Midas Letter's James West Updates ICN Resources (TSX.V - ICN) - Video summary posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, February 10, 2011 - In a report issued today, "Gold
Discovery Contenders: ICN Resources Gearing Up to Drill Bonanza", Midas Letter's
James West discusses ICN Resources (TSX.V - ICN)
Investmentpitch.com, a multimedia technology company providing a combined
solution for creating, hosting and distributing video content for public
companies, has prepared a video, including maps, summarizing this report, which
can be viewed at this link. In this link is not enabled, please visit
www.investmentpitch.com and enter "ICN" in the search bar.
ICN Resources, the latest mining project by rock star geologist and serial mine
finder Carl Hering, is gearing up to drill the Goldfield Bonanza project this
month in the historic Goldfield Mining District in Nevada. There is heightened
industry attention surrounding this upcoming drill program for several
compelling reasons, foremost among which is the very high grade results which
assayed as high as 4 ounces per tonne of gold
First off, the Goldfield District, discovered in 1903, has a history of
production of over 4 million ounces of gold from ores grading as high as an
ounce of gold per tonne and better, with the average historic (non-43-101
compliant) production grade coming in at a remarkable 17 grams per tonne.
Records also indicate production of 1.5 million ounces of silver.
Since 2001, the project has seen 35,000 feet of reverse circulation drilling
both from surface and from past producing drifts underground by property owner
Lode-Star Gold Inc., a private Nevada corporation. ICN is earning an 80%
interest in the property through the expenditure of $5 million on exploration,
payment of $3 million over four years to Lode-Star, and 3 million units of ICN
comprised of a share and a warrant.
ICN confirmed some of Lode-Star's previous drill results through and analysis of
check assays from prior drill programs. The average variation in assay was only
.15%, which is not significant. Carl Hering, President and CEO of ICN, commented
that, "I have been working on this acquisition for some time and believe that it
will add a high quality, potentially very high grade gold project to ICN's
portfolio of volcanic hosted exploration properties in Nevada. Furthermore, upon
completion of ICN's due diligence, and execution of a final agreement, ICN will
be in a position to initiate a significant drill program, subject to drill rig
availability, as winter drilling conditions on the Property located in the
southern portion of Nevada, should not be severe."
Lonnie Humphries, owner and President of Lode-Star Gold, stated that, "Lode-Star
Gold has reviewed numerous possible venture opportunities over the years, and we
believe that we have found the right partner in ICN Resources."
Mark Walmesley, Director of Operations for Lode-Star Gold, said, "As Carl Hering
and I have been working on this acquisition, Lode-Star Gold has been very
diligent in partnering with a quality organization that believes in the merits
of the Goldfield Bonanza Project. I believe that Carl and ICN are the right
group to take this property to the next level. We at Lode-Star Gold look forward
to supporting ICN as we progress the Project."
The drilling is expected to commence in the next two weeks, and will twin some
of Lode-Star's holes to confirm mineralization, as well as attempt to expand the
known mineralized zones in support of a 43-101 report.
Other Projects
ICN is not a one trick pony. MidasLetter selected the company as a potential
winner in October 2010 when the company was trading at $0.34 (Its now at $0.54)
based on the strength of its other properties. ICN is primarily focused on
exploration for volcanic-hosted precious metal deposits in western Nevada,
emphasizing targets with geological similarities to Sleeper, Sandman, Hollister,
Midas and Aurora in Nevada and El Penon in Chile.
The company acquired the Hog Ranch project from Seabridge Gold as part of a
joint venture agreement in May of 2009. Hog Ranch covers 1,990 hectares in
Washoe County in northwestern Nevada.
The Hog Ranch Property is a large gold-bearing hydrothermal system which is the
westernmost of a series of gold deposits in the northern Nevada epithermal
district, which includes bonanza grade gold deposits such as the Sleeper Mine
(approximately 1.7M oz. production), Midas Mine currently operated by Newmont
Mining with 1998 historic pre-mining reserves of 2.7 million tons grading 1.115
oz/ton Au and 12.82 oz/t Ag (Goldstrand and Schmidt, 2000) and Great Basin Gold
Ltd's Hollister deposit (NI43-101 compliant reserves of 1.28 million tons
grading 0.90 oz/ton gold and 4.8 oz/ton silver; Feb. 23, 2009 news release).
A National Instrument 43-101 technical report on the Hog Ranch project was
release by ICN in January.
The more prospective Rockland-Pine Grove project on the Walker Lane trend in
south central Nevada was last explored by BHP in the 80's, whose drilling
intercepted some good grade from near surface to 70 metres. The include 36.6
metres grading 1.2 grams per tonne gold, 3 metres grading 8.54 grams per tonne,
and 3 metres grading 5.1 grams across three separate holes.
In the East Zone, which was drilled by several companies in the 90's and early
2000's, and the best results from these include 86.9 metres grading 1.08 grams
per tonne gold, 27.4 metres at 1.38 grams per tonne, 13.7 metres at 1.48 grams
per tonne and 9.2 metres grading 1.7 grams per tonne gold.
The Dunes Poperty, acquired by staking, is immediately west of the Sandman
project, formerly held by Fronteer Gold, recently taken over by Newmont Mining.
Dunes is also 25 kilometres to the south of the high grade Sleeper mine, which
produced 1.66 million ounces of gold and 2.3 million ounces of silver.
Lastly is the JJ (Trout Creek) Property in Humboldt County which is 20 miles
north of the Sleeper Mine, and exploration by AMAX mining in the 80's yielded
some lower grade but good widths, the best of which was 30 metres at 0.46 grams
per tonne gold. No trip to Hollywood, but gold mineralization is there, and if
anyone can find it, Carl Hering, the Ph.D. geologist president of the company is
the man to do it.
Catherine McLeod-Seltzer, herself a very successful mining entrepreneur and
prolific mine finder, once said of Dr. Hering, "As head of the special committee
I hired Carl Hering, an ex-Placer Dome geologist who was a very good exploration
geologist, and he said there's at least half a million ounces sticking out of
the ground there, which probably has 5 million ounces now."
For a full copy this report, please visit www.midasletter.com. For more
information on ICN Resources please visit www.icnresources.com.
Contact:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 11.02.2011 - 00:03 Uhr
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