining to what I think are leveraging phrases)
from 8-15-11 news release:
Carl Hering, President and CEO of ICN Resources stated that "We are particularly encouraged by the fact that between the RC and core holes we have encountered mineralization along the north and south extension of the high grade Church zone, extending the potential strike to over 300 metres. A Phase II drill program is being planned, and further drill testing will resume as soon as a drill rig is available."
from 9-29-11 news release (curiously, never was posted to their website --- the 50 holes ended up being 34):
Two drill rigs have been mobilized to site to initiate a 20,000 foot (6,000 metre) Phase II drill program. Both a core rig and a reverse circulation (RC) drill will be utilized to follow-up on previous high grade results and to continue initial testing of both geophysical and exploration targets. The core rig is expected to complete approximately 5,000 feet (1,500 metres) in 15 holes, primarily as step out drilling in the high grade Church Zone. Previous drilling in this area encountered 2.9 m of 1,454 g/t Au followed by 42.7 m of 4.18 g/t Au in drill hole ICN-003 (see ICN news release dated May 17, 2011). In addition, holes ICN-013 and ICN-014 reported 14.9 m of 164.5 g/t Au (including 1.4 m @ 1,764 g/t); and 12.0 m of 222.6 g/t Au (including 2.9 m @ 918 g/t), respectively (see ICN news release dated August 15, 2011). The core program is designed to step out and expand the mineralization discovered in the Church Zone. Historic production in the district came from individual quartz-alunite ledges, each averaging around 100,000 tons, but containing from 100,000 to 500,000 oz Au. This fact demonstrates the fact that well mineralized ledges are small targets, in particular when under cover, and will require close spaced drilling.
The core program is designed to step out and expand the mineralization discovered in the Church Zone. Historic production in the district came from individual quartz-alunite ledges, each averaging around 100,000 tons, but containing from 100,000 to 500,000 oz Au. This fact demonstrates the fact that well mineralized ledges are small targets, in particular when under cover, and will require close spaced drilling.
The RC drilling program is designed to complete 50 holes for a total of approximately 15,000 feet (4,600 m). This drilling will focus primarily on further testing of geophysical and exploration targets, as well as to follow-up in other areas of the property where lower grade mineralization was encountered in the Phase I program. Following the receipt of assay results from ICN's initial drilling, the assay data was incorporated into the geophysical database, and the CSAMT (Controlled Source Audio Magnetotellurics) was re-interpreted. Two significant results from this work have assisted in refining drill hole targeting based on the property wide CSAMT survey. First, it was determined that a distinct correlation exists between good gold grades in the drill holes and the edges of resistivity highs, as outlined by the CSAMT. Since gold mineralization at the property is associated with quartz-alunite-dickite-kaolinite alteration (silica and clay), the prime CSAMT targets appear to be along the edges of the resistivity highs, not the center of the highs (silica only), as previously thought. Secondly, it is the fact that the very high grade mineralization discovered in the Church Zone directly under younger, post-mineral rock is reflected in the CSAMT data. The high grade silicified rock discovered in the Church Zone forms a topographic high (or knob) under the post-mineral cover. The CSAMT maps the base of the cover rock, and the silicified knob containing the high grade is evident in the geophysical data. Numerous other similar appearing CSAMT anomalies are found elsewhere on the property and are prime targets for the RC drilling. Results from this target testing may or may not be the same as was found in the Church Zone, but the fact that at least a half dozen other similar geophysical anomalies exist elsewhere is encouraging.
