Inter-Citic Minerals Inc.
TSX : ICI

Inter-Citic Minerals Inc.

March 04, 2010 09:00 ET

Inter-Citic Releases Drill Hole Results From Dachang Gold Project

Exploration Holes on Placer Valley Zone Include 3.2 Metres Averaging 11.54 GPT Gold and 5.5 Metres Averaging 5.67 GPT Gold. Infill Holes on Placer Valley Zone Include 9.5 Metres Averaging 6.1 GPT Gold.

TORONTO, ONTARIO--(Marketwire - March 4, 2010) - Inter-Citic Minerals Inc. (TSX:ICI) ("Inter-Citic" or "the Company") President and CEO James Moore, is pleased to report new results received from the Company's 2009 diamond drill program at its Dachang Gold Project in China.

The results reported in this press release are all from the Placer Valley Zone ("PVZ") a large mineralized area approximately 600 metres south of and parallel to the Dachang Main Zone ("DMZ"). It is a south dipping mineralized fault containing highly altered mineralized sulphides.

"Placer Valley continued to return consistently positive results in 2009," said James Moore, President and CEO of Inter-Citic. "Our infill drilling on Placer Valley is increasingly defining a strongly mineralized structure there, and exploration drilling along the fault extension is confirming a longer fault zone. We continue to focus on this area in our effort to expand the scope of the development program. Placer Valley extraction was not included in our original economic modeling in last year's Scoping Study because drill testing was too widely spaced."

Drilling results highlights from the PVZ include: 

  • Drill hole CJV-755 is an infill drill hole on the PVZ and intersected multiple mineralized zones, including 4.0 metres of mineralization averaging 5.73 GPT contained gold.

  • Drill hole CJV-756 is an infill drill hole on the PVZ and intersected multiple mineralized zones, including 7.8 metres of mineralization averaging 3.21 GPT contained gold.

  • Drill hole CJV-761 is an infill drill hole on the PVZ and intersected multiple mineralized zones, including 13.2 metres of mineralization averaging 1.64 GPT contained gold.

  • Drill hole CJV-807 is an infill drill hole on the PVZ and intersected multiple mineralized zones, including 9.5 metres of mineralization averaging 6.10 GPT contained gold.

  • Drill hole CJV-843 is an exploration drill hole on the PVZ and intersected multiple mineralized zones, including 5.5 metres of mineralization averaging 5.67 GPT contained gold.

  • Drill hole CJV-848 is an exploration drill hole on the PVZ and intersected multiple mineralized zones, including 3.2 metres of mineralization averaging 11.54 GPT contained gold.

Detailed drilling results are set out in the chart below. Exploration drill holes are marked with an asterisk ("*"). All other holes are infill holes.

DDH Hole No. Zone Section Line Dip Azimuth From (m) To (m) Length (m) GPT Au
                 
CJV-755 PVZ 2900 -55 20 37.40 38.40 1.00 0.99
          58.70 60.70 2.00 1.12
          65.00 69.00 4.00 5.73
CJV-756 PVZ 3300 -50 20 5.90 9.00 3.10 2.27
          12.50 20.30 7.80 3.21
CJV-759 PVZ 3300 -50 20 53.60 54.60 1.00 1.17
CJV-760 PVZ 2900 -50 20 10.00 11.00 1.00 2.80
CJV-761 PVZ 3300     6.80 20.00 13.20 1.64
      -50 20 60.00 61.00 1.00 13.80
CJV-777 PVZ 4300 -50 20 13.20 14.20 1.00 2.61
          34.60 35.60 1.00 0.79
          38.60 42.70 4.10 1.03
          55.30 56.30 1.00 0.56
CJV-781 PVZ 4300 -50 20 11.80 13.00 1.20 4.76
          51.80 52.80 1.00 2.25
          55.80 56.80 1.00 3.00
          88.50 89.90 1.40 1.04
CJV-783 PVZ 2300 -45 20 6.00 8.00 2.00 1.95
          18.50 20.00 1.50 1.68
CJV-787 PVZ 4500 -45 20 28.90 29.90 1.00 1.35
          57.00 63.30 6.30 1.75
          82.00 83.00 1.00 0.94
CJV-788 PVZ 1700 -53 20 17.80 18.80 1.00 2.37
          24.50 26.00 1.50 0.96
          41.00 42.00 1.00 0.57
          86.40 91.40 5.00 0.76
CJV-801 PVZ 1300 -45 20 5.50 6.50 1.00 0.78
          28.00 29.20 1.20 11.80
          43.00 47.70 4.70 0.52
CJV-802 PVZ 2300 -50 20 37.00 39.00 2.00 0.94
CJV-803A PVZ 2300 -47 20 12.50 13.50 1.00 0.71
CJV-804 PVZ 1300 -45 20 3.00 4.00 1.00 2.05
          15.10 16.20 1.10 1.60
          42.80 43.80 1.00 1.22
CJV-805 PVZ 1300 -45 20 3.90 6.50 2.60 0.94
          10.00 12.00 2.00 3.89
          17.50 18.50 1.00 7.53
          28.50 32.50 4.00 3.91
CJV-806 PVZ 500 -45 20 4.00 6.50 2.50 1.77
          9.00 16.00 7.00 2.79
          52.00 53.00 1.00 7.08
          73.00 74.00 1.00 1.04
CJV-807 PVZ 500 -45 20 0.00 9.50 9.50 6.10
          23.00 25.00 2.00 5.59
CJV-808 PVZ 500 -45 20 6.70 8.00 1.30 1.27
          19.00 23.00 4.00 0.83
CJV-809 PVZ   -50 20 38.50 41.70 3.20 1.11
          57.80 59.50 1.70 0.93
CJV-820 PVZ 1100 -45 20 24.50 25.50 1.00 0.52
          54.20 55.70 1.50 0.58
          61.00 62.00 1.00 0.89
          66.10 69.10 3.00 1.18
CJV-821 PVZ 1100 -45 20 16.60 20.90 4.30 2.28
          47.20 48.20 1.00 1.55
          53.20 54.20 1.00 2.16
CJV-822 PVZ 500 -50 20 41.70 44.00 2.30 1.17
          59.50 64.00 4.50 1.21
CJV-823* PVZ 1100 -50 20 37.30 38.30 1.00 0.55
          49.00 50.80 1.80 2.76
CJV-841 PVZ 3200E -45 20 23.65 25.15 1.50 0.72
CJV-843* PVZ 6800E -88 20 37.50 43.00 5.50 5.67
          64.00 68.80 4.80 1.47
CJV-845 PVZ 6400E -45 20 60.00 61.00 1.00 0.58
          63.00 64.00 1.00 0.84
CJV-846* PVZ 100 -45 20 14.70 16.50 1.80 1.55
          24.00 26.80 2.80 2.15
CJV-847* PVZ 6400E -88 20 10.50 12.00 1.50 0.94
          34.00 35.30 1.30 0.60
          70.20 71.40 1.20 1.45
          78.20 81.20 3.00 0.72
          92.00 98.00 6.00 1.05
CJV-848* PVZ 800 -88 20 27.50 28.40 0.90 0.50
          30.70 32.00 1.30 6.37
          36.50 39.70 3.20 11.54
          53.00 54.20 1.20 5.15
CJV-882* PVZ 1400E -88 20 23.00 25.00 2.00 4.71
          27.50 30.90 3.40 2.88
CJV-883 PVZ 1400E -80 20 64.80 67.20 2.40 1.48
          88.20 89.30 1.10 0.65
CJV-885 PVZ 4800E -50 20 31.10 32.30 1.20 1.95
          35.60 36.60 1.00 1.17
          54.80 55.80 1.00 1.52
          77.00 78.00 1.00 0.99
CJV-890* PVZ 4800E -88 20 40.90 43.30 2.40 1.02
          52.40 54.40 2.00 1.57
          78.90 79.70 0.80 1.74
          119.30 120.30 1.00 1.00
CJV-894* PVZ 5400E -45 20 27.30 29.30 2.00 2.17
          47.30 48.30 1.00 1.27
          67.70 68.70 1.00 0.76
          72.50 73.90 1.40 1.38
                 
