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International Northair Mines Ltd. Commences Drilling at La Cigarra Silver Project, Mexico
|By Marketwired .
|June 25, 2014 08:01 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/14 -- International Northair Mines Ltd. (TSX VENTURE:INM) (the "Company" or "Northair") is pleased to announce that a core drill program has commenced at the La Cigarra silver project, located in north central Mexico.
The program will total over 5,000 metres of drilling, designed to expand the current mineral resources which contains 50.4 million Measured and Indicated silver ounces grading 76 grams/tonne ("g/t") and 3.5 million silver ounces of Inferred grading 61 g/t (See INM PR#13-05 dated February 26, 2013); as well as test currently undrilled high priority targets along the main La Cigarra mineralized trend.
"We are very excited to begin our drill program that focuses on the expansion of the La Cigarra mineral resource," said Fred Hewett, President and CEO of Northair. "Drilling will begin by targeting down-dip and on strike projections of mineralization at the north end of the San Gregorio Zone and to the south of the Las Carolinas Zone. Drilling will also be conducted along trend to the south where the Las Venadas and Las Chinas targets are underlain by the same stratigraphy that hosts mineralization at the San Gregorio and the Las Carolinas zones. Successful drilling in these target areas could potentially extend the La Cigarra mineral trend an additional two (2) kilometers."
Results from the drill program will be announced as soon as the assays are received and interpreted by the Company.
La Cigarra Silver Deposit - Drilling and Expansion Potential
The La Cigarra silver project is located in the state of Chihuahua, 26 kilometres from the historic silver mining city of Parral. The project boasts nearby power, has good road access, gentle topography and established infrastructure. La Cigarra was identified and acquired in 2008 as part of the Company's generative exploration program. To-date reconnaissance, sampling and drilling confirm numerous silver occurrences traced over a 6.5 kilometre-long, north-northwest trend of mineralization.
Since the first drill program was completed by the Company in 2010 drill results have been very successful, with all but 2 of the 154 drill holes (totaling over 25,000 metres) hitting potentially economic mineralization. Of these 154 drill holes, 143 were used to calculate the initial mineral resource estimate within a potentially surface mineable area that includes the San Gregorio and Las Carolinas mineralized zones. This potentially surface mineable mineral resource is defined over 2.1 kilometres of the recognized 6.5 kilometre mineralized trend and has a down-dip extent of greater than 250 metres.
Northair's next priority at La Cigarra is to test projected mineralization adjacent to and below the current mineral resource. These targets are bracketed by earlier wider spaced drill holes that encountered strong mineralization along strike and down dip, but were excluded from the resource estimate because of low drill density that did not meet the criteria to be included into the pit shell boundary. Results of further drilling within and adjacent to the optimized pit could add silver ounces to the current mineral resource estimate and lower the estimated 3.28:1 strip ratio.
The Company also believes that considerable exploration potential exists along the 6.5 kilometre long La Cigarra mineralized system. This potential is supported by soil sampling and initial drilling at the La Borracha Zone to the north. Nine holes drilled here intercepted important silver mineralization that remains open, and is not included in the La Cigarra mineral resource. To the south sampling on surface has returned up to 233 g/t silver over 2.5 metres at the Las Venadas and La Chinas zones. On the 36,000 hectare property there are also numerous target areas such as the La Navidad and Ram zones defined on surface by a collection of historic mine workings. Soil sampling, trenching and mineralized grab samples also add good value to these target zones. Future drilling in these defined target areas could also potentially add to the current mineral resource estimate.
The scientific and technical information in this news release has been approved by Fred Hewett, the Company's President and CEO, and a Qualified Person under National Instrument 43-101.
About International Northair Mines Ltd.
International Northair Mines Ltd. is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. Northair is focused on advancing its La Cigarra silver project located in the state of Chihuahua, which currently hosts a NI 43-101 Resource estimate of 50.4 million ounces of silver in the Measured & Indicated categories grading 76 g/t silver and 3.5 million ounces of silver in the Inferred category grading 61 g/t silver constrained by a Whittle pit shell at an economic cutoff grade of 30 g/t silver (assuming metallurgical recoveries of 84% silver). The La Cigarra silver deposit also contains appreciable amounts of lead, zinc and gold as referenced in the San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico dated effective February 26, 2013.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as resource estimates, anticipated results and costs, and discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, resources estimates, future anticipated resources and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.
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