Carl Hering, President and CEO of ICN Resources stated that, "We have abundant new targets to test and are anxious to get the drills turning with the hopes of discovering yet other high grade zones that have remained undiscovered because they lie under the younger cover."
from 10-13-11 news release:
Two drill rigs were mobilized to site two weeks ago to initiate a 20,000 foot (6,000 metre) Phase II drill program. To date, 9 reverse circulation (RC) holes and 3 core holes have been completed for a total of 1,120 metres. The first 9 RC holes have been submitted to the lab for analysis. Both the core rig and the RC drill will be utilized to follow-up on previous high grade results and to continue initial testing of both geophysical and exploration targets. The core rig is expected to complete approximately 5,000 feet (1,500 metres) in 15 holes, primarily as step out drilling in the high grade Church Zone. Previous drilling in this area encountered 2.9 m of 1,454 g/t Au followed by 42.7 m of 4.18 g/t Au in drill hole ICN-003 (see ICN news release on May 17, 2011). In addition, holes ICN-013 and ICN-014 reported 14.9 m of 164.5 g/t Au, (including 1.4 m @ 1,764 g/t); and 12.0 m of 222.6 g/t Au, (including 2.9 m @ 918 g/t), respectively (see ICN news release on August 15, 2011). The core program is designed to step out and expand the mineralization discovered in the Church Zone. The RC drill program is designed to complete 45 holes for a total of approximately 15,000 feet (4,600 m). This drilling will focus primarily on further testing of geophysical and exploration targets, as well as to follow-up in other areas of the property where ore grade mineralization was encountered in the Phase I program.
from 10-20-11 news release:
Carl Hering, President and CEO of ICN Resources, commented that "We are pleased to announce that Seabridge has, at their election, chosen to receive shares of ICN rather than a cash payment. I believe that this demonstrates the confidence that they have in the Company and the Goldfield Project currently being drilled by ICN."
from 11-23-11 news release:
The Phase II drill program was recently completed with a total of 11 core holes for just over 1,000 metres and 34 reverse circulation (RC) holes for approximately 3,750 metres. Both a core and an RC rig were utilized to follow-up on previous high grade results (core holes) and to continue initial testing of both geophysical and new exploration targets (RC holes). Initial results of the first 18 RC holes are tabulated above in Table 1. Core results in the Church Area are still awaited, along with the RC results from drilling of the Church Extension and other identified geophysical targets.
Carl Hering, President and CEO of ICN Resources, commented that "Given the fact that all of these holes are in new areas not previously tested by ICN and only have limited historic drilling, we are quite pleased with the results of this first pass test. In addition, we also await the results of both the core and RC drilling yet to come, specifically in the area of our previous high grade discovery."
from 11-25-11 Tasso Baras comments at resourceclips.com:
VP of Business Development Tasso Baras tells ResourceClips.com, “Since May we’ve been putting out some spectacular numbers on this property, primarily from one zone, for example 46 metres and 97 grams. [On May 17, ICN reported 96.3 g/t over 45.6 metres, including 1,454.3 g/t over 2.9 metres.] But this announcement releases numbers from a totally new area that’s never been drilled before. Are they as high-grade as some of the other numbers we put out? No, but they’re still decent intercepts for that particular area.
“We have to go back and drill more to get a better understanding, but we’re starting to prove up the modelling here. This property has never been drilled except for one location, so we’re starting to drill to the north, to the south, in areas that have never been touched before. These numbers are the first, and we’re encouraged by what we see. “We have more results to come from the high-grade area,” he adds. “We’re stepping out and trying to find out how big it can be and how far it goes out. We could have a resource estimate by 2Q 2012.
from 12-19-11 news release:
ICN also announces that it has entered into a Loan and Share Pledge Agreement with another TSX-V company. The Company has borrowed C$500,000, for up to six (6) months at a 10% interest rate, secured against its 400,000 Paramount Gold and Silver shares. This loan allows ICN flexibility in moving forward and planning, as it awaits the final drill results for its Phase II drill program at the Goldfield Bonanza Project in Nevada (described above). Complete assay results are expected in January.
Radio silence since 12-19-11...
ICN might indeed try the bad assay friday/great assay monday strategy employed 8-12-11 and 8-15-11, but I think it's somewhat bush league. What they definitely should do is to publish a detailed drilling map and update their presentation on their website upon release of the remaining assays. (A good example of an excellent presentation is Newstrike Capital's)
In any event the next few weeks are going to get buck wild and I'm locked and loaded.