Other Results Include 19.6 Metres Averaging 6.32 GPT Gold And 13.0 Metres Averaging 4.74 GPT Gold
TORONTO, ONTARIO, Nov 03, 2008 (MARKET WIRE via COMTEX) -- Inter-Citic Minerals Inc. (CA:ICI) ("Inter-Citic" or "the Company") President and CEO James Moore, is pleased to report results received from the fifth set of drill holes from the Company's 2008 diamond drill program at its Dachang Gold Project in China. The drill holes reported in this release include both step-out holes in new parts of the property outside of the previously reported NI 43-101 compliant inferred resource area, as well as infill holes on the Dachang Main Zone (DMZ).
Drill Highlights:
- Drill hole CJV-483 is a step-out hole on the Dachang Main Zone Extension (DMZ-X), and intersected multiple mineralized zones, including 32.5 metres of mineralization averaging 3.91 GPT contained gold.
- Drill hole CJV-495 is a step-out hole on the Dachang Main Zone Extension (DMZ-X), and intersected multiple mineralized zones, including 19.6 metres of mineralization averaging 6.32 GPT contained gold.
- Drill hole CJV-471 is an infill hole on the Dachang Main Zone (DMZ) and intersected multiple mineralized zones, including 13.0 metres of mineralization averaging 4.74 GPT contained gold.
Other results include:
- Drill hole CJV-461 intersected multiple mineralized zones, including 3.5 metres of mineralization averaging 10.67 GPT contained gold. This hole is a step-out hole in a new area of the property outside of the previously reported NI 43-101 compliant inferred resource area.
- Drill hole CJV-475 intersected 4.2 metres of mineralization averaging 7.41 GPT contained gold. This hole is a step-out hole in a new area of the property.
- Drill hole CJV-476 intersected multiple mineralized zones, including 7.1 metres of mineralization averaging 5.36 GPT contained gold. This is an infill hole to the previously reported NI 43-101 compliant inferred resource area.
- Drill hole CJV-477 intersected multiple mineralized zones, including 10.3 metres of mineralization averaging 5.16 GPT contained gold. This is an infill hole.
- Drill hole CJV-478 intersected multiple mineralized zones, including 4.0 metres of mineralization averaging 6.44 GPT contained gold. This hole is a step-out hole in a new area of the property.
- Drill hole CJV-487 intersected multiple mineralized zones, including 6.5 metres of mineralization averaging 5.03 GPT contained gold. This hole is a step-out hole in a new area of the property.
- Drill hole CJV-494 intersected multiple mineralized zones, including 9.4 metres of mineralization averaging 3.62 GPT contained gold. This is an infill hole.
- Drill hole CJV-498 intersected multiple mineralized zones, including 9.0 metres of mineralization averaging 7.00 GPT contained gold. This hole is a step-out hole in a new area of the property.
- Drill hole CJV-504 intersected multiple mineralized zones, including 8.1 metres of mineralization averaging 5.73 GPT contained gold. This hole is a step-out hole in a new area of the property.
- Drill hole CJV-506 intersected multiple mineralized zones, including 1.0 metre of mineralization averaging 14.2 GPT contained gold and another of 3.3 metres of mineralization averaging 5.58 GPT contained gold. This hole is a step-out hole in a new area of the property.
