Inspiration Mining Corporation
CNSX : ISM

Inspiration Mining Corporation

July 12, 2016 08:00 ET

Inspiration Appoints John A. Gould as Its Qualified Person for Its Carscallen Gold Property

TORONTO, ONTARIO--(Marketwired - July 12, 2016) - Inspiration Mining Corporation (CSE:ISM) (the "Corporation") is pleased to announce that Mr. John Alan Gould has been appointed as its Qualified Person in respect to the Corporation's Carscallen Gold Property. Mr. Gould, who has extensive experience with geological formations similar to those involved in the Carscallen Property, has completed a review of the Property and has developed an initial work program for the Project.

Mr. Gould, who is 59 years old and a citizen of South Africa, holds a BSc degree (Geology, Physics and Chemistry) from the University of Witwatersrand. At the start of John Gould's career, he was initially involved in Witwatersrand-type and Bushveld-type mining operations in South Africa. His experience includes all aspects of mining and geological aspects that extended over deep and shallow level gold mining operations (Venterspost, East Driefontein, Randfontein Estates, Joel Gold Mine, ERPM, Grootvlei Gold Mine, Harmony and Virginia Gold Mines) as well as experience in the platinum mines (Rustenburg Platinum Mines - Amandelbult Section).

About the Carscallen Property

The Property is located 25 kilometres west of the center of the City of Timmins and 7 kilometres north of the Lake Shore Gold, Timmins Mine which produced an aggregate of 185,600 ounces in 2014.

Previous workers stripped a large area on the Property revealing quartz-carbonate-sericite alteration that is exposed for 25 metres across strike and at least 20 metres along strike and is overlain by overburden to the north and east. The alteration package contains quartz-carbonate vein stockwork with veins from 3 to 7 centimetres thick and dipping from 10° to 30° to the southeast. There are many similarities with the quartz-carbonate-sericite alteration on the Property and mines in the Porcupine Mining Camp which has produced approximately 70 million ounces of gold to present. Some veins are a light smoky colour and others contain associated black tourmaline all of which display pyrite haloes of up to 5%.

There is a small timbered shaft 220 metres northwest of the stripped area. The depth of the shaft is presently unknown. A regional north/south fault is exposed in outcrop 220 metres northwest of the above mentioned shaft. The fault exhibits abundant quartz-carbonate veining in a carbonate-sericite alteration package similar to the stripped area. A large pit was excavated 56 metres southwest of the fault exposure adjacent to a quartz-carbonate vein that appears to be greater than 1 metre in thickness and dips to the west.

Grab samples were taken in 2013 and 2015 and returned values from trace to 3.21 gpt gold. The shaft 1 area returned values of 0.007 gpt gold and 0.009 gpt gold, the shaft 2 area returned 0.261 gpt gold. The stripped area had 18 samples taken with values from 0.0025 gpt gold to 3.21 gpt gold. Eight of the samples were over 0.5 gpt gold. Historic assays of grab samples have been reported as high as 4.51 ounces per ton (155 gpt) in a MNDM publication, Mineral Deposits Circular 13 but values have not been substantiated as yet.

John Gould's international corporate experience started with him having headed up the South African operations for Platinum Group Metals for which he was responsible for the development, market position and technical performance of the company. Platinum Group Metals is a Toronto listed company with its primary assets in South Africa. John Gould then joined First Uranium Corporation as Vice President Exploration and Technical Services, and was initially responsible for the Business Plans for the company. The company rehabilitated and commissioned the Ezulwini Mine, a 200kT gold and uranium operation as well as the Mine Waste Solutions operations, a 1.2Mt sand processing operation. He was then promoted to Chief Operating Officer for First Uranium (Ezulwini Mining Company) and was responsible for the entire operation. He was involved in the restructuring and re-opening of this significant gold and uranium operation that employed some 4,000 underground and plant operational people. The operations involved the reopening of a shaft and extracting both the gold and uranium from the shaft pillar as well as remnant ground. The operations were eventually sold to Gold One, a significant operator in the gold and uranium sector in South Africa.

A more complete copy of John Gould's curriculum vitae appears on the Corporation's website, www.inspirationmining.com.

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

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