Iconic Announces Commencment of Phase 1 Drilling Program on Hercules Project, Nevada
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/12/12 -- Iconic Minerals Ltd. (the Company or Iconic) (TSX VENTURE: ICM)(PINKSHEETS: BVTEF)(FRANKFURT: YQG) is pleased to announce commencement of Phase 1 of the drilling program at the Hercules project, Nevada, through an ongoing joint venture with Willow Creek Enterprises, Inc. (WLOC). The joint venture will allow the sequential acquisition by the Company of a 70% interest in the project over a five year period, by expending a total of US$3 million on the property. The Hercules project is located in the Como Mining District, Lyon County, Nevada, approximately 15 kilometers east of the famous Comstock Mine.
The Phase 1 drilling budget will allow for approximately 2,300 meters of core and reverse circulation drilling. Metallurgical testing will also be conducted on drill cuttings and core. Once the drilling is completed, the Company intends to complete an NI 43-101 compliant resource study. The report will include all drilling, trenching and underground sampling, including the recent drilling conducted for WLOC and the current Phase 1 drilling to be completed by Iconic.
The Hercules project is a high level epithermal vein and disseminated gold/silver prospect occurring within Tertiary volcanic rocks. The Company recognized the project's potential for bulk minable, heap leachable gold-silver mineralization. The deposit exhibits shallow drilling intercepts, moderate oxidation depths and reported high recoveries of gold and silver from metallurgical tests, which need to be confirmed by Iconic.
The project consists of two broad, sub-parallel structural trends approximately 750 meters apart that can be traced along surface for over 2,500 meters. The project has at least 240 historic drill holes completed on four targets. The drill holes are mostly shallow (less than 50 meters in depth) with a high percentage located within the Northeast Zone. This work identifies four zones of gold-silver mineralization within the two structural trends. These zones are known as the Hercules, Northeast, West Cliffs and Loaves. Iconic believes additional drilling between these zones may define continuous mineralization along the entire trend.
Iconic plans to complete infill drilling and core twinning of existing holes to confirm the reliability of the historic work and further define the area of mineralization to improve the upcoming resource calculation. Phase 1 is expected to be completed by summer 2012.
The technical information in this release has been reviewed and approved by Mr. Herb Duerr, P. Geo. a 'qualified person', as defined by NI 43-101, Standards for Disclosure of Mineral Projects unless otherwise noted.
On behalf of the Board of Directors
Richard Kern, CEO
For further information on ICM, please visit our website at .
The Company's public documents may be accessed at .
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.
Contacts:
Iconic Minerals Ltd.
Richard Kern
CEO
(604) 718-2800
(604) 718-2808 (FAX)
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Datum: 12.04.2012 - 18:10 Uhr
Sprache: Deutsch
News-ID 134565
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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