International Minerals Announces Additional Drilling Results from Goldfield Project, Nevada.
Includes Gold Intercepts of 35m at 3.2g/t and 18m at 9.4g/t
International Minerals Corporation (Toronto stock exchange: IMZ)(Swiss
stock exchange: IMZ) reports additional results from its ongoing reverse
circulation ('RC?) drilling program at the Goldfield Main deposit at its
100%-held Goldfield gold project in southern Nevada. The Goldfield
project was acquired as part of IMZ′s takeover of Metallic Ventures Gold
Inc. ('Metallic?), which was finalized in February 2010.
Highlights from this drilling program (representing estimated true
widths in meters ('m?) and uncut gold grades in grams per tonne
('g/t?)), include the following intercepts:
- 35.1m at 3.2 g/t in 2010-017, including 13.7m at 6.3 g/t
- 19.8m at 1.3 g/t in 2010-018
- 15.2m at 2.3 g/t in 2010-021
- 35.1m at 2.0 g/t in 2010-022
- 22.9m at 1.2 g/t in 2010-024
- 32.0m at 2.5 g/t in 2010-027, including 7.6m at 6.7 g/t
- 18.3m at 9.4 g/t in 2010-032, including 6.1m at 27.2 g/t
- 24.4m at 1.8 g/t in 2010-032
- 21.3m at 2.2 g/t in 2010-074
- 21.3m at 2.0 g/t in 2010-081
Note: Some of the above highlighted drill holes include zones of
low-to-average grade material from the backfill in historical mine
workings, but are predominantly in-situ mineralization.
Significant widths and gold grades were encountered in drilling through
the backfilled areas of the historical mine workings suggesting that
good-grade material was used to backfill those mined-out areas. IMZ is
constructing a detailed computer model of these backfilled workings in
order to quantify their volume and grade as they may have a significant
positive impact on the economics of a potential mining operation at the
Goldfield Main deposit.
Highlights of the results from drill intersections in backfilled areas
are shown below:
- 25.9m at 1.0 g/t in 2010-029
- 6.1m at 12.3 g/t in 2010-029
- 30.5m at 1.8 g/t in 2010-030
- 21.3m at 1.6 g/t in 2010-036
- 15.2m at 3.3 g/t in 2010-044
- 19.8m at 1.3 g/t in 2010-052
Assay results for all 27 RC drill holes totaling 5,268m are summarized
in Appendix 1 and shown on the plan map in Appendix 2. IMZ has now
reported drill results for a total of 58 RC drill holes totaling
12,035m. See IMZ′s news release of August 25, 2010 for the previous 31
drill holes at the Goldfield Main deposit.
Goldfield Main Deposit
The Goldfield Main deposit is one of three principal mineralized areas
that have been evaluated on the property over the past two decades. The
other deposits are Gemfield and McMahon Ridge (See Appendix 2)
Gold mineralization at the Goldfield Main deposit occurs primarily as
narrow, high-grade veins, within tabular, gently-dipping, lower-grade
mineralized zones. The majority of gold produced historically from the
Goldfield district was mined from these high-grade veins but more recent
open-pit production was sourced from the near-surface lower grade
mineralized zones. Reported production from the district from 1903
to1960 is estimated to be 4.2 million ounces of gold at an average grade
of approximately 18 g/t.
16 of the 27 drill-holes for which results have been received to date
have extended the known mineralization at Goldfield Main and are
expected to increase the existing NI 43-101 compliant resource base of
approximately 242,000 Measured and Indicated gold ounces and 80,000
Inferred gold ounces (see tonnage and grade details below).
The other 11 drill-holes are located within the existing resource at
Goldfield Main. Mined-out areas (generally 2-5m wide) encountered in the
drilling program (designated as 'Voids? in Appendix 1) are intercepts of
old mine workings.
These new results continue to confirm that the mineralized bodies at the
Goldfield Main deposit extend down-dip to the east, with many of the
assay results indicating gold grades significantly higher than the
average grade of the current mineral resource estimate (see below). The
historical underground workings extend up to an additional 700m east of
the eastern extent of the current IMZ drilling program (see Appendix 2),
indicating the potential for a significant increase in mineral resources
at the Goldfield Main deposit.
