Infrastructure Materials Corp. Announces Promising Results from Clay Peters Geophysics
Reno, Nevada--(Newsfile Corp. - April 22, 2013) - Infrastructure Materials Corp. (OTCBB: IFAM) (TSXV: IFM) (TSXV: IFM.s) (the "Company") is pleased to announce the completion of the first phase of an extensive geophysical survey program on its Clay Peters Project in Nevada (the "Project"), referred to in prior communications as "Kope Scheelite." The Company's survey program extended to the south a magnetic geophysical survey that was conducted by Zonge International Inc. of Reno, Nevada ("Zonge"), for AngloGold (U.S.A.) Exploration, Inc. in 1999, and offers encouraging evidence of the presence of a high priority anomalous target.
In January 2013, the Company retained Zonge to perform a ground magnetic survey on the Project covering a total area measuring 3,450 meters by 4,500 meters with 150 meter spacing between 18 east-west lines for a total of approximately 62.1 line-km of survey coverage. A broad composite magnetic high (approximately 2km x 1.5km) was identified with amplitudes of 200-350 nano Tesla (nT) above background in the central area of the survey. The depth of the magnetic anomaly is estimated at 300-to-400 meters with two distinct local areas in the south of shallower magnetic anomalies.
Presently, the Company believes that the source of the magnetic response may be one or more magnetite skarns around a Cretaceous-Tertiary granodiorite and feldspar porphyry that is mapped in outcrop on the northern and eastern portions of the Project. Further, the Company also reasons that the anomaly represents a large intrusive when considered in the context of previous surface geology, magnetic surveys and drilling work. Due to the wide line-spacing, this anomaly is currently rather indistinct and requires additional exploration to further delineate its nature. Please refer to the image below entitled, "Ground Magnetic Survey and Conceptual Cross Section" for a visual review of the magnetic structures identified from the magnetic surveys to date as well as overlaying drill hole locations discussed below.
Mapping and sampling, which has taken place since late January 2013, has noted numerous northeast/southwest fault structures with weak alteration.
The Company has also initiated an orientation induced polarization geophysical survey expected to be completed by the end of April 2013. This survey will build on previous work and provide both a deep and shallow look at the anomaly. The Company's President and CEO, Mason Douglas, speaking about the current geophysical work, stated, "I am very excited about this new discovery and this particular phase of exploration. Results continue to offer evidence for the potential for a large copper-gold system. This next phase of geophysics will be integral to the design of our planned summer drill program that in turn will offer an enhanced look at what we believe are potentially sizeable targets." The summer drilling will include first round exploratory drilling in the southern portion of the Project to test the edge targets as well as the central portion of the magnetic high. Additionally, several holes may be drilled to test mineralized extensions encountered in the 2012 drill program.
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During September and October 2012 the Company completed 2,309.8 meters (m) (7,578 ft) of drilling in 19 reverse circulation holes at the Project (see press release dated January 16, 2013). Drilling identified copper and gold mineralization hosted both in the intrusive and in adjacent sediments. In addition to those elements reported in this news release, a complex suite of anomalous elements including antimony, bismuth, cobalt, cadmium, gallium, germanium, molybdenum, indium, selenium, tellurium, tin and tungsten were found to form zones in and surrounding the mineralization. Below is a table of highlights from the fall 2012 drill program:
|Hole ID||From||To m||Interval||Cu %||Au g/t||Other||Host|
|CPR11||7.6||16.7||9.1||2.42||93.6 g/t Ag||jasperoid,|
|incl||42.7||45.7||3.0||8.92||24.8 g/t Ag|
The Company notes the substantial spacing between holes with significant intersections; CPR2 and CPR8 are approximately 1,000m (3,300 ft) apart with no infill drilling to test copper mineralization. CPR9 is on a northeast line between CPR11 500m to the northeast and CPR17 300m to the southwest also without infill drilling to test gold mineralization. It is not clear that these gold intersections are on the same mineralized structure.
Analytical work was conducted by Inspectorate America, which is an ISO 9001 Certified laboratory widely recognized as an expert in geochemical analysis and assaying. The assay method used by Inspectorate America for gold is Fire Assay with Atomic Adsorption finishing. Inspectorate America uses Aqua Regia digestion with ICP for all other elements assayed. 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.
About the Clay Peters (Kope Scheelite) Project
The Project consists of 263 mineral claims located in Mineral County, Nevada, approximately 11 miles northeast of the town of Mina. The 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 Clay Peters 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 100km (60 miles) northwest of the Clay Peters 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.
Nicola Struyk, P.Geo., 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.