Detailed drilling results are set out in the chart below:
-----------------------------------------------------------------------
----
Diamond Section/ Dip/ From To Drill Gold
Drill Hole Location Azimuth (Metres) (Metres) Width Assay
No. (Degrees) (Metres) (grams
Per
tonne)
---------------------------------------------------------------------------
CJV-457 3065E / DMZ-X -88/20 21.70 23.70 2.00 0.75
CJV-457 70.70 71.90 1.20 1.19
CJV-457 81.20 82.30 1.10 1.61
CJV-457 92.60 93.40 0.80 1.62
CJV-457 106.10 107.10 1.00 1.87
CJV-457 124.80 126.00 1.20 4.98
CJV-461 3065E / DMZ-X -45/20 28.50 33.50 5.00 2.16
CJV-461 40.50 41.70 1.20 1.46
CJV-461 47.50 48.90 1.40 1.25
CJV-461 51.00 52.00 1.00 0.93
CJV-461 90.50 91.50 1.00 0.61
CJV-461 106.50 110.00 3.50 10.67
CJV-465 3234E / DMZ-X -88/20 assays pending
CJV-466 11100 /DMZ -48/20 52.50 53.50 1.00 2.29
CJV-466 66.60 71.60 5.00 1.74
CJV-466 79.20 82.60 3.40 1.83
CJV-466 95.00 95.70 0.70 5.23
CJV-466 98.20 101.00 2.80 2.68
CJV-466 110.90 114.30 3.40 1.15
CJV-470 3234E / DMZ-X -45/20 assays pending
CJV-471 10150 / DMZ -80/20 17.00 18.00 1.00 0.91
CJV-471 46.10 59.10 13.00 4.74
CJV-471 68.00 71.00 3.00 1.44
CJV-472 2900E / DMZ-X -74/20 assays pending
CJV-473 10150 / DMZ -45/20 assays pending
CJV-474 3400E / DMZ-X -80/20 assays pending
CJV-475 3400E / DMZ-X -50/20 114.10 118.30 4.20 7.41
CJV-475 142.30 143.40 1.10 1.64
CJV-476 11300 / DMZ -83/20 41.40 42.40 1.00 0.65
CJV-476 71.40 72.40 1.00 1.34
CJV-476 74.80 75.40 0.60 6.55
CJV-476 88.00 89.00 1.00 12.00
CJV-476 93.50 94.50 1.00 3.81
CJV-476 98.00 98.70 0.70 0.81
CJV-476 115.60 119.30 3.70 1.01
CJV-476 135.40 136.40 1.00 2.58
CJV-476 144.90 145.50 0.60 1.52
CJV-476 164.50 166.50 2.00 10.90
CJV-476 173.50 179.30 5.80 1.98
CJV-476 187.00 188.00 1.00 0.52
CJV-476 196.80 203.90 7.10 5.36
CJV-477 11700 / DMZ -53/20 82.80 83.80 1.00 1.28
CJV-477 87.80 89.80 2.00 1.37
CJV-477 95.50 100.60 5.10 2.42
CJV-477 104.00 105.00 1.00 1.25
CJV-477 115.00 125.30 10.30 5.16
CJV-477 133.90 134.90 1.00 2.12
CJV-478 2900E / DMZ-X -88/20 39.60 43.60 4.00 6.44
CJV-478 99.30 100.70 1.40 3.20
CJV-478 142.50 144.70 2.20 2.13
CJV-478 156.20 158.20 2.00 1.81
CJV-479 3400E / DMZ-X -45/20 49.50 52.60 3.10 0.93
CJV-479 75.00 77.00 2.00 0.58
CJV-479 87.00 88.30 1.30 0.86
CJV-480 12100 / DMZ -61/20 60.00 61.00 1.00 0.99
CJV-480 73.50 74.50 1.00 1.33
CJV-480 87.50 89.50 2.00 3.66
CJV-480 102.90 105.00 2.10 1.61
CJV-480 109.50 119.00 9.50 1.31
CJV-480 135.00 141.90 6.90 2.77
CJV-480 149.50 152.60 3.10 2.00
CJV-481 1300W / PVZ -45/20 17.50 19.00 1.50 0.64
CJV-481 24.00 25.00 1.00 0.61
CJV-481 70.00 75.00 5.00 1.28
CJV-481 94.00 98.00 4.00 1.19
CJV-481 171.00 173.30 2.30 1.60
CJV-481 177.20 179.50 2.30 2.29
CJV-481 191.00 192.00 1.00 0.67
