Infrastructure Materials Corp. JV Partner Releases First Silver Queen Assay Results

February 06, 2012 9:15 AM EST | Source: Infrastructure Materials Corp.

Reno, Nevada--(Newsfile Corp. - February 6, 2012) - Infrastructure Materials Corp. (OTCBB: IFAM) (TSXV: IFM) (the "Company") reports that its joint venture partner for the Silver Queen Property (the “Property”) has released assay results from its first five reverse circulation drill holes at the Property. Pursuant to an Option Agreement with the Company's wholly-owned subsidiary, Silver Reserve Corp. (“SRC”), MGold Resources Inc. (TSX-V: MNI) ("MGold") will have an option to acquire a 50% working interest in the Property by incurring exploration expenditures totaling $4 million over a 30-month period and making cash payments totaling $2 million over a 33-month period.

The Silver Queen Silver Property is located in the Red Mountain Mining District of Esmeralda County, Nevada and is comprised of 187 unpatented mineral claims. The Property is situated approximately nine miles west of the historic mining town of Silver Peak. This district is characterized by the occurrence of steeply dipping epithermal silver-bearing quartz-calcite veins, and can carry significant amounts of silver-bearing minerals. The Property is underlain entirely by Tertiary volcanic rocks and most of it is within the boundary of a collapsed caldera. In 2008, SRC conducted a very limited drilling campaign that consisted of three reverse circulation (“RC”) holes and two core holes in the Mohawk area, as well as 4 RC holes in the northern part of the property. Two of the holes near the Mohawk Mine, RC MOR3 and core hole CM01 encountered mineralized zones of silver within the vein and altered host rock. The highlights are described below. Please refer to the Company’s press release dated June 16, 2011 for a more detailed accounting of the drill results.

RC Hole Depth ft. Depth ft. Thickness ft. Silver
MOR3 From To   (g/t)
  345 350 5 452.1
  350 355 5 221.4
  355 360 5 220.1
  360 365 5 299.4

 

The altered zone in MOR3 returned a 95 ft intersect (true width estimated to be 60 ft.) grading 126.1 grams/tonne (g/t) silver from 325 ft to 420 ft including a higher grade zone with a weighted average of 298.2 g/t silver over 20 ft (345 ft-365 ft).

Core Hole Depth ft. Depth ft. Thickness ft. Silver
CM01 From To   (g/t)
  357 362 5 212.6
  362 367 5 166.5
  367 372 5 147.3
  382 385 3 302.4
  385 390 5 386.8
  390 395 5 277.7

 

The altered zone in CM01 returned a 60 ft wide intersect (true width estimated to be 38 ft.) grading 146.1 g/t silver from 340 ft to 400 ft including two higher grade zones with weighted averages of 175.5 g/t silver over 15 ft from 357 ft to 372 ft, and 325.4 g/t silver over 13 ft from 382 ft to 395 ft. Both of the above mentioned holes were drilled to test the extension and to verify the mineralization in the area of the Mohawk Mine.

The current drill program, which began October 14, 2011, and includes approximately 20 reverse circulation holes, is designed to test extensions of known mineralized zones along strike and at depth at the Mohawk and Silver Queen vein systems. Drill holes planned to the north of the Mohawk and Silver Queen veins are designed to test geochemical anomalies from soil sampling performed in 2008 and 2011. To date five holes have been completed at the Mohawk vein and the assay results are presented below. Two holes to target and intercept the Silver Queen vein have been completed with assay results pending.

The first two holes (MOR-4, MOR-5) of the current drilling program were targeted to intersect mineralization approximately 150 feet below and along strike of the historic workings in the Mohawk Mine area. Holes MOR-6 and MOR-7 targeted northeasterly extensions of the Mohawk vein. Hole MOR-6 intersected a vein from 385 ft to 390 ft that returned just over one-half kilogram per tonne silver over 5 ft as shown in the table below. Hole MOR-8 targeted the projection of the Luft Chute approximately 150 feet below the historical workings. Extensive propylitic and siliceous alteration zones and brecciation were encountered in all five holes. The assay highlights from the first five RC Drill holes, all located in the Mohawk area, are shown in the table below:

RC Hole Depth ft. Depth ft. Thickness ft. Gold Silver Lead Zinc
  From To   (g/t) (g/t) (%) (%)
               
MOR-4 405 415 10   153.35    
  775 845 70 0.39      
including 790 825 35       1.69
             “ 790 815 25   33.52    
             “ 800 810 10     3.14 2.75
             “ 830 835 5 1.57      
  845 850 5     1.26  
MOR-5 450 460 10   161.30    
MOR-6 385 395 10   289.35    
including 385 390 5   509.8    
  425 430 5  110.8   
MOR-7 485 490 5  22.1   
MOR-8 130 140 10 1.93   
including 130 135 5 3.26   
  705 710 5  31.2   

 

Drilling is currently occurring in the northwestern part of the Property, targeting structural and surface anomalies.

Joel Scodnick, P.Geo and the qualified person under Canadian National Instrument 43-101 in charge of the drilling program, reviewed and approved the technical disclosures of this press release on behalf of the Company.

The drill assay intervals were calculated using the weighted average method. Drill core assaying was conducted by Inspectorate America, which is an ISO Certified laboratory. MGold reports that it 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. The system includes the use of standards, blanks and duplicates to ensure analytical accuracy.

Infrastructure Materials Corp. is a Reno, Nevada based exploration stage mining 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.

For further information please see our public filings at www.sedar.com and www.sec.gov/edgar.shtml or contact:

Mason Douglas, President
Phone 866-448-1073
Fax 775-322-4458
Email: info@infrastructurematerialscorp.com
or visit our website at
www.cementforthefuture.com or
www.infrastructurematerialscorp.com

Neither the 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. The reader is cautioned not to place undue reliance on forward-looking statements.

info

Source: Infrastructure Materials Corp.

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