Additional Surface Gold/Silver Sampling Results Continue to Expand Area of Potential Heap Leachable Mineralization at the Hercules Project, Nevada
ICONIC MINERALS LTD.
Suite 303, 595 Howe Street Vancouver, B.C. V6C 2T5 Phone: (604) 336-8614 Fax: (604) 718-2808 www.iconicmineralsltd.com
NEWS RELEASE Additional Surface Gold/Silver Sampling Results Continue to Expand Area of Potential Heap Leachable Mineralization at the Hercules Project, Nevada
July 22, 2015 – Iconic Minerals Ltd. (the “Company” or “Iconic”) ((TSX-V: ICM) (FSE: YQG) announces it has received initial outcrop rock chip channel sampling results for the West Cliffs Target (“WC”) at its Hercules Project (“Hercules”), located approximately 17 km (10.6 miles) east-southeast of the Comstock District in Lyon County, Nevada. Like the Hercules target results (see July 8th press release) WC’s results have numerous intercepts of gold/silver grades consistent with gold/silver heap leaching in Nevada. Unlike the Hercules Target, which contained three +10 g/t (+0.3 oz/ton) gold assays including 3.35 metres (11 ft.) averaging 11.3 g/t (0.33 oz/ton) gold and 161 g/t (4.7 oz/ton) silver, the highest assay at WC is 0.91 metres (3 ft.) of 5.47 g/t (0.16 oz/ton) gold and 96.3 g/t (2.8 oz/ton) silver. This is thought to be because the level of erosion is somewhat less at WC. Summary sampling results are shown in the table below.
Outcrop sampling at WC was done over a strike length of 500 metres (1,600 ft.) and width of 200 metres (650 ft.). A total of 320.7 metres (1,052 ft.) of heap leach grade gold/silver values (≥ 0.005 oz/ton (0.17 g/t) gold equivalent) have been defined on surface at the WC Target. This mineralization, which will have a minimal stripping ratio, will be used along with drilling and underground sampling results to define a NI 43-101 resource. A map showing the extent of the alteration, veining and sample line locations is available on the Company’s website. Like several other epithermal hot springs occurrences in Nevada, Hercules veins exposed at the surface are primarily low temperature quartz, indicating the boiling zone where most gold/silver deposition occurred is at depth. Evidence of higher grades at depth are shown in a few historic drill holes at WC, including H1204, which intersected 1.5 metres (5 ft.) of 59.4 g/t (1.73 oz/ton) gold and an additional 3.0 metres (10 ft.) of 17.6 g/t (0.51 oz/ton) gold.
The lower grade gold/silver currently found at surface spread laterally from the numerous high angle feeder quartz veins into permeable rocks which include agglomerate, volcanic flow breccias and tuffaceous rocks. Precious metal content is also enhanced by numerous sheeted and stockwork veinlets that carry significant gold/silver values. This broad zone of possible open pit heap leach material is very similar to that at Comstock.
Richard Kern, Iconic’s CEO commented, “The Hercules Project has several similarities to other hot springs related deposits I have worked on including the Fire Creek (Klondex Mines Ltd.) and Bruner (Canamex Resources Corp.) properties. At both Fire Creek and Bruner the bulk of the high grade gold/silver is several hundred feet below the surface where the system was boiling. The great thing about Hercules is we can define and hopefully start mining the lower grade heap leachable portion of the deposit while we explore deeper.”
Further results are expected shortly for the Loaves and Northeast targets. Several surface sample lines will be extended using an excavator. Surface geologic mapping, and mapping and sampling of underground workings at the Hercules Target are ongoing. All of these results will be used to finalize a drilling program planned later this year.