CJV-481 198.00 199.00 1.00 1.00
CJV-481 211.70 212.50 0.80 0.66
CJV-482 12100 / DMZ -76/20 63.50 64.80 1.30 1.00
CJV-482 90.50 93.60 3.10 3.15
CJV-482 105.50 107.50 2.00 0.54
CJV-482 112.80 114.30 1.50 2.30
CJV-482 122.00 125.00 3.00 0.90
CJV-482 135.50 137.60 2.10 2.95
CJV-482 152.00 154.00 2.00 1.51
CJV-482 159.00 160.00 1.00 0.89
CJV-482 170.00 174.00 4.00 2.65
CJV-483 3565E / DMZ-X -65/20 32.00 64.50 32.50 3.91
CJV-483 71.50 73.50 2.00 0.85
CJV-483 107.50 108.50 1.00 0.60
CJV-484 11700 / DMZ -78/20 114.50 116.00 1.50 0.53
CJV-484 120.30 125.30 5.00 0.73
CJV-485 3565E / DMZ-X -48/20 32.50 34.50 2.00 0.81
CJV-485 42.50 49.50 7.00 1.64
CJV-485 53.00 54.00 1.00 2.01
CJV-485 76.70 85.30 8.60 0.91
CJV-485A 3565E / DMZ-X -45/20 36.50 38.50 2.00 0.50
CJV-486 3900E / DMZ-X -65/20 24.00 26.00 2.00 0.70
CJV-486 66.90 68.60 1.70 2.11
CJV-487 1300W / PVZ -90/20 2.00 3.00 1.00 0.60
CJV-487 9.70 10.70 1.00 0.52
CJV-487 24.70 31.20 6.50 5.05
CJV-487 101.50 102.40 0.90 5.68
CJV-487 120.20 121.20 1.00 1.47
CJV-487 147.80 148.50 0.70 1.08
CJV-487 155.80 158.80 3.00 2.71
CJV-487 172.00 173.00 1.00 0.50
CJV-487 175.80 176.80 1.00 1.16
CJV-487 198.00 201.00 3.00 1.68
CJV-488 12500 / DMZ -45/20 30.50 33.50 3.00 5.01
CJV-488 37.90 42.90 5.00 0.90
CJV-488 62.00 63.00 1.00 0.77
CJV-488 67.50 71.00 3.50 4.26
CJV-488 78.00 80.00 2.00 1.40
CJV-488 86.00 87.20 1.20 2.50
CJV-488 90.00 92.00 2.00 4.79
CJV-489 12000 / DMZ -54/20 81.20 88.80 7.60 1.16
CJV-489 91.50 95.50 4.00 2.76
CJV-489 98.50 102.00 3.50 1.43
CJV-489 105.30 108.30 3.00 1.10
CJV-489 120.80 127.00 6.20 3.10
CJV-489 135.80 139.80 4.00 1.14
CJV-489 145.50 147.70 2.20 2.97
CJV-489 159.80 163.60 3.80 2.45
CJV-490 12500 / DMZ -70/20 37.90 40.00 2.10 1.64
CJV-490 42.20 43.70 1.50 0.65
CJV-490 59.60 61.60 2.00 2.22
CJV-490 68.90 73.30 4.40 0.55
CJV-490 91.50 93.50 2.00 3.39
CJV-490 114.70 115.70 1.00 1.23
CJV-491 1300W / PVZ -90/20 23.20 24.30 1.10 2.52
CJV-491 102.00 103.10 1.10 2.26
CJV-492 1300W / PVZ -60/20 16.20 19.20 3.00 0.92
CJV-492 87.00 88.00 1.00 0.50
CJV-492 145.30 146.40 1.10 0.67
CJV-492 147.40 148.40 1.00 0.59
CJV-493 3900E / DMZ-X -45/20 126.60 127.60 1.00 0.90
CJV-494 12500 / DMZ -88/20 33.50 34.40 0.90 1.01
CJV-494 37.50 40.70 3.20 0.80
CJV-494 47.20 48.20 1.00 1.20
CJV-494 55.00 56.00 1.00 0.90
CJV-494 98.20 99.20 1.00 0.58
CJV-494 108.90 111.40 2.50 2.86
CJV-494 117.30 126.70 9.40 3.62
CJV-494 142.90 143.70 0.80 0.54
CJV-494 151.70 152.50 0.80 0.78
CJV-494 157.60 158.30 0.70 1.90
CJV-495 3565E / DMZ-X -88/20 33.00 37.00 4.00 1.58
CJV-495 65.70 85.30 19.60 6.32
CJV-495 90.30 91.30 1.00 0.51
CJV-495 103.10 103.80 0.70 0.62
CJV-496 12000 / DMZ -77/20 72.40 76.40 4.00 0.59
CJV-496 108.50 109.50 1.00 0.62
CJV-496 118.70 119.70 1.00 0.73
CJV-496 122.00 123.30 1.30 1.15
