ADDITIONAL SURFACE GOLD/SILVER SAMPLING RESULTS ANNOUNCED FOR THE HERCULES PROJECT, NEVADA
Iconic Minerals Ltd. (ICM: TSX-V) has received initial outcrop rock chip channel sampling results for the Loaves and Northeast targets at its Hercules project, located approximately 17 kilometres (10.6 miles) east-southeast of the Comstock district in Lyon county, Nevada. Like the results from the two targets released to date (see July 8 and July 22 press releases) the additional results have numerous intercepts of gold/silver grades consistent with gold/silver heap leaching in Nevada. Summary sampling results are shown in the associated table.
Outcrop sampling at Loaves was done over a strike length of 830 metres (2,700 feet) and average width of 200 metres (650 feet). Outcrop sampling at Northeast was done over a strike length of 650 metres (2,100 feet) and average width of 100 metres (330 feet). A total of 165.6 metres (543 fet) of heap-leach-grade gold/silver values (greater than 0.005 ounce per ton (0.17 gram per tonne (g/t)) gold equivalent) have been defined on surface at these two targets. This mineralization, which will have a minimal stripping ratio, will be used along with drilling and underground sampling results to define a National Instrument 43-101 resource. A map showing the extent of the alteration, veining and sample line locations is available on the company’s website. Like several other epithermal hot springs occurrences in Nevada, Hercules veins exposed at the surface are primarily low-temperature quartz, indicating the boiling zone where most gold/silver deposition occurred is at depth.
South of the sampled portion of the Northeast target there is an additional 700 metres (2,300 feet) of poorly outcropping alteration that is not suitable for rock chip sampling. Several mineralized drill holes occur within this area. This indicates a significant portion of the mineralization does not outcrop.
Several surface sample lines will be extended using an excavator. Surface geologic mapping and sampling of underground workings at the Hercules target are continuing. Underground sampling results are expected within two to three weeks and will be published soon after they are received. All of these results will be used to finalize a drilling program planned later this year.
Hercules is a Comstock-type target, with strong potential for bulk-minable, heap-leachable gold/silver mineralization (plus 0.2 g/t Au) at surface, as well as potential high-grade (plus 10 g/t Au), to bonanza-grade (plus 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.
2015 TRENCH RESULTS LOAVES/NE TARGETS Hole No. From To Interval True Gold Silver True Gold Silver AuEq (feet) (feet) (feet) width (ft)(oz/ton) (oz/ton) width (m) (g/t) (g/t) (oz/ton) HTL1A 5 10 5.0 3.2 0.008 0.0 0.98 0.271 0.9 0.008 HTL1 25 30 5.0 4.9 0.013 0.2 1.50 0.432 6.7 0.016 HTL1 60 65 5.0 4.9 0.005 0.0 1.50 0.176 1.0 0.006 HTL1 122 130 8.0 7.9 0.015 0.1 2.40 0.508 2.2 0.016 HTL1 141.5 145 3.5 3.4 0.049 0.3 1.05 1.670 11.0 0.054 HTL1 165 201 36.0 35.5 0.016 0.1 10.81 0.552 4.7 0.018 HTL2 33.5 38 4.5 4.2 0.008 0.0 1.29 0.266 1.6 0.009 HTL2 141 178 37.0 34.8 0.005 0.0 10.60 0.164 0.9 0.005 HTL2 203 223 20.0 18.8 0.012 0.1 5.73 0.408 1.9 0.013 HTL2 233 241 8.0 7.5 0.008 0.1 2.29 0.285 2.9 0.010 HTL2 265 277 12.0 11.3 0.005 0.0 3.44 0.172 1.7 0.006 HTL3 0 3 3.0 3.0 0.008 0.1 0.90 0.290 3.0 0.010 HTL3 20 48 28.0 27.6 0.009 0.0 8.41 0.297 1.3 0.009 HTL3 61.5 76.5 15.0 14.1 0.005 0.0 4.30 0.175 1.5 0.006 HTL3 86.5 109.5 23.0 21.6 0.005 0.0 6.59 0.166 1.3 0.005 HTL3 131 193.5 62.5 62.3 0.012 0.1 18.97 0.424 2.2 0.013 HTL3 203.5 209.5 6.0 6.0 0.007 0.1 1.82 0.242 2.0 0.008 HTL3 225 255 30.0 29.9 0.010 0.1 9.11 0.328 2.2 0.011 HTL3 263 275 12.0 12.0 0.005 0.1 3.64 0.155 1.8 0.005 HTL4 0 10 10.0 10.0 0.006 0.0 3.05 0.214 1.4 0.007 HTL5 0 14.5 14.5 14.0 0.010 0.0 4.27 0.353 1.6 0.011 HTL5 34 41.5 7.5 7.5 0.006 0.0 2.29 0.192 0.7 0.006 HTL5 50 75 25.0 23.5 0.007 0.0 7.16 0.229 1.1 0.007 HTL6A 13 18 5.0 4.9 0.007 0.0 1.50 0.247 1.3 0.008 HTL6A 34 39 5.0 4.9 0.006 0.1 1.50 0.199 3.7 0.008 HTL6B 0 26 26.0 25.6 0.006 0.1 7.81 0.195 2.1 0.007 HTL6C 0 10 10.0 9.7 0.006 0.0 2.94 0.213 1.5 0.007 HTL6C 20 25 5.0 4.8 0.016 0.2 1.47 0.558 5.2 0.019 HTL6C 35 42 7.0 6.8 0.008 0.1 2.06 0.283 2.1 0.009 HTL7 0 5 5.0 5.0 0.004 0.1 1.52 0.137 2.0 0.005 HTL7 30 35 5.0 5.0 0.007 0.1 1.52 0.229 2.2 0.008 HTL7 40 50 10.0 10.0 0.016 0.1 3.05 0.557 3.0 0.018 HTL8 5 12 7.0 6.8 0.007 0.1 2.06 0.227 2.3 0.008 HTL9 0 5 5.0 4.8 0.003 0.1 1.47 0.117 1.9 0.004 HTL10 0 9 9.0 9.0 0.013 0.2 2.74 0.446 6.0 0.016 HTL10 20 44 24.0 24.0 0.013 0.2 7.32 0.439 6.6 0.016 HTN1 0 13 13.0 13.0 0.038 0.3 3.96 1.314 10.8 0.044 HTN2 0 13 13.0 12.2 0.007 0.1 3.72 0.235 3.2 0.008 HTN4 0 19 19.0 19.0 0.010 0.1 5.79 0.333 4.5 0.012 HTN5 5 15 10.0 10.0 0.006 0.1 3.05 0.218 2.9 0.008
Richard Kern, certified professional geologist (No. 11494) and chief executive officer of Iconic, is the qualified person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.