Goldfield Project ? Overall 2010 Drill Program
This initial RC drilling program (approximately 20,000m in 93 drill
holes) is designed to both increase the confidence level of the mineral
resource base at the Goldfield Main deposit as well as expand the
existing resource base. The drill program is part of a feasibility study
with a targeted completion date in late 2011. In addition, IMZ expects
to announce an updated mineral resource estimate for the Goldfield Main
deposit before the end of the first calendar quarter of 2011.
A core rig will start drilling soon in order to (a) obtain samples for
metallurgical testwork; (b) 'twin? (duplicate) several RC holes in order
to compare assay results and geological interpretation; and (c) to
verify that IMZ′s identification in certain drill holes of backfilled
material from old mine workings is correct as it is often difficult to
distinguish between friable, or highly broken, in-situ rock and
backfilled material.
In other parts of the Goldfield District (outside of the three principal
deposits) three additional drill targets have been developed.
Approximately 5,000m of RC drilling is planned for these areas in the
coming months.
Goldfield Project - NI 43-101 Mineral Resources
The previous NI 43-101 compliant independent mineral resource estimates
for the Goldfield Main deposit are 242,000 ounces of Indicated
resources, contained in 6.0 million tonnes ('Mt?) at a grade of 1.2 g/t
gold and 80,000 ounces of Inferred resources, contained in 1.9 Mt at a
grade of 1.3 g/t gold.
Combined with the Gemfield and McMahon Ridge deposits, the current total
resource estimate for the overall Goldfield project comprises 1,068,000
ounces of Measured and Indicated resources, contained in 28.8 Mt at a
grade of 1.2 g/t gold and 105,000 ounces of Inferred resources,
contained in 3.0 Mt at a grade of 1.1 g/t gold. The cut-off grade used
was 0.34 g/t gold.
Mineral resource estimates at the Goldfield project have been conducted
separately for the Goldfield Main deposit and the Gemfield/McMahon Ridge
deposits: at Goldfield Main the mineral resources were estimated in 2002
by Mine Development Associates, with Scott Hardy, P. Eng, Neil Prenn, P.
Eng and Steve Ristorcelli, R.P.Geo as the Qualified Persons ('QP′s?); at
Gemfield and McMahon Ridge the mineral resources were estimated in 2005
by Watts, Griffis and McOuat, with John R. Sullivan, P.Geo as the QP.
General
Sample preparation and analytical work for the Goldfield drilling
program were carried out by Inspectorate Labs in Sparks, Nevada, an ISO
9001:2008 certified laboratory which employs industry-standard
analytical methods. As part of IMZ ´s QA/QC protocol, standard samples
and blanks were inserted into the sample processing stream at a rate of
one per 10 samples. Duplicate and alternate laboratory check samples
also form part of this sampling protocol. The technical disclosure
including drill results in this news release has been reviewed by IMZ′s
Qualified Person, Exploration Manager, Mark Cannuli.
About International Minerals
International Minerals is a silver-gold producer, explorer and developer
with silver-gold production from its 40%-owned Pallancata Mine in Peru,
one of the top-10 primary silver mines in the world. Production of
approximately 10 million ounces of silver and 33,000 ounces of gold (on
a 100% project basis) is estimated by IMZ for calendar year 2010.
In addition to the Pallancata Mine, IMZ also controls a 70% interest in
the Inmaculada gold-silver project in Peru and majority or 100%
ownership interests in development stage gold projects in Nevada
(Goldfield and Converse) and Ecuador (Rio Blanco and Gaby). IMZ also
receives a 3% net smelter return ('NSR?) royalty from Barrick Gold′s
Ruby Hill gold mine in Nevada, which produced approximately 100,000 gold
ounces in 2009.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss
Stock Exchange (since 2002).
