VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 11, 2013) - Iconic Minerals Ltd. (the Company or Iconic) (TSX VENTURE:ICM) (FRANKFURT:YQG) is pleased to announce completion of an 11 hole exploration program at its New Pass Property, located in Central Nevada, approximately 27 miles (43 km) west of Austin. The program, which is part of a 50/50 joint venture with McEwen Mining Inc., is expanding the existing resource. Three of the holes drilled in the northwestern portion of the project (NP 1309, 1310, 1312) contain 150 to 185 feet (46-56 meters) drill thicknesses of +0.01 oz/ton gold equivalent (AuEq). This mineralization, which is +90 percent oxide, is open to the west. Drill hole NP1301 contains a drill thickness of 105 feet (32m) of +0.01 oz/ton AuEq and extends the mineralization 500 feet (150m) to the north.
A total of 5,690 feet (1,734m) of angled reverse circulation (RC) drilling was completed in 11 holes with only one hole (NP1311) lost before reaching the target. A summary of the gold and silver results for these holes is presented below. A map of the drill hole locations relative to previous drilling is available on the Company website: www.iconicmineralsltd.com.
Drilling samples were collected in continuous 5 foot (1.5m) intervals, with a split of the original kept for re-assay or metallurgy. Samples were securely shipped to ALS Chemex in Reno, Nevada for fire assay. The samples contained standards and blanks and some assays were repeated in compliance with NI 43-101 requirements.
NP1301 was drilled 500 feet (150m) north of the current resource to test the northern extension of the mineralization. The hole hit 105 feet of +0.01 oz/ton beginning 165 feet (50m) below the surface indicating additional potential exists not only to the north but to the east. NP1302, drilled 300 feet (90m) east of 1301contained only 25 feet (8m) of +0.01 oz/ton AuEq. NP1303, drilled250 feet (75m) west of 1303 contained 200 feet (60m) of gravel cover and no significant mineralization. NP1304, the first hole to test the west extension in the north central portion of the property, contained 80 feet (25m) of continuous +0.01 oz/ton AuEq mineralization. NP1305 was not drilled. NP1306 and 1308 were designed to test the eastern limits of the north central mineralization and both failed to intersect significant mineralization. NP1307, drilled 150 feet west of 1306, contained 20 feet (6m) of +0.01 oz/ton AuEq mineralization.
NP1309, drilled 200 feet (60m) west of 1307, has 150 feet (46m) of +0.01 oz/ton AuEq mineralization. The 3 holes NP1306, 1307 and 1309 show a thickening of the mineralized zone as one traverses from east to west. NP1310 is located 200 feet (60m) north-northwest of 1309 and contains 175 feet of +0.01 oz/ton AuEq mineralization. NP1311was lost before reaching the target. NP1312, drilled 200 feet (60m) northwest of 1310 contained 185 feet (56m) of +0.01 oz/ton AuEq mineralization. This was the thickest intercept of mineralization drilled in the 11 hole program.
The New Pass project currently contains an NI 43-101 compliant Inferred Resource of 15,515,488 short tons (14,075,414 metric tons) averaging 0.022 ounce per ton (0.75 grams/metric ton) gold equivalent or 341,750 ounces of gold equivalent. This resource is comprised of 282,986 ounces of gold and 3,134,129 ounces of silver. The resource is open-ended and open down dip. Iconic has permitted a Plan of Operation which will allow drilling of an additional 40+ holes. With the success of the recent drilling program Iconic plans to continue expansion drilling.
|2013 Drill Results New Pass (≥ 5 feet @ ≥ 0.01 oz/ton gold equivalent) 06/13|
|Hole No. ||From |
|Au Equiv. |
|NP-1303||No Au equiv. values >0.01 oz/ton|
|NP-1305||Hole not drilled|
|NP-1306||No Au equiv. values >0.01 oz/ton|
|NP-1308||No Au equiv. values >0.01 oz/ton|
|NP-1311||Hole lost before reaching target|
|Cutoff is 0.005 oz/ton Au equiv.|
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
On behalf of the Board of Directors
Richard Kern, CEO
The Company's public documents may be accessed at www.sedar.com
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.