VANCOUVER, BRITISH COLUMBIA, Jul 23, 2012 (MARKETWIRE via COMTEX) — International Northair Mines Ltd. /quotes/zigman/186633 CA:INM +2.00% (the “Company” or “Northair”) is pleased to announce the results from six core holes completed in the San Gregorio Zone at its La Cigarra silver project, located in north central Mexico.
Drill Highlights from the San Gregorio Zone:
— Hole CC-12-79 returned intercepts of 12.30 metres of 55.4 g/t silver and
5.25 metres of 19.9 g/t silver. This hole tested the up dip projection
of hole CC-11-033 which returned intercepts of 25.50 metres of 40.4 g/t
silver and 20.75 metres of 38.5 g/t silver;
— Hole CC-12-80 intercepted 52.25 metres of 167 g/t silver, which included
34.75 metres of 241.2 g/t silver. This hole extended the silver zone
approximately 50 metres down dip from hole CC-11-010 which returned
intercepts of 95.50 meters of 77.4 g/t silver and 40.80 metres of 37.4
g/t silver;
— Hole CC-12-081 returned an intercept of 10.60 metres of 30.3 g/t silver.
This hole tested the up dip projection of hole CC-11-007 which returned
intercepts of 5.80 metres of 23.0 g/t silver and 77.80 metres of 61.47
silver;
— Hole CC-12-083 returned intercepts of 56.00 metres grading 105.7 g/t
silver, which included 20.90 metres of 241 g/t silver and 6.20 of 84.3
g/t silver. This hole extended the down dip projection of hole CC-12-080
to a depth of approximately 300 meters;
— Hole CC-12-084 intercepted 39.90 metres of 52.1 g/t silver, testing the
up dip projection of hole CC-011-031 which returned 54.30 metres of 36.9
g/t silver.
“We continue to be very pleased with the exploration success at La Cigarra,” said Fred Hewett, President & CEO of Northair. “Holes CC-12-080 and 83 are among the deepest drilled to date on the property with the results confirming that significant silver mineralization exists upwards of 300 metres below surface. This area within the San Gregorio Zone remains open along strike and down-dip to the northeast where it extends beneath a large alteration zone mapped on surface.”
To view the site plan of the San Gregorio Zone and a cross section of the drilling please click on the following links:
Plan View of the San Gregorio Zone:
http://www.internationalnorthair.com/i/imagegallery/lacigarra/2012-07-23-SG_Drill_Plan.pdf
Vertical Section 0+50S located in the San Gregorio Zone (Holes CC-12-080 and CC-12-083):
http://www.internationalnorthair.com/i/imagegallery/lacigarra/2012-07-23_Section_SG_0 +50S.pdf
Background
The Company had originally intended to curtail drilling at the end of June in order to calculate its first resource calculation for La Cigarra. However, as a result of the continued drilling success, Northair has extended its drill program into July with the addition of 14 holes. The resource calculation is now scheduled for the 4th Quarter of 2012.
The San Gregorio and Las Carolinas zones have been the main focus of the current drill program at La Cigarra where drilling has identified a strong mineralized system along a 2,300 metre strike length that remains open along strike and down dip. To date, Northair has reported results from 83 of 117 core holes drilled. Results for completed holes will be reported by the Company once assays have been received and interpreted.
Drill Results
San Gregorio Zone
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—–
Hole Dip From To Drill Intercept Silver Gold
(metres) (metres) (metres) g/t g/t
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CC-12-079 -51 12.00 24.30 12.30 55.4 0.051
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77.25 82.50 5.25 19.9 0.064
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CC-12-080 -49 94.50 146.75 52.25 167.0 0.077
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Note 1 113.8
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Includes 109.50 144.25 34.75 241.2 0.085
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Note 1 161.3
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CC-12-081 -51 11.90 22.50 10.60 30.3 0.058
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CC-12-082 Hole Lost Due to Heavy Faulting
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CC-12-083 -52 151.50 207.50 56.00 105.7 0.045
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Note 1 71.0
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Includes 161.60 182.50 20.90 241.0 0.063
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Note 1 211.4
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282.40 288.60 6.20 84.3 0.011
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CC-12-084 9.00 48.90 39.90 52.1 0.059
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Note 1 41.7
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60.10 74.60 14.50 288.2 0.069
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Note 1 104.9
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Note 1: Intervals with silver values greater than 500 g/t reported as 500
g/t.
Note 2: Reported widths may contain intervals with values less than 10 g/t
silver.
Note 3: Intervals may also contain lead and zinc values.
To view the comprehensive results of all the drill holes completed to date on the La Cigarra Project please click the link:
http://www.internationalnorthair.com/i/pdf/2012-07-23-Drill_Hole_Interval_Comprehensive.pdf
Sampling and QA/QC
All technical information for the La Cigarra exploration program is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Samples are taken under the direction of qualified geologists and stored in sealed bags. Samples are delivered by the Company via courier to ALS Minerals (“ALS”) in Chihuahua and Inspectorate America Corporation (“Inspectorate”) in Durango City. In both cases the samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS to Vancouver B.C. and by Inspectorate to Vancouver B.C. or Reno, Nevada. Systematic assaying of standards and blanks are performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30 gram fire assay with an AA finish.
About the La Cigarra Silver Project
The La Cigarra Project is located in the state of Chihuahua along the eastern fringes of the Sierra Madre Occidental in Mexico. Local topography is gentle with good road access to the major city of Parral, located 26 kilometres to the south east. The La Cigarra Project hosts a silver-rich, epithermal vein system with three identified zones forming a three kilometre trend.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett, the Company’s President and CEO, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair’s filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 news release.
Contacts:
International Northair Mines Ltd.
Fred Hewett
President
604-687-7545 or 1-888-338-2200International Northair Mines Ltd.
Chris Curran
Manager of Corporate Communications
604-687-7545 or 1-888-338-2200International Northair Mines Ltd.
Brent Levenstadt
Investor Relations Associate
604-687-7545 or 1-888-338-2200
[email protected]www.internationalnorthair.com
