International Millennium 2012 In-Fill Drilling Continues to Verify Thickness and Grades at Nivloc Project
09 January 2013 - 12:01AM
Marketwired Canada
International Millennium Mining Corp. (TSX VENTURE:IMI) (the "Company" or
"IMMC") reports the results from two more drill holes completed on its Nivloc
Silver and Gold Project, located in southwestern Nevada. These holes are part of
a planned 11 hole drill program designed to reduce the drill hole spacing and
confirm continuity of the mineralization in an area drill tested in 2011 and in
which a National Instrument 43-101 ("NI 43-101") compliant Inferred Mineral
Resource was estimated (See IMMC News release dated August 16, 2012, and the
Company's website www.immc.ca). This resource area, which is crossed by
access/haulage drifts developed on four levels while the mine was in production,
lies between two partially mined areas exploited by Desert Silver between 1937
and 1942.
Holes 12NL-36 and 12NL-37 were both collared from pad 6, and tested an area
between the 600 and 800 ft levels within and near the eastern end of the 2011
resource area. Drill hole 12NL-36 was an in-fill hole, testing an area between
three previously drilled holes, while 12NL-37 was a short step-out hole towards
the northeast, although proximal to two other holes completed in 2011. The level
numbers referred to above, along with distances from other features, are deemed
to be approximate.
Drill Highlights from Hole 12NL-36:
70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au - Main Nivloc vein, including:
11.0 feet @ 335.6 g/t Ag and 1.12 g/t Au - Main Nivloc vein
Drill Highlights from Hole 12NL-37:
92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au - Main Nivloc vein, including:
3.5 feet @ 599.0 g/t Ag and 4.27 g/t Au - Main Nivloc vein
A more detailed listing of the intersections is shown in the following table of
Drill Hole Results.
Drill Hole Results
----------------------------------------------------------------------------
Width (ft)
Hole No.(iii) AZ degrees Dip degrees Interval (ft) (drill)
----------------------------------------------------------------------------
12NL-36 152 -67 750.0 - 820.0 70.0
----------------------------------------------------------------------------
Including 753.0 - 794.4 41.4
----------------------------------------------------------------------------
Including 763.0 - 774.0 11.0
----------------------------------------------------------------------------
890.5 - 905.0 14.5
----------------------------------------------------------------------------
12NL-37+ 109 -64 768.0 - 860.0 92.0
----------------------------------------------------------------------------
Including 790.0 - 848.0 58.0
----------------------------------------------------------------------------
Including 790.0 - 801.0 11.0
----------------------------------------------------------------------------
Including 792.0 - 795.5 3.5
----------------------------------------------------------------------------
Also Including 832.0 - 848.0 16.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Width (ft)
(estimated Vein
Hole No.(iii) true)(i) Ag (g/t) Au (g/t)Description(ii)
----------------------------------------------------------------------------
12NL-36 66.7 103.0 0.43 MNV
----------------------------------------------------------------------------
Including 39.4 163.3 0.70 MNV
----------------------------------------------------------------------------
Including 10.5 335.6 1.12 MNV
----------------------------------------------------------------------------
13.8 151.0 0.41 MNV
----------------------------------------------------------------------------
12NL-37+ 89.2 163.8 0.80 MNV
----------------------------------------------------------------------------
Including 56.2 235.8 1.03 MNV
----------------------------------------------------------------------------
Including 10.7 360.0 2.54 MNV
----------------------------------------------------------------------------
Including 3.4 599.0 4.27 MNV
----------------------------------------------------------------------------
Also Including 15.5 295.6 0.77 MNV
----------------------------------------------------------------------------
(i)Estimated true widths are calculated and may change slightly with additional
structural information.
(ii)Main Nivloc Vein (MNV).
(iii)Previous drill hole results are set out in the Company's prior news releases.
+ Hole 12NL-37 encountered old workings from 860.0 to 880.0 ft and the hole was
lost at the vein lower contact at 886.0 ft.
Both drill holes were designed to test areas of un-mined material located within
or immediately adjacent to the main workings of the Nivloc structure. Hole
12NL-37 drifted slightly off from its original bearing and intersected the old
workings at the projected depth of the footwall vein. This hole clearly
demonstrates that the previous operators mined only the footwall vein in this
area. The upper part of the vein remains in place and, where intersected, is
significant high grade mineralization. The historical drawings of the
underground workings (Desert Silver, 1943) show that the Nivloc structure has
been developed by drifting towards the northeast, on at least two levels, for an
additional 600 metres beyond hole 12NL-37.
