ICN Resources Announces Cash and Share Issuance to Lode Star Gold Inc.
14 October 2011 - 6:16AM
Marketwired
ICN Resources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company") is
pleased to announce that it has made the second cash payment of
US$50,000 and issued 500,000 units to Lode Star Gold Inc. ("Lode
Star") for the option payment on Lode Star's Goldfield Bonanza
Project, as per the TSX Venture Exchange approved Definitive
Agreement announced in March 2011 (see ICN news release of March
29, 2011). Each unit consists of one ICN common share and one
common share purchase warrant, with each warrant entitling the
holder to purchase one additional common share of ICN for a period
of two years at an exercise price of $0.25. The warrants issued are
subject to a statutory hold period expiring on February 8,
2012.
Goldfield Bonanza Project
ICN recently announced the initiation of a Phase II drill
program at the Goldfield Bonanza Project. The Project, under option
from Lode Star, a private Nevada corporation, is located in the
historic Goldfield mining district of Nevada. The Goldfield
district is well known for multi-ounce, bonanza grade gold ores and
has recorded historic production in excess of 4.1 million ounces of
gold at an average grade of greater than 17 g/t Au (0.5 oz/t). The
first 10 years of reported production in the district (1903 to
1912) produced 2.98 M oz Au from a total of 1.65 Mt of ore (average
grade of 1.81 oz/t or 62 g/t Au), Nevada Bureau of Mines and
Geology Bulletin 78 (1972).
Two drill rigs were mobilized to site two weeks ago to initiate
a 20,000 foot (6,000 metre) Phase II drill program. To date, 9
reverse circulation (RC) holes and 3 core holes have been completed
for a total of 1,120 metres. The first 9 RC holes have been
submitted to the lab for analyses. Both the core rig and the RC
drill will be utilized to follow-up on previous high grade results
and to continue initial testing of both geophysical and exploration
targets. The core rig is expected to complete approximately 5,000
feet (1,500 metres) in 15 holes, primarily as step out drilling in
the high grade Church Zone. Previous drilling in this area
encountered 2.9 m of 1,454 g/t Au followed by 42.7 m of 4.18 g/t Au
in drill hole ICN-003 (see ICN news release on May 17, 2011). In
addition, holes ICN-013 and ICN-014 reported 14.9 m of 164.5 g/t
Au, (including 1.4 m @ 1,764 g/t); and 12.0 m of 222.6 g/t Au,
(including 2.9 m @ 918 g/t), respectively (see ICN news release on
August 15, 2011). The core program is designed to step out and
expand the mineralization discovered in the Church Zone. The RC
drill program is designed to complete 45 holes for a total of
approximately 15,000 feet (4,600 m). This drilling will focus
primarily on further testing of geophysical and exploration
targets, as well as to follow-up in other areas of the property
where ore grade mineralization was encountered in the Phase I
program.
Tim Percival, CPG and a P.Geo., a Qualified Person as defined by
National Instrument 43-101 and Chief Geologist for the Company, has
reviewed and approved the technical information contained in this
news release.
About ICN Resources
ICN is primarily focused on exploration for volcanic-hosted
precious metal deposits in western Nevada, emphasizing targets with
geological similarities to Sleeper, Sandman, Hollister, Midas and
Aurora. ICN plans to explore the feeder zones associated with large
low-grade gold and silver systems, as well as explore for high
grade deposits at the new Goldfield Bonanza Project located in
western Nevada. ICN continues to evaluate opportunities in
established metallogenic belts elsewhere in the United States. The
ICN management and geological team have extensive experience in
Nevada and worldwide, utilizing this experience to generate prime
opportunities for ICN shareholders.
On Behalf of the Board of Directors of ICN Resources Ltd.,
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: ICN Resources Ltd. Tasso Baras 1-877-738-3882 or
604-738-3882www.icnresources.com
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