Infrastructure Materials Corp. Issues Update on Kope Scheelite Project
Reno, Nevada--(Newsfile Corp. - February 4, 2013) - Infrastructure Materials Corp. (OTCQB: IFAM) (TSXV: IFM) (TSXV: IFM.s) (the "Company") is pleased to announce additional assay results on its recent copper-gold discovery at its Kope Scheelite Project (the “Project”) in Nevada. The Company’s wholly owned subsidiary, Silver Reserve Corp., has received assay results on ten surface samples taken from the Project. Surface rock sampling and testing were conducted to assist in the design of the second phase of drilling, which will include both infill and step out drilling following the recent completion of a reverse circulation drill program on the Project. This work is intended to more clearly delineate the potential of gold, copper, and silver mineralization on the Project.
Recent sampling was conducted following the completion of 2,311.9 meters (m) (7,578 feet) of drilling in 19 reverse circulation holes at the Project. Holes were located to test geological and geophysical targets identified by the Company in previous exploration programs. Ten surface samples were collected to identify the most suitable drill locations for the next phase of drilling. Below are the assay results from the ten samples.
As indicated, the results continue to confirm the presence of encouraging grades of copper, gold and silver. The highest values of both copper and zinc were identified from sample RMHCP25 with 4.98% and 1488 ppm, respectively. The most significant values for gold and silver were from sample RMHCP26 with a value of 811 ppb and 30.3 ppm, respectively. Samples collected were grab samples, which are by nature selective and may not be relied upon to be representative of mineralization found on the Project. Company staff collected the samples with care and believes that the results may be used to direct exploration.
“These results offer additional data that both confirms the presence of these metals and contributes toward the planning of the next phase of exploration on the Project,” noted Mason Douglas, the Company’s President and Chief Executive Officer.
The next round of exploration on the Project will include both geophysical surveys and drilling. The geophysical survey, has commenced, which consists of a ground magnetic survey that will extend to the south from the previously conducted magnetic survey. When completed, the survey will include 18 east-west lines, each approximately 3,450 meters in length and spaced at 150 meter intervals for a total of approximately 62.1 line-km of survey coverage. Following this work, an extensive multi-phase reverse circulation drill program is also planned for 2013 to commence in late spring. The Company has budgeted for 6,100 m (20,000 feet) of drilling over the entire year contingent upon the result of the geophysics and financing.
The Project’s claims have been explored by other companies since the late 1960’s. Large companies including ISO Nevada, Echo Bay and Anglo Gold have all participated in exploring portions of the ground. Notably, during the mid to late 1980’s N.A. Degerstrom Inc. committed to a small trenching and mining operation where they recovered approximately 1,632 ounces of gold and 1,867 ounces of silver. Below is a brief historical review of the work conducted on the property to date excluding the work of the Company.
|Company||Exploration Work Completed|
|1966 - 1967||Unknown||Surface sampling along with four no name drill holes totaling 2,437 ft. Holes were only assayed for copper and molybdenum. They also completed some induced polarization and resistivity surveys.|
|1969||Phelps Dodge||IP and Mag as well as 5 core holes including a 2,000 ft hole and a 1,250 ft hole.|
|1971||ISO Nevada, Ltd.||Geological mapping and contracted McPhar Geophysics perform induced polarizations and resistivity surveys over the property. Also drilled 11 rotary holes for a total of 4,550 ft, two of which had NX core continuing below the rotary to add 830 ft.|
|1973 - 1974||Pechiney Ugine Kuhlmann Development, Inc.||Detailed magnetic survey, geological survey, and drilled 5 percussion drill holes for a total of 1,938 ft. Focused their work on a magnetic low that occurred under overburden.|
|1984 - 1985||Duval Corporation||Geologic mapping, sampling, and drilled 10 reverse circulation holes for a total of 2,623 ft.|
|1985 - 1989||N. A. Degerstrom Inc.||Geologic mapping, sampling, excavated 20,768 ft of dozer trenches, 130 shallow air trac rotary holes, explored and mined the small gossan, vein, skarn type mineralization zones peripheral to the intrusion. Indicates they recovered approx. 1,632 ounces of gold and 1,876 ounces of silver from this operation. In addition to the air trac holes, drilled three reverse circulation angle holes under the pit they had mined and apparently drilled parallel to the mineralized structure.|
|1995||Echo Bay||Ground magnetic survey, geologic mapping, soil geochemical grid and drilled 5 reverse circulation holes for a total of 1,475 ft.|
|1999-2000||Anglo Gold||Ground magnetic and gravity surveys, rock-chip sampling, geologic mapping, and drilled 7 reverse circulation holes for a total of 7,130 ft.|
The Company was also able to acquire an exploration license on three patented claims adjacent to the Project with an option to purchase the claims. The purchase price for these patented claims is $90,000. The Company made one payment of $30,000 on the May 15, 2012 closing date, with the remaining $60,000 due in $30,000 installments on April 30th of each of the next two years. The seller also retains a 2% net smelter royalty on the patented claims in the event that there is production on the property. Management is pleased with the acquisition of this property interest as it serves as an ideal site location for operations in the event that the Company reaches a point of operational development.
