Iconic samples 3 m of 11 g/t Au, 161 g/t Ag at Hercules
Iconic Minerals Ltd. (ICM: tsxv) has completed initial outcrop rock chip channel sampling at its Hercules project, located approximately 17 kilometres (10.6 miles) east-southeast of the Comstock district in Lyon county, Nevada. Partial geochemical results have been received for these samples. Results are most complete for the Hercules target. While the widespread intercepts of gold/silver grades consistent with gold/silver heap leaching in Nevada were expected, the discovery of high-grade gold/silver intercepts was unexpected. Three plus-10-gram-per-tonne-gold assays (over 0.3 ounce per ton) were found, including 3.35 metres (11 feet) averaging 11.3 grams per tonne (0.33 ounce per ton) gold and 161 grams per tonne (4.7 ounces per ton) silver.
Wherever altered outcrops occur, channel rock chip sampling was done every 60 metres (200 feet) over the 2.7-kilometre-long-and-one-kilometre-wide project area. A map showing the extent of the alteration and sample line locations is available on the company’s website. Five hundred twenty-eight channel samples have been taken to date. The Hercules target results include 16 sample lines over a strike length of 760 metres (2,500 feet) and width of 150 metres (500 feet).
The Hercules target results show extensive outcropping heap-leach-grade gold/silver values (greater than equals 0.005 ounce per ton (0.17 g/t) gold equivalent) that will have a minimal stripping ratio if mined. The values will be used in a new National Instrument 43-101 resource study to be completed after a coming drilling program.
The outcropping alteration was surveyed, logged and chip channel sampled, using 0.5-metre to 3.0-metre (1.5-foot to 10-foot) sample lengths. To ensure quality control, blanks and standards were added to each sample line before they were securely shipped to ALS Chemex, an ISO-accredited geochemical laboratory.
As further results are received they will be released as soon as possible. Initial results for the other three targets included in the project area (West cliffs, Loaves and Northeast) are expected within three weeks. Several lines will be extended using an excavator. Surface geologic mapping, and mapping and sampling of underground workings at the Hercules target, are continuing.
Hercules is a Comstock-type target, with strong potential for bulk-minable, heap-leachable gold/silver mineralization (over 0.2 g/t Au) at surface, as well as potential high grade (over 10 g/t Au, to bonanza grade (over 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.