The current in-fill drilling program is focused on confirming continuity of
mineralization in the resource area that lies between two previously mined
zones, within the northeast-trending Nivloc vein structure. The Company's
previous drilling programs outlined an Inferred Mineral Resource between the 440
and 800 ft level drifts in the old mine workings, with lower grade
mineralization above the 440 ft level. The 800 ft mine level is approximately
860 feet vertically below the shaft collar, and the vein and workings dip from
-45 to -65 degrees toward the northwest. Previous mining at the Nivloc property
focused on high-grade mineralized lenses encountered while drifting along the
footwall of the vein structure. It appears, from available data, that only one
of these parallel vein zones, referred to as the "footwall vein", was exploited
by mining activity in the 1930s and 1940s. The IMMC drilling programs indicate
that the Nivloc structure ranges from 50 to more than 150 feet wide and contains
several parallel vein zones. In addition to the potential for high-grade lenses
similar to those mined in the past, the material between the lenses is
consistently mineralized and the entire structure may have potential as a
low-grade, bulk-minable deposit.
A 2013 exploration program is currently being planned. The drilling portion of
this work program will include detailed definition drilling within the current
"Inferred Mineral Resource" area, as well as step-out drilling. The step-out
drilling will test beneath and to the west of the most westerly workings, as
well as to the northeast of the main workings beyond the current target area.
"Now that IMMC has completed and SEDAR filed its initial NI 43-101 compliant
inferred resource, it is very satisfying to receive the assay results from our
2012 in-fill drilling program. The results reported today, plus the Hole 12NL-35
results disclosed earlier in December, 2012, are consistent with the reported
inferred resource and provide the first step in adding to that resource," states
John A. Versfelt, President & CEO of the Company.
Seymour Sears, PGeo, the Company's qualified person under NI 43-101 in charge of
the drilling program, reviewed and approved the technical disclosure of this
press release on behalf of the Company.
IMMC, through its wholly owned subsidiary, International Millennium Mining Inc.,
has an option agreement with Silver Reserve Corp. ("SRC"), a wholly owned
subsidiary of Infrastructure Materials Corp. (OTCBB: IFAM; TSX-V: IFM), to
acquire an 85% interest in SRC's 18 claim NL Property, which forms part of the
Nivloc Property. Full details of the land holdings and terms of the option
agreement with SRC are available in the Company's August 16, 2012, news release
and on the Company's website.
The drill assay intervals were calculated using the weighted average method. All
drill core assaying was conducted using a fire assay, gravity finish method by
ALS Chemex, which is an ISO-certified laboratory. The Company has implemented a
quality assurance/quality control program to ensure that sampling and analysis
of all samples are conducted in accordance with the best possible practices. The
system includes the use of standards, blanks and duplicates to ensure analytical
accuracy, and also the submission of duplicate samples to a second laboratory to
verify the integrity of the analytical results.
Loan
The Company announces it has accepted a private loan offer for up to $286,000,
from an insider of the Company. The loan will have a term of up to one year at
10% interest. The terms of the loan include the Company's agreement to repay the
loan by paying 25% of the net proceeds of any private placements completed by
the Company while the loan is outstanding, to a maximum of $286,000, plus
interest owing. The Company shall also issue 715,000 bonus shares to the lender,
at $0.08 per share, equal to 20% of the loan amount, subject to TSX-Venture
Exchange approval.
The Company will use the proceeds of the loan for working capital.
International Millennium Mining Corp. (TSX VENTURE:IMI) is a mineral exploration
and development company engaged in acquiring known smaller mine deposits, such
as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal
of advancing the properties to the mining stage. Emerging targets include
silver, gold, copper, zinc and lead. The Company's common shares trade on the
TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under
the symbol: L9J.
Effective September 2012, the Company relocated its office to 20 Sixth Street,
New Westminster, B.C. V3L 2Y8.
ON BEHALF OF THE BOARD
John A. Versfelt, President & CEO
Further information about the Company can be found on the IMMC website
(www.immc.ca), on SEDAR (www.sedar.com).
This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes and other
business transactions timing. Forward-looking statements address future events
and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Millennium Mining Corp.
Ms. Sheri Barton
403-217-5830
sheribarton@telus.net
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
604-527-8135
Stakeholder Gold (TSXV:SRC)
Historical Stock Chart
From Oct 2024 to Nov 2024
Stakeholder Gold (TSXV:SRC)
Historical Stock Chart
From Nov 2023 to Nov 2024