About the Kope Scheelite Project
The Project consists of 179 mineral claims located in Mineral County, Nevada, approximately 11 miles northeast of the town of Mina. Previous exploration efforts include recent Time Domain Electro-Magnetic (“TDEM”) surveys that offered evidence of the presence of conductive structures on the Project with potential mineralization present within a porphyry system.
The Kope Scheelite Project is located in the Walker Lane, a structural belt which prolifically hosts many significant deposits, including Nevada Copper Corp.’s recently developed Pumpkin Hollow deposits (total Measured and Indicated copper resource of 3.1 billion kilograms (6.8 billion pounds) for the combined Western and Eastern Deposits (Western Open-Pit Deposits: 664 million tonnes, averaging 0.37% Cu with a 0.15% cutoff; and Eastern Underground Deposits: 45.9 million tonnes averaging 1.45% Cu with a 0.75% cutoff - source: Nevada Copper Corp. news release dated October 19, 2012). Infrastructure Materials Corp. believes the Pumpkin Hollow deposits are an analogue for the copper mineralization at the Company’s Kope Scheelite Project. Initial exploration appears to indicate that the Kope Scheelite Project may have some higher grade gold mineralization that in places differentiates it from the mineralization style at Pumpkin Hollow. Pumpkin Hollow and the nearby Yerington mine are located approximately 100 km (60 miles) northwest of the Kope Scheelite Project. The historical Yerington mine, operated by Anaconda from 1953 to 1978, produced more than 147 million tonnes (162 million tons) of ore grading 0.6% copper.
Analytical work was conducted by the Sparks, Nevada facility of Inspectorate America Corporation, which is an ISO 9001:2008 Certified laboratory and a Bureau Veritas Group Company widely recognized for expertise in geochemical analysis and assaying. Submitted rock samples were crushed and analyzed for gold using Fire Assay with an ICP finish, a suite of 14 elements (including copper, silver and zinc) using Aqua Regia digestion followed by ICP trace level finishing. Samples containing greater than 10,000 ppm copper were re-analyzed for ore grade copper using an Aqua Regia digestion followed by Atomic Adsorption finishing. The Company has implemented a quality assurance and quality control program to ensure that sampling and analysis of all samples are conducted in accordance with the best possible practices.
John Harrop, P.Geo., FGS of Coast Mountain Geological Ltd., a qualified person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, reviewed and approved the technical disclosures of this press release on behalf of the Company.
Infrastructure Materials Corp. is a Reno, Nevada based exploration stage company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada and precious metal properties located in Nevada.
Steve McGuire (Teatyn Enterprises Inc.)
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This press release contains technical data concerning drilling results that are intended for persons who have expertise with respect to the interpretation of such data.
FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements” within the meaning of U.S. securities laws Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” ”believe,” “anticipate,” “estimate” and other similar words or statements to the effect that certain events or conditions “may”, "have" or "will" occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, “resource” is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information unless specifically required by law. The reader is cautioned not to place undue reliance on forward-looking statements.