ICS Announces NI-43-101 Report on Excelsior Springs Gold Property
Abbotsford, British Columbia (ots/PRNewswire)
ICS Copper Systems Ltd. is pleased to announce the completion of a NI 43-101 Technical Report on its recently acquired Excelsior Springs gold property in Esmeralda County, Nevada.
The report concludes that based on the results of previous drilling programs, the Excelsior Springs property should be considered an advanced-stage exploration project having significant potential to host one or more open-pittable gold deposits.
In the past, a number of exploration companies have conducted drilling programs on the property, and the results have begun to define an extensive zone of gold mineralization. Drilling around the Buster and Upper shafts has outlined the Buster mineralized zone approximately 1,000 feet-long and 200 feet-wide.
The report also advises: "There is an Historic, non 43-101 compliant, resource estimate in the Buster zone of 2 million tons at a grade of 0.05 to 0.09 oz Au/ton (100,000 ounces to 180,000 ounces). Drill holes several thousand feet away from the Buster zone have intersected zones of anomalous gold along the east-west extensions of the alteration zone. This mineral inventory for the property was calculated prior to NI 43-101 reporting standards and does not meet the criteria for NI 43-101 categories. It is presented here as an item of historical interest and should not be construed as being representative of an actual Mineral Resource existing on the property." A qualified person has not done sufficient work to classify the historical estimate as current mineral resources; the issuer is not treating the historical estimate as current mineral resources as defined in sections 1.2 and 1.3 of NI-43-101; and the historical estimate should not be relied upon.
Some of the drill hole data in appendix C of the report is as follows:
DH No. From/ft To/ft Thick gm Au/t
TA-11 0' 50 50' 1.52
88-06 0' 90 90' 2.49
EX-2 230' 340 110' 2.74
EX-30 235' 395 160' 1.24
Appendix E of the report provides details of surface samples from the
past and from Sept 2010 with some higher grades as follows:
Sample UTME UTMN ppbAu g/tAu
1 446409 4147183 13750 13.7
2 446430 4147163 17650 17.7
5 446248 4147171 18700 18.7
6 446276 4147187 20200 20.2
115 445816 4147151 14300 14.3
91508 446673 4147068 20664 20.7The property lies within the Walker Lane, a zone of regional-scale, northwest-trending, strike-slip faulting. The Walker Lane hosts a significant number of precious metal deposits including the Comstock Lode at Virginia City, Borealis, Aurora, Mineral Ridge, Paradise Peak, Rawhide, Tonopah, Goldfield and the Bullfrog District.
The Borealis mine is located ten miles west of Hawthorne, Nevada, and during production from 1981 until 1990 produced over 600,000 ounces of gold and has a current resource of 1.3 million ounces of gold. The structural trends and structural control of the mineralization of the Borealis deposit make it a suitable model for the Excelsior Springs property, and successfu l exploration techniques utilized at Borealis can be applied at Excelsior Springs.
Recommendations: The report recommends a two-phased exploration program for the property. Phase One will comprise mapping, sampling, a CSMT and IP geophysical survey and a 15-hole drilling program to better define the Buster zone and to test for extensions of the zone. If Phase One is successful in confirming the continuity of the Buster zone mineralization or discovering mineralization in the extensions of the zone, a Phase Two program will be initiated. Phase Two will comprise additional CSMT and IP surveys and a 30-hole drilling program. If Phase Two is successful, a new 43-101 report will be prepared with a mineral resource for the property and a recommendation for a multi-rig drilling program to expand the mineralized zones into a measured and indicated resource. The goal will be to define a deposit amenable to open-pit mining methods and a heap-leach recovery system.
The Phase One drilling budget is estimated to be USD 353,460 while Phase Two is estimated to be USD 643,714.
President and CEO Graham Chisholm comments: "We intend to complete a geologic map of the property and do extensive sampling of the altered zones and old workings this year. Compilation and evaluation of the surface and assay data will allow us to select fifteen drill sites to test the Buster zone and its extensions."
Ken Brook, B.Sc, M.Sc, RPG., a qualified person (QP) as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
ICS COPPER SYSTEMS LTD.
"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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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; Jeannette Durand, jeannette(at)icscopper.com; Web Page: http://www.icscopper.com
Contact:
CONTACT: For further information: Graham Chisholm,
graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746;
Jeannette Durand, jeannette(at)icscopper.com; Web Page:
http://www.icscopper.com