Hercules is a Comstock-type target, with strong potential for bulk minable, heap leachable gold/silver mineralization (+0.2 g/t Au) at surface, as well as potential high-grade (+10 g/t Au, to bonanza-grade (+68 g/t Au) at depth. Analogous to Comstock, the level of erosion at Hercules is slightly less than at Comstock as shown by a higher gold/silver ratio at Hercules. Therefore, any potential of high grade veins can be expected at greater depths than at Comstock.
| 2015 Trench Results West Cliffs Target (≥ 1.5 feet @ ≥ 0.005 oz/ton gold equivalent) 07/21/15 | |||||||||||||
| Hole No. | From (feet) | To (feet) | Interval (feet) | True | Gold | Silver | True | Gold | Silver | Au | |||
| True | True | Equiv. | |||||||||||
| Width | (oz/ton) | (oz/ton) | Width | (g/t) | (g/t) | (oz/ton) | |||||||
| (ft.) | (m) | ||||||||||||
| HT01 HT01 HT01 | 13.6 84 132 | 39 94 134 | 25.4 10.0 2.0 | 25.4 10.0 2.0 | 0.014 0.015 0.020 | 0.1 0.3 0.2 | 7.74 3.05 0.61 | 0.488 0.507 0.697 | 3.6 10.3 6.9 | 0.016 0.020 0.024 | |||
| HT02 HT02 | 0 120 | 105 132 | 105.0 12.0 | 105.0 11.6 | 0.009 0.005 | 0.1 0.0 | 32.00 3.53 | 0.303 0.162 | 3.1 1.7 | 0.010 0.006 | |||
| HT03 HT03 HT03 HT03 HT03 | 0 40 75 120 170 | 25 65 92 129 175 | 25.0 25.0 17.0 9.0 5.0 | 24.6 24.2 14.7 9.0 5.0 | 0.010 0.009 0.008 0.014 0.009 | 0.2 0.1 0.1 1.8 0.2 | 7.51 7.36 4.49 2.74 1.52 | 0.357 0.292 0.292 0.477 0.325 | 5.9 3.8 3.5 61.4 7.4 | 0.013 0.010 0.010 0.044 0.013 | |||
| HT04 HT04 HT04 HT04 HT04 | 0 24 50 103 134 | 18 35 58 110 143 | 18.0 11.0 8.0 7.0 9.0 | 16.9 10.8 8.0 6.8 8.7 | 0.012 0.009 0.006 0.005 0.008 | 0.5 0.1 0.1 0.1 0.1 | 5.16 3.30 2.43 2.06 2.65 | 0.406 0.293 0.194 0.174 0.272 | 18.8 2.6 3.2 2.1 1.9 | 0.021 0.010 0.007 0.006 0.009 | |||
| HT04A HT04A HT04A | 0 50 77 | 40 72 85 | 40.0 22.0 8.0 | 28.3 15.6 5.7 | 0.008 0.006 0.023 | 0.1 0.0 0.2 | 8.62 4.74 1.72 | 0.259 0.211 0.78 | 2.6 1.5 6.2 | 0.009 0.007 0.026 | |||
| HT05 HT05 HT05 HT05 HT05 | 0 35 60 78 100 | 25 55 65 90 108 | 25.0 20.0 5.0 12.0 8.0 | 24.6 19.3 5.0 12.0 8.0 | 0.008 0.005 0.017 0.004 0.006 | 0.1 0.0 0.0 0.1 0.0 | 7.51 5.89 1.52 3.66 2.44 | 0.280 0.172 0.566 0.154 0.210 | 2.7 1.4 1.1 3.7 1.5 | 0.009 0.006 0.017 0.006 0.007 | |||
| HT06 HT06 HT06 HT06 | 0 40 55 95 | 25 50 90 115 | 25.0 10.0 35.0 20.0 | 25.0 10.0 35.0 20.0 | 0.006 0.005 0.012 0.017 | 0.1 0.0 0.1 0.1 | 7.62 3.05 10.67 6.10 | 0.217 0.187 0.425 0.591 | 4.7 1.7 2.1 3.2 | 0.009 0.006 0.013 0.019 | |||
