VANCOUVER, BRITISH COLUMBIA, Jan 30, 2013 (MARKETWIRE via COMTEX) — International Northair Mines Ltd. /quotes/zigman/186633 CA:INM +5.77% (the “Company” or “Northair”) is pleased to announce drill results from nine core holes at the San Gregorio Zone and two core holes at the Las Carolinas Zone completed on its La Cigarra silver project (“Property”) located in north central Mexico.
“We continue to be extremely pleased with the drill results from the Property,” said Fred Hewett, President and CEO of Northair. “The 765 g/t silver intersection from hole CC-12-135 in the San Gregorio Zone is the highest silver grade (over widths greater than 5 metres), reported to date. These results, combined with previous drilling, indicate that a high grade silver zone is being delineated in the northern half of San Gregorio. This higher grade zone currently has a strike of 300 metres and remains open with significant opportunity to expand with further drilling.”
Drilling Discussion
San Gregorio Zone:
Four (4) holes, CC-12-131, 133, 135 and 138 were completed in the northern half of the San Gregorio Zone to test for a northern continuation of mineralization previously encountered in holes CC-11-026 and CC-12-083 on sections 0+00 and 0+50S, respectively.
— On section 1+00N, hole CC-12-131 intersected 13.9 metres grading 83.7
g/t silver and extended the silver mineralization down dip from CRC-01-
010. The zone can now be traced over 320 metres below surface.
— On section 1+50N, hole CC-12-138 intersected 24.2 metres grading 150.9
g/t silver and extended the silver mineralization 90 meters down dip
from CC-12-085. The zone can now be traced at least 320 metres from
surface.
— On section 2+00N, hole CC-12-135 intersected 6.5 metres grading 765.0
g/t silver, 13.10 metres grading 32.2 g/t silver, 8.00 metres grading
178.0 g/t silver and extended the silver mineralization 100 metres down
dip from CC-12-088. The zone on this section can now be traced at least
300 metres down dip from surface.
— On section 4+00N, hole CC-12-133 intersected 2.9 metres grading 195.9
g/t silver and 21.2 metres grading 61.5 g/t silver and extended the
silver mineralization 90 metres down dip from CC-11-047. The zone can
now be traced at least 180 metres from surface.
In addition, holes CC-12-136 & CC-12-137 were positioned in the central part of the San Gregorio Zone to test the down dip continuation of the zone on sections 0+00 and 0+50S where mineralization was open to depth. Both holes intersected only narrow mineralized intervals and it now appears that the down dip continuation of the wider mineralized interval is truncated by a west dipping fault.
In the southern proportion of the San Gregorio Zone two holes were drilled on section 4+50S up dip of CC-11-044 to establish the thickness of the zone towards the surface. Hole CC-12-129 showed that mineralization extends 70 metres up dip from CC-11-044. Hole CC-12-130 failed to intersect significant mineralization and is believed to have been collared in the footwall of the zone, indicating controls to mineralization here are steeper than predicted.
To view the site plan of the San Gregorio Zone, please click on the following link: http://www.internationalnorthair.com//i/pdf/2013-01-30_San%20Gregorio_Drill_Plan_PR.pdf
To view a cross section of hole CC-12-135, please click on the following link: http://www.internationalnorthair.com//i/maps/2013-01-30_San%20Gregorio_Cross_Section_PR.jpg
Las Carolinas Zone:
Two holes were drilled at Las Carolinas to provide infill data.
— On section 1+00N, hole CC-12-139 was positioned to test the down dip
projection of a higher grade zone identified on sections 1+00N and
1+50N. CC-12-139 intercepted 43.9 metres grading 49.6 g/t silver
including 9.90 metres grading 173.1 g/t silver. This hole extended
silver mineralization 80 metres down dip from CC-12-104, which reported
66.8 metres grading 80.2 g/t silver. The silver zone here can now be
traced at least 240 metres below surface.
— On section 4+00N, hole CC-12-134 was designed to test the down dip
extension of CC-12-102. CC-12-134, returned 1.0 metre grading 229.1 g/t
silver, 1.7 metres grading 20.3 g/t silver and 30.65 metres grading 23.4
g/t silver. These results indicate that the mineralized system here
shows no sign of weakening at depth.