Cautionary Statement:
Some of the statements contained in this release are 'forward-looking
statements? within the meaning of Canadian securities law requirements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements in this release
include statements regarding estimates of resources and time lines for
drilling programs and feasibility studies. Factors that could cause
actual results to differ materially from anticipated results include
risks and uncertainties such as risks of estimating mineral resources,
delays in exploration programs and other risks and uncertainties
detailed in the Company′s Annual Information Form for the year ended
June 30, 2010, which is available at www.sedar.com
under the Company′s name. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Appendix 1: Goldfield Project - Goldfield Main Drill Results IMZ News Release dated October 7, 2010 | |||||||||||||||
| Drill Hole | Section | Type | Total | Intersection From- | Intercept | Intercept | Gold | ||||||||
2010-014 | 10700 | 880 | 620-630 | 10 | 3.0 | 0.77 | |||||||||
2010-017 | 10900 | 680 | 450-565 | 115 | 35.1 | 3.2 | |||||||||
Including: | 450-495 | 45 | 13.7 | 7.3 | |||||||||||
615-645 | 30 | 9.1 | 0.7 | ||||||||||||
2010-018 | 10900 | 800 | 110-135 | 25 | 7.6 | 0.6 | |||||||||
550-615 | 65 | 19.8 | 1.3 | ||||||||||||
Stopefill | Including: | 605-615 | 10 | 3.0 | 2.4 | ||||||||||
2010-021 | 11100 | 680 | 420-455 | 35 | 10.7 | 2.0 | |||||||||
495-510 | 15 | 4.6 | 0.7 | ||||||||||||
545-595 | 50 | 15.2 | 2.3 | ||||||||||||
Stopefill | 575-585 | 10 | 3.0 | 0.8 | |||||||||||
2010-022 | 11100 | 750 | 285-295 | 10 | 3.0 | 0.8 | |||||||||
455-470 | 15 | 4.6 | 1.6 | ||||||||||||
580-695 | 115 | 35.1 | 2.0 | ||||||||||||
Stopefill | 630-675 | 45 | 13.7 | 0.9 | |||||||||||
2010-024 | 11200 | 450 | 255-330 | 75 | 22.9 | 1.2 | |||||||||
Stopefill | Including: | 255-265 | 10 | 3.0 | 1.3 | ||||||||||
Stopefill | Including: | 310-315 | 5 | 1.5 | 1.1 | ||||||||||
355-390 | 35 | 10.7 | 1.8 | ||||||||||||
2010-026 | 11200 | 720 | 530-555 | 25 | 7.6 | 1.8 | |||||||||
645-670 | 25 | 7.6 | 1.7 | ||||||||||||
2010-027 | 11200 | 655 | 535-650 | 105 | 32.0 | 2.5 | |||||||||
Stopefill | Including: | 540-560 | 20 | 6.1 | 2.2 | ||||||||||
Including: | 590-615 | 25 | 7.6 | 6.7 | |||||||||||
2010-028 | 11200 | Stopefill | 630 | 510-535 | 25 | 7.6 | 1.0 | ||||||||
2010-029 | 11200 | Stopefill | 650 | 430-530 | 85 | 25.9 | 1.0 | ||||||||
Void | 455-460 | 5 | 1.52 | ||||||||||||
Void | 515-520 | 5 | 1.52 | ||||||||||||
565-610 | 45 | 13.7 | 6.5 | ||||||||||||
Stopefill | Including: | 565-585 | 20 | 6.1 | 12.3 | ||||||||||
2010-030 | 11200 | Stopefill | 600 | 360-380 | 20 | 6.1 | 1.5 | ||||||||
Stopefill | 410-510 | 100 | 30.5 | 1.8 | |||||||||||
Stopefill | Including: | 415-455 | 40 | 12.2 | 2.8 | ||||||||||
2010-031 | 11300 | 550 | 400-410 | 10 | 3.0 | 0.9 | |||||||||
Stopefill | 450-485 | 35 | 10.7 | 1.1 | |||||||||||
2010-032 | 11300 | 600 | 260-320 | 60 | 18.3 | 9.4 | |||||||||
Including: | 260-280 | 20 | 6.1 | 27.2 | |||||||||||
390-475 | 80 | 24.4 | 1.8 | ||||||||||||
Stopefill | Including: | 390-420 | 30 | 9.1 | 2.5 | ||||||||||
520-540 | 20 | 6.1 | 1.3 | ||||||||||||
2010-036 | 11300 | Stopefill | 660 | 500-575 | 70 | 21.3 | 1.6 | ||||||||
Stopefill | 630-655 | 25 | 7.6 | 1.1 | |||||||||||
2010-037 | 11300 | 640 | 265-275 | 10 | 3.0 | 1.2 | |||||||||
415-520 | 105 | 32.0 | 2.2 | ||||||||||||
Stopefill | Including: | ||||||||||||||