Mokambo Project Sulphide Drill Confirmation Program - 70% Complete
Abbotsford, Canada (ots/PRNewswire)
ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to announce that 70% of the confirmation drilling of the historical Mokambo sulphide copper deposit has been completed towards its objective of preparing a NI 43-101 Resource Report.
Sulphide Confirmation Drill Program
The Company is in the process of drilling five diamond drill holes that twin historical diamond drill holes. Two of the five holes have been completed. Assay results from the initial hole M-08-S-01 have confirmed the mineralization assayed from Drill Hole 3 (DH3), which was completed in 1930 . The results are as follows:
<<
Hole No. From To True Width Total Copper
(m) (m) Interval (m) (%)
M-08-S-01 69.10 84.43 11.74 0.822
including 74.10 74.75 0.50 1.760
including 75.75 76.95 0.92 1.220
including 78.65 80.50 1.04 1.484
including 81.99 82.91 0.70 1.300
85.65 92.90 5.55 0.353
>>Although the assays are lower in the new hole than the historic hole, the mineralization is spread over a larger interval of the hole. The drill is currently on the third twinned hole which should be finished within a week, leaving 2 holes remaining to be drilled.
Re-sampling and Re-assaying of Historic Sulphide Drill Holes Program
Four of the historical sulphide diamond drill holes that are presently being drilled as twin holes, have been re-sampled at Kalulushi, using the same historical sampling intervals for comparison purposes. DH3 was not stored at the Chamber of Mines facility.
Samples were sent to Alfred Knight Laboratories in Kitwe for analysis of total copper and acid soluble copper for comparison with the original assay results. The Company has received those assays and is pleased to report that they have successfully corroborated not only the exact historical assay results themselves but the anomalous intervals as well. The results are as follows:
<<
Hole No. From To True Width Total Copper
(m) (m) Interval (m) (%)
KN-20 166.6 177.2 8.12 0.98
including 173.1 174.2 0.84 3.57
203.6 228.3 18.92 1.82
including 204.8 210.9 4.67 2.84
including 214.9 223.4 6.51 2.67
241.3 243.2 1.38 1.69
KN-21 255.7 317.3 47.19 0.93
including 256.3 256.4 0.08 44.90
including 257.9 272.2 10.95 0.98
including 289.9 302.4 9.58 2.05
including 313.3 314.6 1.00 1.76
KN-22 323.1 379.2 42.97 0.84
including 328.3 336.2 6.05 1.99
including 346.3 354.0 5.90 1.53
including 373.1 374.6 1.15 1.20
KN-33 325.7 391.7 52.09 0.45
including 325.7 327.1 1.07 1.86
including 346.7 347.7 0.77 1.24
The following table illustrates the close correlation between the
re-sampled assays and the historical assays for each hole.
Hole No. Average Maximum Minimum Standard Median(%)
(%) Value (%) Value (%) Deviation
KN-20 0.12 0.94 -0.35 0.2913 0.05
KN-21 0.09 3.80 -0.52 0.7508 -0.01
KN-22 -0.02 0.25 -0.69 0.2004 0.00
KN-33 -0.09 0.09 -0.99 0.2058 -0.05
>>The assay statistics for these holes illustrate that the original assays were done professionally and accurately. It also reflects that the subsequent historical estimate grade is an accurate reflection of the mineral potential of the Mokambo property.
The Company advises that an independent, qualified person is not presently classifying the historical sulphide copper estimates as current mineral resources and ICS is not treating the historical estimates as current mineral resources, and that the historical estimates should not be relied upon (NI 43-101, Sec 1, 4.2 (2b)).
However, the Company will shortly generate an updated 43-101 technical report which will verify historical data and move the historic sulphide estimate into current NI 43-101 compliant mineral resource categories and will announce new current NI 43-101 compliant mineral resource categories of the oxide copper and cobalt, based on the work that has been undertaken by the Company, thus far.
Oxide Drill Program
The Company's shallow (120 meter) drill program, testing the near surface, oxidized copper mineralization of the Mokambo property has 9 more holes to be completed but is on hold until the deeper sulphide twinning drill program is completed. Meanwhile, the assays from the oxide drilling are continuing to be received. Transition zone material is being shipped to Johannesburg for metallurgical testing which will include bottle roll tests and small diameter column test. If the results indicate good recovery of the transition zone mineralization, this material could be added to the oxide mineralization to increase the near surface mineral potential of the Mokambo property.
President and CEO of ICS Graham Chisholm comments: "These assay results are exactly what we have been waiting for and successfully corroborate the historical assay results mentioned".
David Makepeace, P.Eng. M.Eng, a director of the Company and its acting Chief Operating Officer, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Stock Options Granted to Richard Molyneux, Director
Under the Company's 2006 Incentive Stock Option Plan, there are 2,696,387 Options available to purchase Common Share of the Company. The Company has previously issued 2,050,000 Options to Directors and Officers. On April 11, 2008, the Company issued 200,000 options to Richard Molyneux at an exercise price of CAD$ 0.59 per share. These options will expire on April 11, 2013. The Company has 446,387 shares remaining for issuance under the plan.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Graham Chisholm, graham@icscopper.com, Office: +1-(604)-859-3007, Cell: +1-(604)-302-0746; For Investor Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel: +1-(604)-662-8633, Web Page: http://www.icscopper.com/
Contact:
For further information: Graham Chisholm, graham@icscopper.com,
Office: +1-(604)-859-3007, Cell: +1-(604)-302-0746; For Investor
Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel:
+1-(604)-662-8633, Web Page: http://www.icscopper.com/