CJV-496 127.00 130.00 3.00 1.96
CJV-496 161.30 162.80 1.50 1.60
CJV-496 170.00 173.20 3.20 0.91
CJV-496 181.50 182.70 1.20 1.36
CJV-496 186.60 188.60 2.00 0.85
CJV-497 2250E / DMZ-X -45/20 30.00 31.00 1.00 2.54
CJV-498 1100W /PVZ -45/20 3.70 7.60 3.90 0.50
CJV-498 23.00 32.00 9.00 7.00
CJV-498 45.60 47.10 1.50 0.99
CJV-498 92.00 93.00 1.00 1.04
CJV-498 142.00 143.00 1.00 0.59
CJV-498 156.70 161.10 4.40 1.51
CJV-498 167.60 169.60 2.00 1.80
CJV-499 12500 / DMZ -70/20 53.10 55.40 2.30 3.27
CJV-499 70.50 73.00 2.50 4.16
CJV-499 86.00 87.20 1.20 2.40
CJV-499 121.10 129.00 7.90 2.23
CJV-499 131.60 133.50 1.90 2.49
CJV-499 141.00 142.00 1.00 0.51
CJV-500 3065E / DMZ-X -45/20 no significant assays
CJV-501 3900E / DMZ-X -88/20 147.00 148.00 1.00 0.51
CJV-501 163.50 164.50 1.00 0.65
CJV-502 8500 / DMZ -45/20 39.00 49.00 10.00 1.84
CJV-502 67.40 69.80 2.40 2.99
CJV-502 97.00 100.00 3.00 1.51
CJV-503 3565E / DMZ-X -80/20 22.00 23.50 1.50 1.33
CJV-503 49.00 49.90 0.90 0.51
CJV-503 56.20 57.80 1.60 3.74
CJV-503 72.00 73.00 1.00 1.27
CJV-503 75.70 78.00 2.30 2.49
CJV-503 110.70 111.70 1.00 0.96
CJV-503 125.50 126.30 0.80 2.03
CJV-503 138.30 139.30 1.00 0.75
CJV-504 3565E / DMZ-X -70/20 93.40 101.50 8.10 5.73
CJV-505 12500 / DMZ -70/20 58.00 59.00 1.00 0.75
CJV-505 73.00 75.10 2.10 2.47
CJV-505 131.00 132.00 1.00 1.12
CJV-505 138.80 141.80 3.00 4.65
CJV-505 148.50 151.70 3.20 0.99
CJV-505 158.30 159.30 1.00 1.74
CJV-505 171.50 172.50 1.00 1.41
CJV-506 1100W /PVZ -89/20 30.00 34.00 4.00 0.70
CJV-506 65.00 66.00 1.00 1.02
CJV-506 129.40 130.40 1.00 1.51
CJV-506 145.20 146.20 1.00 14.20
CJV-506 175.80 179.10 3.30 5.58
CJV-506 208.30 209.30 1.00 1.60
CJV-506 213.30 214.30 1.00 0.58
CJV-506 217.30 218.65 1.35 0.67
CJV-507 2250E /DMZ-X -89/20 no significant assays
CJV-508 8500 / DMZ -65/20 lost in fault zone
CJV-509 3565E / DMZ-X -45/20 48.00 57.30 9.30 1.02
CJV-509 71.80 74.50 2.70 0.93
CJV-510 1100W /PVZ -68/20 13.70 16.70 3.00 1.39
CJV-510 38.00 39.00 1.00 2.88
CJV-510 49.00 50.00 1.00 1.19
CJV-510 64.00 67.00 3.00 1.66
CJV-510 84.40 85.60 1.20 4.53
DMZ: Dachang Main Zone - The original 2km long zone of mineralization
defined by the 2006 DDH program
DMZ-X: Dachang Main Zone Extension - A 1.5 km long zone of mineralization
extending off the eastern end of the DMZ as defined by the 2007 DDH
program
PVZ: Placer Valley Zone - A south dipping mineralized fault 1 km south of
the DMZ
Assay cut-off for the above table was at 0.5 gpt Au, however, intervals were determined by geological interpretation of consistent mineralized zones. Broader intervals may include waste intervals of up to 2m. There was no evidence of nugget effect and none were topcut. True widths for the intervals above have yet to be determined.
