Minerals Corporation (Toronto stock exchange: IMZ)(Swiss stock
exchange: IMZ)(or the 'Company?) reports new high-grade drill
results from the Angela Vein at the 51%-owned Inmaculada gold-silver
project, located approximately 25km southwest of IMZ′s 40%-owned
Pallancata silver mine. The current drill campaign is designed to move
inferred resources into the indicated and measured categories, as a
requisite to completion of a feasibility study in 2011.
Several high-grade intercepts (estimated true widths) are reported in
the latest drill results, including 4.0 meters ('m?) at an average grade
of 33.6 grams per tonne ('g/t?) gold and 789 g/t silver and 4.0m at an
average grade of 24.2 g/t gold and 706 g/t silver.
Assay results for all 34 core drill holes totaling 11,702 m (Inma
135-168) are summarized in 1 and shown on the long section in 2. Assay results for 47 core drill holes totaling 9.499m (Inma
88-134) were previously reported in a May 4, 2010 news release.
Highlights of drill results (in sequential drill hole order) from the 34
drill holes, representing estimated true widths and average uncut
grades, include:
- 2.1m at 17.4 g/t gold and 623 g/t silver (Inma-139)
- 4.0m at 24.2 g/t gold and 706 g/t silver (Inma-143)
- 6.0m at 15.5 g/t gold and 617 g/t silver (Inma-149)
- 10.5m at 6.3 g/t gold and 232 g/t silver (Inma-155)
- 10.0m at 7.7 g/t gold and 186 g/t silver (Inma-158)
- 5.0m at 19.9 g/t gold and 285 g/t silver (Inma-132)
- 4.0m at 33.6 g/t gold and 789 g/t silver (Inma-159)
- 8.5m at 8.1 g/t gold and 178 g/t silver (Inma-160)
- 4.0m at 5.1 g/t gold and 375 g/t silver (Inma-161)
- 6.0m at 11.6 g/t gold and 505 g/t silver (Inma-162)
- 3.2m at 19.9 g/t gold and 445 g/t silver (Inma-168)
Mineralization in the Angela Vein currently extends over a strike length
of more than 1,900 m with a vertical extent of up to 300m and remains
open along strike to the northeast. The Angela Vein is one of several
significant vein systems recognized at the Inmaculada Project, most of
which are relatively under-explored.
In February 2010, an independent National Instrument ('NI?) 43-101
compliant mineral resource estimate on the Angela Vein (based at that
time on approximately 25,000m of drilling in 84 core holes over 1,500m
of mineralized strike length) reported both indicated and inferred
resources for the Angela vein at a 3 g/t gold-equivalent cut-off grade
(assuming a 60:1 silver to gold ratio) as follows:
- Indicated Resources:
1,238,000 Tonnes at 3.9 g/t gold and 122 g/t silver containing
approximately 154,000 ounces of gold and 4.9 million ounces of silver
(100% project basis)
- Inferred Resources:
4,686,000 Tonnes at 3.4 g/t gold and 147 g/t silver containing
approximately 512,000 ounces of gold and 22.1 million ounces of silver
(100% project basis)
An updated mineral resource estimate for the Angela Vein (including the
results for an additional 52 drill holes totaling 15,650m, up to and
including drill hole INMA 139) will be announced by IMZ by the end of
the third calendar quarter of 2010. A significant increase in tonnes and
contained gold and silver ounces is expected.
Feasibility Study Update
Three core drill rigs have been operating on-site at Inmaculada for
several months with the intention of expanding and upgrading the
resource estimate to support completion of a feasibility study,
including a mineral reserve estimate, by the end of 2011. The current
infill drill program is expected to be completed by the end of August.
Metallurgical testwork is ongoing. Preliminary results to date suggest
that the Inmaculada mineralization could be treatable by conventional
processing techniques with good metal recoveries.
Property Status
IMZ currently owns a 51% interest in Inmaculada (and is the project
operator) with Hochschild Mining plc ('Hochschild?) owning the remaining
49% interest.
IMZ can earn and acquire an additional 19% interest (total 70%) by
completing (at its sole cost) a feasibility study by September 2013 and
by issuing 200,000 common shares to Hochschild over a 5-year period,
commencing February 2011.
General
Sample preparation and analytical work for the Inmaculada drilling
program were carried out by SGS Mineral Services in Lima, Peru using
industry-standard sampling practices and analytical methods for silver
and gold. As part of IMZ ´s QA/QC protocol, standard samples and blanks
were inserted into the sample processing stream at a rate of one per 10
samples. Duplicate and alternate laboratory check samples also form part
of this sampling protocol. The technical disclosure including drill
results in this news release were reviewed by IMZ′s Qualified Person,
Exploration Manager, Mark Cannuli.
The previous Angela Vein mineral resource estimate was classified as
indicated and inferred in accordance with CIM guidelines, as required by
NI 43-101, by FSS Canada′s Qualified Person R. Mohan Srivastava
(P.Geo.). The estimate has an effective date of February 3, 2010.
About International Minerals
International Minerals is a silver-gold producer, explorer and developer
with silver-gold production from its 40%-owned Pallancata Mine, one of
the top-10 primary silver mines in the world. Production of
approximately 10 million ounces of silver and 33,000 ounces of gold (on
a 100% project basis) is estimated by IMZ in 2010.
In addition to the Pallancata Mine and the Inmaculada Project, IMZ also
holds a majority or 100% ownership interests in development stage gold
projects in Nevada (Goldfield and Converse) and Ecuador (Rio Blanco and
Gaby). IMZ also receives a 3% net smelter return ('NSR?) royalty from
Barrick Gold′s Ruby Hill gold mine in Nevada, which produced
approximately 100,000 gold ounces in 2009.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss
Stock Exchange (since 2002).
Hochschild Mining plc does not accept any responsibility for the
adequacy or inadequacy of the disclosure made in this news release and
any such responsibility is hereby disclaimed in all respects.
Internet Site: Cautionary Statement:
Some of the statements contained in this release are 'forward-looking
statements? within the meaning of Canadian securities law requirements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements in this release
include statements regarding estimates of timing of resource estimate,
feasibility studies and metal production.Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties such as: risks in maintaining production
and processing rates, risks of cost escalation, risks of estimating
mineral resources and reserves, variances between mineral reserves and
actual mineral production ,delays in completing planned exploration
programs and feasibility studies, and other risks and uncertainties
detailed in the Company′s Renewal Annual Information Form for the year
ended June 30, 2009, which is available at under the Company′s name. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
