International Enexco Announces Additional Drill Results from Contact Copper Project, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/19/12 -- International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX: IEXCF)(FRANKFURT: IE6) -
-- 0.40% Cu over 95 feet (29.0 m) in hole ENR-15
-- 0.48% Cu over 70 feet (21.3 m) in hole ENR-26
-- 0.24% Cu over 170 feet (51.8 m) in hole ENR-27
-- 0.31% Cu over 110 feet (39.6 m) in hole ENR-30
-- Drill program increased to 40,000 feet (12,192 m)
-- Mineralization extended from the current reserve base by over 3,000 feet
in length (914 m)
International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX: IEXCF)(FRANKFURT: IE6) (the "Company" or "Enexco") is pleased to announce additional drill results from the ongoing drilling program at its 100%-owned Contact Copper Project, situated in northeast Elko County, Nevada. Drilling results announced today are from the eastern end of the Company's private land holdings (see map) and follow upon drill results within the same area announced in a February 14, 2012 press release.
The Company commenced the current program in November 2011 utilizing two contract drill rigs. A 20,000 foot (6,100 m) drill program was planned to upgrade resources and test exploration potential east of the current reserve base. Based upon results, the program was expanded to 40,000 feet (12,192 m). To date in the program, 58 reverse circulation (RC) holes and 11 core holes have been completed for a total of 34,675 feet (10,569 m) of drilling. The reverse circulation portion of the program has been completed and the RC drill rig has been demobilized from the site.
The Company's drilling at the Contact Copper Project thus far has identified a zone of oxide copper mineralization extending east from the current reserve base over a 3,000 foot length (914 m). The zone is hosted by granodiorite intrusive rocks and is not exposed on the easternmost end where it is overlain by younger volcanic rocks and colluvial sediments. The mineralized zone appears to be parallel to the oxide zones to the west, and is interpreted to be a tabular zone that dips to the south.
The results reported today are reverse circulation holes that were drilled to average depth of 500 feet (152 m), and drilled north on an azimuth of 340-degrees to crosscut the presumed south-dipping zone. All holes but 5 holes thus far have hit intervals of copper grading above 0.10% Cu.
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Drill Hole Az/Incl From To Length Length Cu %
(degrees) (m) (m) (metres) (feet)
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ENR-4 340/-60 no reportable intercepts
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ENR-5 340/-60 no reportable intercepts
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ENR-15 340/-65 16.8 45.7 29.0 95 0.40
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51.8 57.9 6.1 20 0.12
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77.7 83.8 6.1 20 0.11
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ENR-16 340/-75 79.2 85.3 6.1 20 0.13
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ENR-17 340/-74 42.7 48.8 6.1 20 0.10
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59.4 65.5 6.1 20 0.25
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146.3 152.4 6.1 20 0.13
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ENR-18 340/-65 no reportable intercepts
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ENR-19 340/-70 35.1 48.8 13.7 45 0.39
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85.3 96.0 10.7 35 0.10
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109.7 120.4 10.7 35 0.37
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ENR-20 340/-70 no reportable intercepts
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ENR-21 340/-60 56.4 62.5 6.1 20 0.10
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85.3 105.2 19.8 65 0.10
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ENR-22 340/-63 35.1 44.2 9.1 30 0.12
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67.1 73.2 6.1 20 0.10
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97.5 114.3 16.8 55 0.13
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ENR-23 n.a./-90 29.0 35.1 6.1 20 0.18
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53.3 62.5 9.1 30 0.13
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94.5 108.2 13.7 45 0.11
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120.4 126.5 6.1 20 0.12
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ENR-24 340/-45 6.1 16.8 10.7 35 0.12
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117.3 125.0 7.6 25 0.17
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146.3 152.4 6.1 20 0.18
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ENR-25 340/-70 no reportable intercepts
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ENR-26 n.a./-90 25.9 57.9 32.0 105 0.15
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82.3 114.3 32.0 105 0.12
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121.9 143.3 21.3 70 0.48
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ENR-27 340/-50 44.2 96.0 51.8 170 0.24
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105.2 111.3 6.1 20 0.10
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ENR-28 n.a./-90 79.2 89.9 10.7 35 0.10
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106.7 112.8 6.1 20 0.13
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123.4 129.5 6.1 20 0.17
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181.4 187.5 6.1 20 1.14
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ENR-29 340/-50 48.8 54.9 6.1 20 0.14
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134.1 141.7 7.6 25 0.43
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ENR-30 n.a./-90 3.0 9.1 6.1 20 0.13
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19.8 30.5 10.7 35 0.18
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36.6 70.1 33.5 110 0.31
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99.1 117.3 18.3 60 0.24
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ENR-31 340/-50 7.6 27.4 19.8 65 0.24
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61.0 70.1 9.1 30 0.32
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94.5 100.6 6.1 20 0.18
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Note: All intervals were calculated using 0.1% Cu cutoff and a minimum width of 20 feet (6.1 m) with no internal waste zones greater than 15 feet (4.6 m) in length. None of the holes listed above are included in the Company's NI 43-101-compliant resource estimate of October, 2010.
The samples from the Contact Copper Project drilling program are prepared and analyzed by SGS Minerals Services in Toronto, Canada, an ISO/IEC 17025 certified laboratory.
As of this press release, the reverse circulation portion of the program has been completed and the RC drill rig has been demobilized from the site. Assays on the remaining 27 RC holes and 11 core holes are pending. Core drilling is still underway with additional holes planned to in-fill between existing holes and twin selected RC holes to confirm grades and geology. Core drilling is expected to continue through April, 2012.
To view Drill Hole Location Map, visit the following link: http://media3.marketwire.com/docs/IEC_LocationMap.pdf
About the Contact Copper Project
The Contact Copper Project is a copper oxide project located in Elko County, Nevada, that is planned to use low cost SX-EW recovery to produce cathode copper on site.
Additional information on the project can be found on the Company's website at http://www.enexco.ca/s/contact_copper.asp and in the October, 2010 NI 43-101 Technical Report Pre-feasibility Study Update for the Contact Copper Project, Elko County, Nevada as posted on Sedar.
Qualified Person
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
About International Enexco Ltd.
International Enexco Ltd. is a North American exploration and development company focused on the feasibility stage Contact Copper Project in northern Nevada. The Company also pursues gold and silver exploration in Idaho and Nevada, and is advancing the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. This project is a joint venture with Cameco as project operator and Areva-two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward- looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. We seek safe harbour.
The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
International Enexco Ltd.
Spiros Cacos
+1 604 669 8368
+1 604 662 3291 (FAX)
info@enexco.ca
www.enexco.ca