SALT LAKE CITY, UT--(Marketwired - Jul 7, 2016) - INCEPTION MINING INC. (OTCQB: IMII) ("Inception" or the "Company") announced today the preliminary results of its current drilling campaign plus the initial analysis of the entire leach pad at its Cerros Del Sur operation in Honduras, the principal operation of the Company's wholly-owned subsidiary, Clavo Rico LTD.
The Company, through its subsidiaries, embarked on a drilling program to profile its properties following the merger in October 2015. The preliminary results indicate an extensive sulfide-based ore body, overlaid by an oxide ore zone that could be very amenable to the current leaching methodology used by the Company. Assay and metallurgical testing by a laboratory in the United States is now being completed to have a better understanding of the sulfide ore.
When the mining operation was acquired, the Company relied on historical data and determined that a better, more current understanding of the recovery was needed. Since then, the Company has embarked on a statistical sampling (six-meter grid with sampling to depth) of the leach pad and has preliminary data that indicates primarily oxide ores averaging over 1.19 grams per ton. The Company plans to complete the sampling and laboratory work to better understand the ore and possible enhanced recovery methods.
Clavo Rico Ltd.'s principal mining operations in Honduras, Central America operate via a majority-owned subsidiary with positive revenue and significant resources. Its mining concessions include several historical underground operations dating back to the early Mayan and Spanish occupation.
The Company is optimistic that owned and profiled reserves are sufficient to maximize the existing leach pad, continue generating revenues, support the planned exploration program and expanded 43-101 reserve analysis. The merger with Clavo Rico LTD. included land, equipment of the current mining operations, and the primary concession, along with the rights to proceed with exploration and exploitation on the additional concessions. Our team will focus on bringing those new bodies to production and will consider on a comprehensive mapping of the additional concessions.
Reflecting on the recent developments, Michael Ahlin, the Company's CEO, stated, "While historical data can be the basis for an acquisition, new data is necessary to confirm and boost confidence in the project. We are very pleased with the results of our operations to date."
About Inception Mining Inc.
We are a minerals resource company engaged in the acquisition, exploration, and development of primarily gold related properties. Our primary target properties are those that have been the subject of historical exploration having significant supporting data.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company's properties. There can be no assurance statements will prove to be accurate and actual results and future events could differ materially from anticipated in such statements.
Inception Mining Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by applicable securities legislation.