To view the site plan of the La Carolinas Zone, please click on the following link:
http://www.internationalnorthair.com//i/pdf/2013-01-30_Las_Carolinas_Drill_Plan_PR.pdf
Drill Results
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Drill
From To Intercept Silver Gold
Hole Dip Zone (metres) (metres) (metres) g/t g/t
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CC-12-129 -50 degrees San Gregorio 39.80 64.50 24.70 39.4 0.046
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Includes 47.30 55.50 8.20 87.6 0.090
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CC-12-130 -50 degrees San Gregorio No significant intervals
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CC-12-131 -56 degrees San Gregorio 168.20 182.10 13.90 83.7 0.026
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CC-12-132 -74 degrees San Gregorio 36.40 44.00 7.60 15.5 0.038
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CC-12-133 -52 degrees San Gregorio 129.00 132.00 3.00 61.8 0.031
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139.80 142.70 2.90 195.9 0.012
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177.00 198.20 21.20 61.5 0.034
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Note 1 21.20 57.1
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CC-12-134 -70 degrees Las Carolinas 177.60 178.60 1.00 229.1 0.087
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183.00 184.70 1.70 20.3 0.042
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193.50 224.15 30.65 23.4 0.036
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CC-12-135 -71 degrees San Gregorio 139.50 146.00 6.50 765.0 0.087
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Note 1 6.50 265.8
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175.70 188.80 13.10 32.2 0.040
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197.00 205.00 8.00 178.0 0.027
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CC-12-136 -69 degrees San Gregorio 190.00 196.00 6.00 26.4 0.024
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204.00 207.40 3.40 23.7 0.020
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219.20 221.50 2.30 17.8 0.009
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236.00 239.80 3.80 48.3 0.020
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247.00 248.25 1.25 185.0 0.023
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CC-12-137 -71 degrees San Gregorio 169.60 172.40 2.80 241.0 0.044
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Note 1 2.80 146.8
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183.30 186.10 2.80 23.5 0.027
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201.40 203.50 2.10 19.3 0.026
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224.00 226.30 2.30 29.3 0.024
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236.80 238.50 1.70 117.1 0.040
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CC-12-138 -69 degrees San Gregorio 170.00 194.20 24.20 150.9 0.037
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Note 1 24.20 114.9
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Includes 170.00 180.50 10.50 317.9 0.050
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10.50 234.9
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250.70 255.00 4.30 31.7 0.051
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CC-12-139 -69 degrees Las Carolinas 169.10 213.00 43.90 49.6 0.052
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Note 1 30.7
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Includes 169.10 179.00 9.90 173.1 0.096
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Note 1 9.90 90.0
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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 10g/t
silver.
Note 3: Intervals 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://media3.marketwire.com/docs/inm130ta.pdf
2012 Drilling Notes
Data collected from all drill campaigns within the Las Carolinas and San Gregorio area has defined a mineralized system measuring 2.4 kilometres in length and open. This data will be used to calculate the Property’s initial NI 43-101 compliant resource estimate due in Q1 2013.
To date, Northair has released the results of all 139 core holes completed on the Property. Since the first drill program was initiated on the property in 2010, the Company has completed 23,876 meters of drilling in 15 reverse circulation holes and 139 HQ sized core holes.
Additional drilling is anticipated in Q2 2013 to further explore the La Cigarra Resource area, which remains open in all directions; and to test district targets recently generated from the Company’s ongoing field programs.
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 southeast. The 32,064 hectare property position controls an emerging mineral district with permissive geology and numerous historical mine workings. Of potential economic significance is the San Gregorio/Las Carolinas area, currently defined by drilling over a strike length measuring 2.4 kilometres. Over the short term the Company’s objectives include the completion of its initial resource study and the definition of additional drill targets for testing in the upcoming field season.
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 1-888-338-2200
604-689-5041 (FAX)International Northair Mines Ltd.
Chris Curran
Manager of Corporate Communications
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)International Northair Mines Ltd.
Brent Levenstadt
Investor Relations Associate
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)
[email protected]www.northair.com/international/