| HT07 HT07 HT07 HT07 HT07 HT07 HT07 HT07 HT07 | 0 15 30 38 55 90 105 115 130 | 5 25 35 50 60 95 110 120 149 | 5.0 10.0 5.0 12.0 5.0 5.0 5.0 5.0 19.0 | 5.0 10.0 4.9 11.8 5.0 5.0 5.0 5.0 19.0 | 0.005 0.015 0.055 0.019 0.008 0.004 0.005 0.010 0.010 | 0.0 0.1 0.0 0.2 0.1 0.0 0.1 0.0 0.1 | 1.52 3.05 1.50 3.60 1.52 1.52 1.52 1.52 5.79 | 0.159 0.498 1.900 0.643 0.281 0.142 0.186 0.335 0.348 | 0.8 2.9 1.6 5.2 2.2 1.7 2.2 1.2 4.0 | 0.005 0.016 0.056 0.021 0.009 0.005 0.006 0.010 0.012 | |||
| HT08 HT08 | 0 9.6 | 5 37 | 5.0 27.4 | 4.5 24.8 | 0.006 0.020 | 0.1 0.3 | 1.38 7.57 | 0.222 0.687 | 2.5 8.9 | 0.008 0.024 |
| 2015 Trench Results West Cliffs Target | ||||||||||
| HT08 | 55 | 63 | 8.0 | 8.0 | 0.021 | 0.2 | 2.44 | 0.731 | 5.4 | 0.024 |
| HT09 | 0 | 20 | 20.0 | 20.0 | 0.024 | 0.1 | 6.10 | 0.840 | 4.2 | 0.027 |
| HT10 | 10 | 15 | 5.0 | 5.0 | 0.011 | 0.1 | 1.52 | 0.388 | 3.1 | 0.013 |
| HT11 HT11 | 5 20 | 10 73 | 5.0 53.0 | 5.0 37.5 | 0.011 0.007 | 0.0 0.1 | 1.52 11.42 | 0.388 0.247 | 1.7 2.2 | 0.012 0.008 |
| HT12 | 5 | 18 | 13.0 | 13.0 | 0.031 | 0.1 | 3.96 | 1.054 | 2.0 | 0.032 |
| HT13 HT13 HT13 HT13 | 0 40 60 90 | 33 50 70 156 | 33.0 10.0 10.0 66.0 | 33.0 10.0 10.0 66.0 | 0.005 0.006 0.014 0.024 | 0.1 0.0 0.1 0.3 | 10.06 3.05 3.05 20.12 | 0.181 0.204 0.488 0.824 | 2.3 1.3 3.0 11.4 | 0.006 0.007 0.016 0.030 |
| HT14 HT14 HT14 HT14 HT14 | 0 75 107 117 138 | 54 83 112 120 140 | 54.0 8.0 5.0 3.0 2.0 | 54.0 8.0 5.0 3.0 2.0 | 0.011 0.022 0.008 0.011 0.023 | 0.1 0.4 0.1 0.1 0.4 | 16.46 2.44 1.52 0.91 0.61 | 0.375 0.743 0.261 0.388 0.805 | 3.8 12.4 3.5 4.4 15.0 | 0.013 0.028 0.009 0.013 0.031 |
| HT15 HT15 HT15 HT15 | 0 50 75 90 | 30 65 80 110 | 30.0 15.0 5.0 20.0 | 29.6 14.8 4.9 19.7 | 0.005 0.007 0.005 0.006 | 0.0 0.1 0.0 0.1 | 9.01 4.50 1.50 6.00 | 0.173 0.228 0.163 0.199 | 0.9 1.8 1.0 3.0 | 0.005 0.008 0.005 0.007 |
| HT16 HT16 HT16 HT16 | 5 25 50 105 | 15 35 91 118 | 10 10 41.0 13.0 | 10.0 10.0 38.5 12.2 | 0.021 0.008 0.018 0.031 | 0.2 0.1 0.1 0.2 | 3.05 3.05 11.75 3.72 | 0.734 0.264 0.622 1.055 | 7.0 4.2 3.4 6.8 | 0.025 0.010 0.020 0.034 |
| HT16A | 0 | 11 | 11.0 | 7.8 | 0.018 | 0.2 | 2.37 | 0.629 | 7.5 | 0.022 |
| HT17 HT17 | 0 26 | 5 31.5 | 5.0 5.5 | 4.9 5.4 | 0.006 0.004 | 0.7 0.0 | 1.50 1.65 | 0.220 0.148 | 23.1 1.5 | 0.018 0.005 |
| HT18 | 0 | 25 | 25.0 | 23.5 | 0.007 | 0.3 | 7.16 | 0.246 | 9.2 | 0.012 |
Note: Au Equiv. calculation uses Au/Ag ratio of 1/60
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
SIGNED: “Richard Kern”
Richard Kern, CEO
Contact: (604) 336-8614 For further information on ICM, please visit our website at www.iconicmineralsltd.com The Company’s public documents may be accessed at www.sedar.com
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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