VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2012) - ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to provide the following update regarding on-going exploration work at the Goldfield Bonanza Project. The project, under option from Lode Star Gold, Inc., 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 4.1 million ounces of gold at an average grade of >17 g/t Au (0.5 opt).
ICN recently received a final report from Minerals Exploration & Environmental Geochemistry that interprets results from an orientation bio-geochemical survey conducted over portions of the Goldfield project area. Bio-geochem is a technique involving the sampling of plant material on an established survey grid, much like a grid that would be utilized for a conventional soil survey, the difference being that local plant material is sampled as opposed to standard B or C horizon soil material. In an arid environment like that found at Goldfield, plant roots extend many times greater below surface than their actual surface height. Elements mobilized in a hydro-geochemical sub-surface environment can be absorbed into plant material via their root system, yielding information on sub-surface metal anomalies located far deeper than a conventional soil survey might yield.
This technique was applied to portions of the Goldfield property in order to evaluate the effectiveness of conducting a survey of this type, prior to completing a survey over the entire property. Given that the majority of the property is covered by post-mineral rock units, mineralized bedrock lying beneath post-mineral cover at Goldfield is unlikely to respond to a conventional soil survey. The orientation survey covered approximately 15% of the surface claim area, but this area encompasses 85% of the ICN drill collars. Results of the orientation survey are positive, with many of the anomalies open at the ends of the survey grid, or mid-line between widely-spaced lines, indicating that completing bio-geochemical sampling over much of the remainder of the property could yield additional positive results.
The orientation survey covered most of the areas where ICN completed drilling in 2011 and, consequently, ICN has information regarding sub-surface gold values. A large and very distinct bio-geochemical anomaly was found over the Church discovery zone, validating the technique, since the discovery hole, ICN-003, produced an intercept of 45.6 metres of 96.3 g/t beneath 16.9 m (55 ft.) of post-mineral cover. Similar sized bio-geochemical anomalies have been located in four other undrilled areas of the property. These areas include: 1) an area immediately to the east of the Church discovery zone, coinciding with an untested CSAMT anomaly, 2) several grouped anomalies lying immediately to the northwest of the Newmont Lode and the January-White Rock shaft, indicating an extension to historically mined Au mineralization, 3) a northwest trending series of anomalies extending 400 metres to the northwest of the Church discovery zone, and 4) three separate anomalies located to the west of the Silver Pick shaft and to the east of the Phelan shaft in the northern portion of the claim group. A map of the bio-geochem anomalies is shown on the ICN website along with results from the ICN drill holes, classified by total grade times thickness, as an indicator of the strength of the gold mineralization encountered at depth (http://www.icnresources.com/i/maps/GF_GT_Bio_ltr-size.pdf). A good correlation exists between mineralized drill holes and identified anomalies throughout the survey area. ICN drill holes in the northern survey area fall outside of the stronger anomalies, suggesting remaining exploration potential to the north. In the Sheets-Ish area, the only well mineralized drill holes are located in or immediately adjacent to the larger anomaly in the area, including drill hole ICR-044 which intercepted 13.7 m of 6.63 g/t starting 12.2 m below surface. In the southern survey area (central portion of the property), southwest of the January-Combination open pit and within the so-called NE Corridor, mineralized drill holes demonstrate good correlation with the bio-geochemical anomalies and, furthermore, all unmineralized or very weakly mineralized drill holes fall entirely outside of the identified anomalies.
Also shown on the ICN web-site (http://www.icnresources.com/i/maps/GF_GT_Bio_CSAMT_ltr.pdf) is the same map overlaid on the 1700 m level plan of the CSAMT resistivity. The main NE Corridor lies above an overall northeast trending resistivity high, but many of the other bio-geochemical anomalies correspond with a major break in the CSAMT data (pink to yellow on the map). This break in the CSAMT data is suggestive of significant northwest and northeast oriented structures at depth. The potential significance of this correlation of anomalies and the CSAMT break is demonstrated by the drill holes in and around the Newmont Lode in the southern portion of the grid. Holes in this area are weakly to strongly mineralized suggesting further testing along this break is warranted.
Carl Hering, President and CEO of ICN Resources, stated that "We are pleased to have received these results and the interpretation from the orientation survey which clearly indicate untested drill targets in areas of post-mineral cover that we might not otherwise have focused on. The correlation of the bio-geochemical results with the better ICN drill holes and with the CSAMT resistivity is remarkable and will be used to design a future drill program on the property."
All sampling on the Goldfield Bonanza Project follows National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101") accepted principles and is being conducted by ICN personnel or consultants. Assays for the bio-geochmical samples were completed by ALS Chemex in Reno, Nevada, an ISO accredited lab, with sample prep and QA/QC monitored by S.
Clark-Smith of Minerals Exploration and Environmental Geochemistry.
Tom Temkin, CPG and a P. Geo., a Qualified Person as defined by National Instrument 43-101 and the Goldfield Project Geologist for the Company, has reviewed and approved the technical information contained in this news release.
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.
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