Northair Provides Update on its La Cigarra Silver Project, Mexico
Northair Provides Update on its La Cigarra Silver Project, Mexico
2013 Strategic Plan Outlined
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- International Northair Mines Ltd. (TSX VENTURE:INM) (the "Company" or "Northair") is pleased to provide a review summarizing the project and corporate highlights completed by the Company on its La Cigarra silver project ("the Property"), located in north central Mexico. Also included is a timeline outlining key objectives of the Company's Strategic Plan for the current 2013 calendar year.
Project and Corporate Highlights:
-- Discovered the La Cigarra mineralized system, which has been defined by soil geochemistry over six (6) kilometres in a northwest to southeast direction. The Company controls a substantial land package containing the mineralized system, which hosts multiple historic surface workings along strike; -- Defined, through resource definition drilling, a continuous potentially surface minable mineralized area comprised of the central (San Gregorio) and south (Las Carolinas) zones with a combined strike length of 2.4 kilometres. This mineral area has been defined by 11 reverse circulation and 132 core holes with all but 2 holes having returned significant silver values. The mineralized area remains open at depth and along strike with a high potential for continued expansion. Drilling has defined strong mineralization up to a depth of 280 metres, with an average width of 50 metres and a length weighted silver grade averaging approximately 50 g/t. Several higher grade zones have emerged from recent drilling, which may increase the overall grade of the potential resource. In addition to silver, the mineralized system hosts associated gold and base metals; -- Completed a systematic program of 25,473 meters of core drilling and reverse-circulation drilling. In addition to the resource definition drilling, the most northern zone (La Boracha) was explored by a reconnaissance drill program consisting of four (4) reverse circulation and seven (7) core holes; all of which intercepted significant silver mineralization. These holes will be followed up by subsequent exploration programs; -- In addition to the La Borracha exploration target the Company has identified several other significant targets within the newly acquired La Cigarra ground. These targets are being prioritized by the Company for upcoming reconnaissance drilling; -- Completed a phase II metallurgical work program that indicates potential silver recoveries of 80% to 90% by floatation and leaching. The study reports that a concentrate containing 48% lead and 22,600 g/t silver would be marketable to smelters; -- Closed a non-brokered private placement for gross proceeds of over $6 million. The financing included participation from Coeur d'Alene Mines Corporation, purchasing 10,750,000 units for gross proceeds of $3,010,000 and International Minerals Corporation purchasing 1,786,000 units for gross proceeds of $500,080; -- Expanded the La Cigarra's mineral holdings through a binding agreement on third-party concessions contiguous to the original La Cigarra land block (for details of the agreement please see INM press release dated October 3, 2012). The agreement significantly increases the size of the La Cigarra project and potentially doubles the strike length of the mineralized system from three (3) to six (6) kilometres; -- Acquired key surface rights. The Company entered into a purchase agreement for the surface rights to approximately 1,098 hectares contiguous to and adjoining the La Cigarra Project; -- Retained JDS Energy & Mining Inc. to determine an initial NI 43-101 resource estimate within Q1 2013 and complete a Preliminary Economic Assessment with delivery expected in Q2 2013.
Key Objectives of the Company's 2013 Strategic Plan
During 2013, Northair expects to begin and/or complete the following objectives on the La Cigarra silver project:
-- Calculate the initial NI-43-101 compliant resource estimate in Q1 2013; -- Recommence the metallurgical program in Q2 2013 and provide the results of this test work in Q3 2013; -- Initiate preliminary permitting and environmental requirements; -- Complete a Preliminary Economic Assessment in Q2 2013; -- Recommence a resource definition and exploration core drilling program in Q2 2013,with drilling continuing throughout the year; -- Release an updated NI-43-101 Resource Estimate in Q4 2013; -- Initiate work for the Pre-Feasibility Study in Q4 2013.
The Company's immediate goal at La Cigarra is to deliver an initial NI 43-101 resource estimate.
La Cigarra Project
The La Cigarra silver project is located in Chihuahua State along the eastern fringes of the Sierra Madre Occidental in Mexico. Local topography is gentle with good road access to the major city of Parral, located 26 kilometres to the southeast. The 32,064 hectare property position hosts permissive geology, numerous historical mine workings and represents an emerging mineral district. Of immediate significance is the San Gregorio/Las Carolinas area which is the focus of the Company's ongoing NI 43-101 resource study. Exploration is now focused on providing additional data to expand the project resources and define and prioritize new targets for future drilling.
Northair acquired the La Cigarra silver project in April of 2009, and shortly after commenced a surface geological program. The initial discovery of surface mineralization occurred in July, 2010 with initial drilling reporting a 32 metre intercept grading 132.4 g/t silver in drill hole CRC-10-006 (see INM press release dated July 13, 2010). The economic potential of the occurrence was supported in February, 2011 with the intersection of 80.45 metres of 123.5 g/t silver in hole CC-11-002 (see IMN press release dated February 24, 2011).
La Cigarra Geology
The La Cigarra mineralized system is hosted within sedimentary rocks and can be traced in outcrop for upwards of 6 kilometres on strike. The mineral system strikes northwest and dips moderately northeast and mirrors the strike and dip of the host sediments. Mineralization is spatially associated with narrow rhyolite sills. Silver and base metals occur in sulfides hosted within quartz-vein stockwork zones and silicified breccias containing disseminated sulphides. The recognition of disseminated mineralization strongly enhances the economic potential of the Project.
About International Northair Mines Ltd.
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has successfully staked and acquired a number of early stage projects that offer opportunities for significant discoveries.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett the Company's President and CEO, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or 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, ore reserve estimates, future anticipated reserves 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.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts: International Northair Mines Ltd. Fred Hewett President 604-687-7545 or 1-888-338-2200
International Northair Mines Ltd. Chris Curran Manager of Corporate Communications 604-687-7545 or 1-888-338-2200
International Northair Mines Ltd. Brent Levenstadt Investor Relations Associate 604-687-7545 or 1-888-338-2200 604-689-5041 (FAX) firstname.lastname@example.org www.internationalnorthair.com