Step-out drill holes are in new areas of the Dachang Gold Property adjacent to the Company's existing NI 43-101-compliant inferred resource area on the DMZ, and on the Placer Valley anomaly (PVZ), a mineralized fault zone identified approximately 1 km to the south of the DMZ. Infill holes are testing continuity of the Company's existing NI 43-101-compliant inferred resource area on the total 3+ km extent of the Dachang Main Zone as described in the Company's press release of April 10, 2008. The sulphide mineralization of the DMZ is open to depth along most of this defined fault structure and is still open to the east. A visual representation of the location of the drill holes in this release can be seen at:
http://www.corebox.net/properties/dachang/ or as a map on the Company's website.
Seven drills are currently operating at Dachang to complete up to 50,000 metres of drilling this year aimed at increasing much of the existing inferred resource inventory to an indicated level as well as resource expansion in new areas of the property. Inter-Citic has now completed the majority of its infill program and is currently drilling in new areas outside the Company's existing NI 43-101-compliant inferred resource area.
More than 100 additional drill holes have been completed at Dachang and are pending assay results, which will be reported as they become available.
Inter-Citic is also pleased to report that its third quarter financial statements for the period ending August 31, 2008, shows Inter-Citic had in excess of $20 million CDN in cash. The Company's third quarter financial statements dated October 10, 2008 are available on Inter-Citic's website and SEDAR.
Sample Methodology:
Drill core samples were taken at geologically significant intervals, typically over one metre. Core recovery was in excess of 90%. The designated sample intervals were cut with a diamond saw by qualified technicians. One half of the cut core was selected for assay with the remaining half being placed back into the core box. Care was taken to ensure that neither half of the core represents a bias with respect to the nature and mineral content of the sample. The sample interval and methodology are consistent with industry standards. Drill core samples were shipped to SGS Geochemical Laboratories ("SGS") located in Kunming and Tianjin, China for sample preparation and 50g fire assay with AA finish. SGS is the world's leading inspection, verification, testing and certification company. Analytical work is performed in accordance with recognized standards such as ASTM, ISO, JIS, and other accepted industry standards. Accuracy of the results is tested through the systematic inclusion of reference samples and duplicate samples.
Security of Samples: All of the samples collected at Dachang are stored in a restricted secure storage area. Samples are shipped by truck to Golmud and delivered to Inter-Citic's courier agent in Golmud for shipment to the various laboratories for analysis. Inter-Citic's courier agents are present at all transshipment points between Golmud and the laboratories. Exploration at Dachang was conducted with the assistance of the numerous professionals from the Qinghai Geological Survey Institute, working in co-operation with Inter-Citic's technical team on site and supervised by Mr. Garth Pierce, Vice-President of Exploration.
Subject to regulatory approval, the Company also announces that the Board has approved the grant of 100,000 stock options to Mr. Patrick Gorman pursuant to the terms of Inter-Citic's Stock Option Plan, at an exercise price of $0.50 with an expiry date of November 3, 2010. As reported in the Company's press release of July 22, 2008, Mr. Gorman is a chartered mining engineer and is a competent/qualified person as defined by the NI-43-101 and AIM rules, and has been engaged to oversee the preparation and drafting of a Preliminary Scoping Study for Inter-Citic's Dachang Gold Project.
Mr. Michael W. Leahey, P.Geo., the Company's internal Qualified Person under the requirements of National Instrument 43-101, has reviewed a copy of this press release.
Mr. B. Terrence Hennessey, P.Geo., of Micon International Limited is a Qualified Person under the requirements of National Instrument 43-101 and has reviewed a copy of this press release.
On Behalf of the Board:
James J. Moore, President & CEO
ABOUT INTER-CITIC:
Toronto-based Inter-Citic Minerals Inc. is an exploration and development company with properties in the People's Republic of China, including its Dachang Gold Project in Qinghai Province. Inter-Citic is listed on the TSX under the symbol ICI. Inter-Citic's website is www.inter-citic.com.
Investors are encouraged to review "Risk Factors" associated with the Dachang project as outlined in the Company's 2007 Financial Statements and Annual Information Form available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts:
Inter-Citic Minerals Inc.
Stephen Lautens
Vice President, Corporate Communications
(905) 479-5072 x 227
Email: stephen@inter-citic.com
Website: Inter-Critic
SOURCE: Inter-Citic Minerals Inc.
mailto:stephen@inter-citic.com
http://www.inter-citic.com
Copyright 2008 Market Wire, All rights reserved.
No comments:
Post a Comment