ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

August 15, 2011 09:00 ET

ICN Resources Reports 14.9 m at 164.5 g/t Au from Goldfield Bonanza Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - ICN Resources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company") is pleased to announce the results of the remaining core holes completed during its Phase I exploration drill program on the Goldfield Bonanza Project. The GF Bonanza project, under option from Lode Star Gold, Inc., a private Nevada corporation, is located in the historic Goldfield mining district of Nevada. The Goldfield district is well known for multi-ounce, bonanza grade gold ores and has recorded historic production in excess of 4 million ounces of gold at an average grade of > 17 g/t Au.

Highlights:

  • Hole ICN-013 intersects 14.9 metres of 164.5 g/t Au, including 1.4 m @ 1,764 g/t Au.
  • Hole ICN-014 intersects 12.0 metres of 222.6 g/t Au, including 2.9 m @ 918.0 g/t Au.
  • Hole ICN-015 intersects 63.0 metres of 1.75 g/t Au, extending the Church Zone to south.
  • Hole ICN-010 intersects 9.6 metres of 2.89 g/t Au, along the claim boundary with International Minerals ground.

Core holes ICN-005 to 015, reported in Table 1 below, were drilled during May and June of this year. These 11 holes (totaling 1,075 metres) complete the Phase I core drill program on ICN's Goldfield Bonanza Project. The objective of the core program was to twin some of the historic drilling for 43-101 verification purposes. In addition, other core holes were utilized to facilitate improved geologic understanding of previously identified mineralized areas.

Table 1: Summary of Core Hole Intercepts
Hole ID Azimuth Angle TD (m) From (m) To (m) Interval (m) Au (g/t)
Twin Holes
ICN-005 270 -67 130.5 63.7 72.9 9.2 0.52
ICN-006 ---- -90 36.3 no significant results
ICN-007 90 -55 161.5 110.7 113.6 2.9 0.74
143.1 153.5 10.4 1.46
ICN-008 90 -65 137.2 93.1 98.4 5.3 27.5
incl 94.5 95.3 0.8 183.6
125.9 132.0 6.1 1.54
ICN-009 270 -55 142.6 79.3 89.3 10.0 0.71
96.0 121.3 25.3 1.00
incl 96.0 104.6 8.6 1.92
129.0 142.7 13.7 0.62
Church Zone
ICN-012 ---- -90 61.9 16.8 30.8 14.0 0.92
39.6 51.2 11.6 0.49
ICN-013 280 -45 40.2 24.1 39.0 14.9 164.5
incl 24.1 26.8 2.7 0.74
and 26.8 32.3 5.5 445.2
and 32.3 39.0 6.7 1.84
ICN-014 90 -45 38.4 25.2 37.2 12.0 222.6
incl 25.2 28.1 2.9 918.0
and 28.1 37.2 9.1 2.32
ICN-015 105 -70 119.8 52.7 115.7 63.0 1.75
incl 53.7 61.0 7.3 6.34
Other
ICN-010 ---- -90 46.6 9.3 18.9 9.6 2.89
38.0 45.9 7.9 0.56
ICN-011 270 -50 159.4 70.4 76.5 6.1 0.58
101.0 122.8 21.8 0.53
Note: Intervals are calculated using a.01 opt (.34 g/t) cut off over a minimum of 10 feet (3.05 m). True width is unknown, as identified mineralized structural orientations are variable.

Holes ICN-005 to 009 are twin drill holes of previously drilled holes by Traflagar or Lode Star Gold in the Red Hills Zone. The twin holes match in some cases, but as before, results are variable. Differences in drill hole pairs can be attributed to poor survey control and/or natural variability of mineralization typical of the Goldfield District. No downhole survey information is available for the historic drill holes; consequently, it is difficult to know how close a twin hole is to the original hole at target depths.

Drill Holes ICN-012 to 015 were all drilled in the newly discovered Church Zone (see ICN NR of May 17, 2011). Holes 013 and 014 are both 45 degree angle holes, drilled from different directions across the high grade intercept in ICN-003 reported in the above mentioned News Release. Both holes once again encountered individual intercepts in excess of 50 opt Au (>1,700 g/t Au). The ability to reproduce the high grade values discovered with drill hole ICN-003, while drilling at different orientations, suggests that the original results are not biased by core parallel structures. Multiple vein orientations are observed in the Church Zone, including horizontal features that may represent dilational openings related to sheeted, 55 degree dipping structures.

The intercept in hole ICN-015 is located approximately 40 metres south and west of ICN-003, and encountered a long interval of consistent mineralization reporting 63.0 m @ 1.75 g/t Au. This interval contains an upper zone of higher grade mineralization consisting of 7.3 m @ 6.34 g/t. The individual interval with the highest gold content in hole ICN-015 contained 0.8 m @ 24.5 g/t Au.

One hole, ICN-010, was drilled near the edge of the historic January-Combination pit, immediately adjacent to the shared claim boundary with International Minerals. This drill hole encountered two zones of mineralization, with the upper zone containing 9.6 m @ 2.89 g/t Au, starting 9.33 metres below the surface.

Carl Hering, President and CEO of ICN Resources stated that, "We are particularly encouraged by the fact that between the RC and core holes we have encountered mineralization along the north and south extension of the high grade Church zone, extending the potential strike to over 300 metres. A Phase II drill program is being planned, and further drill testing will resume as soon as a drill rig is available."

QA/QC

All sampling on the Goldfield Bonanza Project follows ("NI 43-101") accepted principles and is being conducted by ICN personnel or consultants (National Instrument 43-101 Standards of Disclosure for Mineral Projects). Assays for the RC holes were completed at ALS Chemex in Reno, Nevada, an ISO:9001 certified laboratory or by American Assay, Reno, Nevada, also an accredited laboratory. Initial fire assay with atomic adsorption finish is completed for all samples, and subsequently, for samples in excess of 10 g/t, a conventional gravimetric assay is conducted. ICN randomly inserts reference standards, blanks and duplicate control samples to monitor laboratory performance. Results reported herein have been checked and have undergone quality control review.

Tim Percival, CPG and a P.Geo., a Qualified Person as defined by NI 43-101 and Chief Geologist for the Company, has reviewed and approved 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. ICN plans to explore the feeder zones associated with large low-grade gold and silver systems, as well as explore for high grade deposits at the new Goldfield Bonanza Project located in western Nevada. ICN continues to evaluate opportunities in established metallogenic belts elsewhere in the United States. The ICN management and geological team have extensive experience in Nevada and worldwide, utilizing 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.

www.icnresources.com

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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