Iconic Acquires the Hercules Gold and Silver Project
21 Setembro 2011 - 2:02PM
Marketwired
ICONIC MINERALS LTD. (TSX VENTURE: ICM)(FRANKFURT: YQG) is pleased
to announce that through an ongoing joint venture with Willow Creek
Enterprises, Inc., it has been granted an exclusive right and
option to acquire up to a 70% interest in the Hercules Project,
Lyon County, Nevada, subject to a 3% NSR that is payable under a
prior agreement entered into between Willow Creek and a private
company owned by two directors of Iconic.
The joint venture allows the sequential acquisition by the
Company of a 70% interest in consideration for Iconic expending a
total of US$3 million in staged expenditures on the property over a
five year period. The Company may acquire an additional 5% interest
for a total 75% interest by producing a Bankable Feasibility Study
on the property.
The Hercules Project is located in the Como Mining District,
Lyon County, Nevada, approximately 15 kilometers east of the
Comstock Mine. The Hercules Project is a high level epithermal vein
and disseminated gold/silver prospect occurring within Tertiary
volcanic rocks. Iconic has agreed to acquire the Project due to its
potential for bulk minable heap leachable gold-silver
mineralization. Two sub-parallel structural zones approximately 750
meters apart can be traced along surface for over 2,600 meters. The
Project has at least 240 shallow historic drill holes, mostly
within the Northeast Target. Drilling was conducted by several
exploration companies - most recently by WLOC. This work identified
four gold- silver targets within the Project boundary (as noted in
the table below: Hercules, Northeast, West Cliffs and Loaves).
Iconic believes additional drilling between targets may define
continuous mineralization. A map of the Hercules Project showing
the identified targets as noted in this release can be found on the
Company's website: www.iconicmineralsltd.com.
Although resources have been published for the Project area in
historic reports, no National Instrument 43-101 compliant resource
calculations have been completed for the property. The Company
intends to complete an NI43-101 compliant resource study in the
near future. The report will include recent drilling conducted for
WLOC.
The 2011 WLOC drilling program included 20 holes to an average
depth of 94 meters. Two of the 20 holes were terminated early due
to caving, and did not reach the altered horizon. A total of 1,880
meters of drilling were completed on four targets. This drill
program was designed to infill areas of historic wide- spaced
drilling within and immediately adjacent to drill-inferred resource
blocks. Results of the 2011 drill program intersected both thicker
intervals of low grade gold (less than 1.5 g/t), and higher grades
within discrete quartz veins than were previously reported. The
results of this drilling are summarized in Table 1 below.
TABLE 1 - Summary of 2011 drilling
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Hercules Target
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Hole # From To Interval Au Ag Hole Depth
(m) (m) (m) g/t g/t (m)
-----------------------------------------------------------------------
H0111 0.0 16.8 16.8 1.25 32.8 91.5
-----------------------------------------------------------------------
21.3 29.0 7.6 0.41 5.8
-----------------------------------------------------------------------
H0211 0.0 24.4 24.4 0.55 7.4 85.4
-----------------------------------------------------------------------
incl 0.0 7.6 7.6 1.09 8.4
-----------------------------------------------------------------------
64.0 85.4 21.3 0.55 5.9 EOH
-----------------------------------------------------------------------
incl 68.6 77.7 9.1 0.94 10.8
-----------------------------------------------------------------------
H0311 19.8 22.8 3.0 0.40 9.7 91.5
-----------------------------------------------------------------------
35.1 47.3 12.2 1.57 5.7
-----------------------------------------------------------------------
incls 39.6 42.7 3.0 5.23 5.2
-----------------------------------------------------------------------
Hole # From To Interval Au Ag Hole Depth
(m) (m) (m) g/t g/t (m)
-----------------------------------------------------------------------
70.1 89.9 19.8 0.50 6.1
-----------------------------------------------------------------------
H0411 79.3 91.5 12.2 0.35 2.8 91.5
-----------------------------------------------------------------------
incls 88.4 91.5 3.0 0.58 3.9 EOH
-----------------------------------------------------------------------
H0511 12.2 16.8 4.6 0.50 1.9 94.5
-----------------------------------------------------------------------
25.9 29.0 3.0 0.64 3.7
-----------------------------------------------------------------------
H0611 19.8 80.8 61.0 0.51 7.5 97.6
-----------------------------------------------------------------------
H0711 7.6 22.9 6.1 0.37 3.4 91.5
-----------------------------------------------------------------------
H2011 Hole terminated due to mechanical 4.6
failure
-----------------------------------------------------------------------
