ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

January 20, 2011 09:30 ET

ICN Check Assay Results Confirm High-Grade Gold Encountered in Lode Star's Drilling on the Bonanza Goldfield Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2011) - ICN Resources (TSX VENTURE:ICN) ("ICN" or the "Company") is pleased to announce results of its initial check assay program on drill hole samples from Lode Star Gold's prior work on ICN's newly acquired Bonanza Goldfield Project (see ICN News Release of Dec. 16, 2010). ICN selected 32 pulp samples from mineralized drill core intervals previously assayed by Lode Star Gold ("Lode Star"). These 32 pulps were assayed by ICN at American Assay in Reno, Nevada, and the results compare extremely well with the original assay results of Lode Star, who utilized ALS Chemex – see Table 1 below.

Sample ID ICN (check) Sampling Lode Star (original) Sampling LS - ICN
AA Assay* conversion ALS Assay** conversion % Diff
  opt Au (g/t) opt Au (g/t) (ALS-AA)/ALS
LHC-120 148-149 0.274 9.384 0.254 8.699 -7.9%
LHC-120 149-150 0.113 3.870 0.110 3.767 -0.027
LHC-120 154-155 0.021 0.719 0.022 0.740 0.028
LHC-124 322-323 0.084 2.877 0.101 3.459 16.8%
LHC-100 112-113 0.049 1.678 0.045 1.541 -8.9%
LHC-100 115-116 0.111 3.801 0.113 3.870 1.8%
LHC-107 159-160 0.095 3.253 0.103 3.527 7.8%
LHC-126 27-28 0.033 1.130 0.032 1.099 -2.8%
LHC-134 30-31 0.103 3.527 0.102 3.493 -0.98%
LHC-029 72-74 0.391 13.390 0.396 13.562 1.3%
LHC-088 170-171 0.181 6.199 0.180 6.164 -0.6%
LHC-095 152-153 0.111 3.801 0.116 3.973 4.3%
LHC-095 153-154 0.105 3.596 0.092 3.151 -14.1%
LHC-098 139-140 0.208 7.123 0.222 7.603 6.3%
LHC-099 136-137 0.014 0.479 0.012 0.411 -16.67%
LSC-012 327-328 1.215 41.610 1.150 39.384 -5.7%
LSC-012 328-329 4.369 149.623 4.440 152.055 1.6%
LSC-012 329-330 1.731 59.281 1.885 64.555 8.2%
LSC-012 486-487 1.663 56.952 1.805 61.815 7.9%
LSC-012 488-489 35.710 1222.945 36.700 1256.849 2.7%
LSC-013 310-311 2.162 74.041 2.100 71.918 -3.0%
LSC-013 332-333 4.124 141.233 3.920 134.247 -5.2%
LSC-017 300-301 1.338 45.822 1.390 47.603 3.7%
LSC-021 521-523 0.261 8.938 0.270 9.247 3.3%
LSC-022 403-405 0.132 4.521 0.134 4.589 1.5%
LSC-022 431-433 0.193 6.610 0.189 6.455 -2.4%
LSC-022 541-542 0.115 3.938 0.120 4.110 0.042
LSC-022 544-545 0.134 4.589 0.134 4.589 0.0%
LSC-013 334-335 0.733 25.103 0.715 24.486 -2.5%
LSC-017 285-286 2.944 100.822 3.060 104.795 3.8%
           
      Avg. % Diff   0.15%
           
American Assay * gravimetric method - bead by weight - 30 g sample
ALS Chemex ** FA/AA - fire assay with atomic adsorption finish - 30 g sample

Table 1: Comparison of Check Assay Results – ICN and Lode Star Gold

Blind blanks and standards submitted by ICN, as well as the results of internal standards utilized by American Assay performed within acceptable and prescribed limits. Two of the 32 samples submitted by ICN did not compare well to the original Lode Star values. Repeat assays are underway in an attempt to confirm or resolve this discrepancy.

ICN sorted the Lode Star database and selected fifty seven drill hole intervals representing a range of gold values from a grade distribution plot. Thirty two of these randomly selected intervals were located in pulp storage of Lode Star at the project site. These pulps were then submitted to American Assay in Reno Nevada for gravimetric analyses based on the high gold grades contained. Lode Star had previously assayed these same pulps at ALS Chemex in Reno, Nevada (both ISO accredited laboratories). Original assays of Lode Star at ALS Chemex were based on a FA/AA method using a 30 gram charge: samples exceeding 10 g/t (0.29 opt) are re-assayed using a gravimetric technique similar to that used by ICN at American Assay.

American Assay also completed three duplicate check assays (10% of the samples) submitted by ICN, and these duplicates also showed assay results very similar to the original Lode Star ALS Chemex assay as well as the first assay completed by American Assay (see Table 2 below).

Sample Number   opt Au Au (g/t) (#1-Dup)/#1
LHC-124 322-323 Original AA Value 0.084 2.88*  
Duplicate Check   0.111 3.80 -32.1%
LSC-12 488-489 Original AA Value 35.710 1,222.95  
Duplicate Check 35.881 1,228.80 -0.5%
LSC-13 332-333 Original AA Value 4.124 141.23  
Duplicate Check 4.068 139.32 1.4%
* American Assay states the gravimetric method has lower accuracy below 3 g/t

Table 2: Duplicate Check Assay Comparison

Based on the good comparison between the check assay results of ICN at a second laboratory and the original Lode Star assay results from the identical pulp, ICN's initial conclusion is that the Lode Star results are very representative of the values encountered by Lode Star in their drilling. No half core was available for check assay, as Lode Star assayed the entire bx sized core. Lode Star's procedure was based on the desire to maximize sample size given the high grade nature of the intervals and the small core diameter. ICN will complete further check work, including twinning some of the Lode Star holes, to further confirm the results that Lode Star has tabulated.

Tim Percival, P.Geo., a Qualified Person as defined by National Instrument 43-101, and a consultant to the Company, has reviewed and verified the technical information contained in this news release.

About ICN Resources

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 Peñon in Chile. ICN plans to explore for the high-grade feeder zones associated with large low-grade gold and silver systems, primarily in western Nevada, but is looking for other opportunities in established metallogenic belts elsewhere in the United States. The ICN management and geologic team have extensive experience in Nevada and will utilize this experience to generate prime opportunities for ICN shareholders.

On Behalf of the Board of Directors of ICN Resources Ltd.,

Carl Hering, President & CEO

ICN Resources Ltd.

The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, ICN does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires ICN to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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