Icon Energy Ltd V.ICN

Primary Symbol: ICNOF

Energy Oil & Gas E&P

Icon Energy Limited is an Australia-based oil and gas exploration company. The Company has a 100% interest in, and is operator of, the ATP 855 tenement and the basin-centered gas resource that it contains. The Company’s ATP 855 is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border. The Company's tenements include ATP 855, PRL's 33-49, ATP 594, PEP 170, PEP 172, and PEP 173. PRL's 33-49 are adjacent to ATP 855 on the western side of the border, and both permits share part of the Nappamerri Trough. ATP 855 is located in the Nappamerri Trough, one of the six troughs within the Cooper Basin. The tenement covers the deepest part of the trough, containing the thickest sequence of Permian sediments in the entire Cooper Basin. It is within these sediments that a large, unconventional, basin-centered gas resource has been discovered that extends across the entire tenement. ATP 855 occupies a total area of 1,679 square kilometers (km2).

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Icon Energy Ltd > Drill results

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Comment by SevenFigureson Jan 24, 2012 2:37pm

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Post# 19442970

RE: Drill results

good results. no cores yet. interesting that they are sandbagging the core results.

from the release:

"The degree of silicification, quartz veining and fracturing in these holes indicates that the gold-bearing intercepts likely represent halos to higher grade mineralization. The lower grade mineralization appears to occur when drilling in the vicinity of, but not quite in the right spot, to encounter significant high grade mineralization."

seems as though they are tipping their hand on the core results with those 2 sentences. especially when considering that 11 of 16 of these holes were "Holes drilled along a northeast trending corridor lying between the Newmont Lode and the January-Combination open pit".

this area basically runs straight through the Church area.

furthermore, how is it possible to get 34 RC holes back from the lab and zero of the 11 core holes, 3 of which were done 10-13-11, or 103 days ago. it's not possible. cores are being sandbagged and being released in "next several weeks". of course it's very likely that some of the cores have been re-assayed due to high-grade (defined as over 10 g/t). but why are the cores being sandbagged? to buy time? the question is buy time for what???