NE Target
-----------------------------------------------------------------------
H0811 36.6 61.0 24.4 0.49 2.6 134.1
-----------------------------------------------------------------------
incl 36.6 44.2 7.6 1.12 4.8
-----------------------------------------------------------------------
H0911 32.0 44.2 12.2 0.48 3.5 91.5
-----------------------------------------------------------------------
incl 32.0 36.6 4.6 0.95 6.9
-----------------------------------------------------------------------
West Cliffs Target
-----------------------------------------------------------------------
H1011 9.1 12.2 3.0 0.28 28.5 94.5
-----------------------------------------------------------------------
13.7 18.3 4.6 0.40 15.3
-----------------------------------------------------------------------
76.2 83.3 6.1 0.47 29.8
-----------------------------------------------------------------------
H1111 71.6 93.0 21.3 0.89 9.5 137.2
-----------------------------------------------------------------------
incl 82.3 85.4 3.0 3.08 52.1
-----------------------------------------------------------------------
H1211 19.8 33.5 13.7 0.73 7.1 109.8
-----------------------------------------------------------------------
61.0 77.7 16.8 0.64 6.2
-----------------------------------------------------------------------
incls 71.6 76.2 4.6 1.78 16.5
-----------------------------------------------------------------------
H1311 36.6 39.6 3.0 0.39 16.8 91.5
-----------------------------------------------------------------------
67.1 76.2 9.2 0.34 5.0
-----------------------------------------------------------------------
H1411 45.7 59.5 13.7 0.45 4.8 115.9
-----------------------------------------------------------------------
incls 83.8 86.9 3.0 1.07 6.1
-----------------------------------------------------------------------
H1511 30.5 47.3 16.8 0.36 9.0 91.5
-----------------------------------------------------------------------
H1611 NSV - Hole terminated at 21 m due to 21.3
caving
-----------------------------------------------------------------------
H1711 41.2 45.7 4.6 0.51 2.2 106.7
-----------------------------------------------------------------------
H1811 9.1 12.2 3.0 0.79 1.2 143.3
-----------------------------------------------------------------------
36.6 42.7 6.1 0.44 6.4
-----------------------------------------------------------------------
59.5 71.6 12.2 0.38 15.3
-----------------------------------------------------------------------
79.3 91.5 12.2 0.40 4.7
-----------------------------------------------------------------------
112.8 134.1 21.3 0.34 3.3
-----------------------------------------------------------------------
Loaves Target
-----------------------------------------------------------------------
H1911 9.1 12.2 3.0 0.44 1 96.0
-----------------------------------------------------------------------
62.5 79.3 16.8 0.54 3.2
-----------------------------------------------------------------------
Total 1881.1
-----------------------------------------------------------------------
True thickness averages 0.85 of the above intervals.
The above results are based on sampling of reverse circulation
drilling, where samples were collected on 1.5 meter intervals.
Blanks and standards were inserted and the samples shipped to ALS
Chemex in Reno, Nevada, where they were assayed using standard
techniques. Repeat assaying of all +0.8 g/t gold and +40 g/t silver
results were then conducted. ALS Chemex's internal procedure also
includes blanks and standards.
Drill logs indicate oxidized mineralization occurs to depths of
40 to 95 meters below surface. Each of the targets drilled is open
along strike and down dip. Future drilling will focus on the large
gaps between targets as well as extending mineralization down
dip.
Historic bottle roll performed by Kappes, Cassidy and Associates
in 1985 and Bondar-Clegg in 1988 indicate good recoveries. Average
recoveries from bottle roll tests of surface panel samples were 88%
for gold and 77% for silver. Bottle roll tests were also conducted
on individual five foot intervals of historic drill holes. The
depths of samples ranged from surface to a depth of 47.2 meters.
Average recoveries from these tests resulted in a cumulative 81% of
the gold and 70% of the silver. Further metallurgical testing will
be conducted on drill cuttings collected during the 2011 drill
program. Sulfide mineralization will also be tested for
leachability where it was encountered during the 2011 drilling.
Technical information in this release has been reviewed and
approved by Mr. Paul Noland, P. Geo., and a Qualified Person as
defined by NI43-101, unless otherwise noted.
On behalf of the Board of Directors
Richard Kern, President and CEO
The Company's public documents may be accessed at
www.sedar.com.
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Iconic expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Iconic Minerals Ltd. Richard Kern President and CEO
(604) 718-2800 (604) 718-2808 (FAX) www.iconicmineralsltd.com
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