"*" Indicates an exploration hole outside of the previously defined resource area at Placer Valley. All other drill holes are infill.
                 
Assay cut-off for the above table was at 0.5 gpt Au, however, intervals were determined by geological interpretation of consistent mineralized zones. Broader intervals may include waste intervals of up to 2m. There was no evidence of nugget effect in the above results and none were topcut. True widths for the intervals above have yet to be determined.

Infill holes are primarily testing continuity of the Company's existing NI 43-101-compliant inferred resource areas on the Dachang Main Zone and Placer Valley Zone. Infill drilling is also a required step towards applying for a Chinese mining permit.

Further results from drilling on the Dachang Main Zone are now being prepared as well as step-out exploration drilling will be reported as they are received and compiled.

A visual representation of the location of the drill holes in this release can be seen at: http://www.corebox.net/properties/dachang/ or as a map on the Company's website. A location map is available on the Company's website at: http://www.inter-citic.com/maps.htm.

Sample Methodology:

Drill core samples were taken at geologically significant intervals, typically over one metre. Core recovery was approximately 90%. The designated sample intervals were cut with a diamond saw by qualified technicians. One half of the cut core was selected for assay with the remaining half being placed back into the core box. Care was taken to ensure that neither half of the core represents a bias with respect to the nature and mineral content of the sample. The sample interval and methodology are consistent with industry standards. Drill core samples were shipped to SGS Geochemical Laboratories ("SGS") located in Kunming and Tianjin, China for sample preparation and 50g fire assay with AA finish. SGS is the world's leading inspection, verification, testing and certification company. Analytical work is performed in accordance with recognized standards such as ASTM, ISO, JIS, and other accepted industry standards. Accuracy of the results is tested through the systematic inclusion of reference samples and duplicate samples.

Security of Samples: All of the samples collected at Dachang are stored in a restricted secure storage area. Samples are shipped by truck to Golmud and delivered to Inter-Citic's courier agent in Golmud for shipment to the various laboratories for analysis. Inter-Citic's courier agents are present at all transshipment points between Golmud and the laboratories. Exploration at Dachang was conducted with the assistance of the numerous professionals from the Qinghai Geological Survey Institute, working in co-operation with Inter-Citic's technical team on site and supervised by Mr. Garth Pierce, Vice-President of Exploration.

Mr. Gerald Bidwell, P.Geo., the Company's internal Qualified Person under the requirements of National Instrument 43-101, has reviewed the results reported in this press release.

Mr. B. Terrence Hennessey, P.Geo., of Micon International Limited is a Qualified Person under the requirements of National Instrument 43-101 and has reviewed a copy of this press release.

On Behalf of the Board:

James J. Moore, President & CEO

ABOUT INTER-CITIC:

Toronto-based Inter-Citic Minerals Inc. is an exploration and development company with property in the People's Republic of China, including its Dachang Gold Project in Qinghai Province. Inter-Citic is listed on the TSX under the symbol ICI. Inter-Citic's website is www.inter-citic.com.

Investors are encouraged to review "Risk Factors" associated with the Dachang project as outlined in the Company's 2009 Financial Statements and Annual Information Form, along with updates, available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Inter-Citic Minerals Inc.
    Stephen Lautens
    Vice President, Corporate Communications
    (905) 479-5072 x 227
    stephen@inter-citic.com