Inspiration Drills 167M of 0.26% Ni Including 1M of 1% Ni Providing Definition to a Fourth Mineralized Zone at Langmuir
TORONTO, ONTARIO -- (Marketwire) -- 03/22/11 -- Inspiration Mining Corporation ('Inspiration' or the 'Corporation') (TSX: ISM)(FRANKFURT: OI8) is pleased to announce results from its ongoing infill and detail drilling program at the Langmuir Open Pit Nickel Deposit.
The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2. Two main deposits were drilled and identified by Inspiration Mining on which inferred nickel resources were estimated at 1.7 Mt @ 0.51% for Langmuir 1 and 8.3 Mt @ 0.4% Ni for Langmuir North deposits (43-101 Micon Report, Jan 2010).
KCC-Allerston is a nickel-mineralized zone located 2 km northwest of the Langmuir1 deposit, revealed by exploration drill program in 2008 and 2009 (listed in 43-101 Report, Sept 2009, posted on Sedar). The zone is hosted in intrusive komatiitic ultramafic and mafic rocks conformably intercalated with intermediate and felsic volcanic sequences dipping to the SE and in contact with a late-Archean tonalitic pluton to the southwest. The zone is trending to NNE and extends at least over 700 m horizontally. Historical results with 0.2% Ni cut off are as follows:
Historical Results:
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Id From To Length (m) Ni Weight Av %
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IMCEX-41 10 131 121 0.22
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IMCEX-42 14 108 94 0.24
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114 125 11 0.22
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IMCEX-43 74 214 140 0.22
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IMCEX-44 57 197 140 0.24
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201 231 30 0.20
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IMCEX-45 69 226 157 0.23
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IMCEX-46 72 116 44 0.25
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124 259 135 0.24
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KCC09-1 29 192 163 0.24
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KCC09-2 149 280 131 0.25
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KCC09-3 98 228 130 0.23
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KCC09-4 83 121 38 0.20
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131 239 108 0.24
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KCC09-5 40 66 26 0.19
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103 237 134 0.22
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all intersection lengths should be considered as apparent
width
2011 Drill Program
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Id From To Length (m) Ni Weight Av %
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KCC11-6 50 103 53 0.24
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120 171 50 0.26
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174 192 17 0.32
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including 189 190 1 1.00
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197 245 48 0.24
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all intersection lengths should be considered as apparent
width
Previous drilling revealed mineralization at an average 140 m intervals over 700 m to the NNE along the main ultramafic intrusive sequence. In order to test the down-dip mineralization extension, Inspiration initiated and recently completed, a 7-hole fence program 125 m to the southeast of the previous hole fence. Drilling assays revealed a mineralized zone at KKC09-1: 163m @ 0.24% Ni and at KCC11-6: diluted 195m @ 0.22% Ni. Holes show a true separation distance of 95 m to the SE following the dip of the mineralized ultramafic rock. KCC11-6 shows a mineralization gap between 102 and 120 m due to a felsic dyke and other smaller gaps related to mafic dykes. Further results will be compiled and shall orient the future steps necessary to fully assess the low grade / high tonnage Ni potential of the area.
'KCC Allerston has been of interest to Inspiration since 2009 where we included it in our 43-101 technical report dated September 2009. Although we did not have sufficient detail to incorporate into the January 2010, 43-101 resource calculation, we are extremely encouraged by the definition provided by KCC11-6 and with 6 assays pending, we continue to be confident of the potential impact that KCC-Allerston may have on our overall theory of Langmuir, being a high tonnage, low grade deposit,' said Ian Stewart, President, Inspiration Mining.
The Qualified person in charge of the Langmuir Property and the person who prepared the technical data in this release is Andre Ciesielski, P.Geo.
Forward Looking Statements
This news release contains 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'anticipated', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Inspiration Mining Corporation
Ian Stewart
President of the Company
416-842-9000
www.inspirationmining.com
For Investor Relations call:
Gale Capital Corporation
604-221-7604
604-221-7606 (FAX)
galecapital@shaw.ca