News
October 31, 2012
Northair Provides Update on the El Reventon Project, Mexico
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to announce that Focus Ventures Ltd. (TSX.V: FCV) ("Focus") has reported to Northair its initial results from channel sampling recently completed at the El Reventon Property, located in the State of Durango, Mexico. Prospecting and sampling by Focus has confirmed high-grade silver mineralization associated with multiple zones of hydrothermal breccias in areas of strongly anomalous silver-in-soil geochemistry.
Sample Highlights
The Chicle Zone lies approximately 250 metres west of the Estrella Mine and 2 kilometres southwest of the drilled Reventon Breccia and appears to be one of several mineralized epithermal structures in addition to those sampled at La Estrella, El Taco and Cordon. Recent work along a pronounced north-west trending ridge has revealed a +20 metre wide zone of hydrothermal brecciation in sericitized and chloritized andesites. Initial rock sample results which range from trace to 610 g/t silver and trace to 0.68 g/t gold have validated the strong silver-in-soil geochemical anomaly. The silver mineralization is associated with quartz and arsenopyrite. At El Taco, located 100 metres to the south-east of the La Estrella Mine, sampling along the walls of an old pit assayed 165 g/t silver, 0.32 g/t gold over 8.9 metres. Maps and plans related to these results are available on the Focus Ventures website: www.focusventuresltd.com.
Follow-up trenching of a soil anomaly some 100 metres south of the Bellota occurrence by Focus has outlined a new northeast trending mineralized zone in weakly silicified andesite that assayed 98.3 g/t silver over 24 metres. Focus reports that it believes these results likely represent satellite mineralization to the Reventon breccia where drilling in 2007 and 2008 by Northair cut breccia-hosted silver, zinc and lead in the majority of holes drilled, including 155.4m @ 71.3 g/t silver, 0.46% lead and 0.61% zinc (Hole RC-08-8) and 22.9m @ 287 g/t silver, 1.39% lead and 3.48 % zinc (Hole RC-08-13).
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus will also make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$139,000. Focus can earn an additional 15% interest by presenting a Feasibility Study of sufficient quality that would allow Northair to fund its share of the project, plus a cash payment of $100,000 to Northair.
Sampling Quality Analysis and Quality Control
Rock samples were prepared at ALS Chemex's preparation facility in Zacatecas and analyzed in Vancouver, Canada. Silver was determined by multi-acid digestion and ICP-AES, with fire assay gravimetric finish. Gold was assayed by Atomic Adsorption Spectrometry with fire assay gravimetric finish. Lead and zinc were determined by ICP with Atomic Absorption with volumetric finish. ALS Chemex's quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by Focus's own QA/QC program which involves the insertion by Focus personnel of blind certified standards and blanks into the sample stream at regular intervals in order to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory.
About International Northair Mines
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has staked and acquired a number of projects that offer opportunities for significant discoveries. The Company is currently drilling its La Cigarra silver project in order to complete a NI 43-101 resource estimate, which is anticipated to be released in Q1 of 2013. In addition to El Reventon Project, the Company has joint-ventured its Sierra Rosario silver/gold project located in Sinaloa to American Consolidated Minerals Ltd, which holds a 50% interest.
The technical information in this press release is based upon information provided by Focus Ventures Ltd. The technical information has been prepared under the supervision of Mr. David Cass, Focus' President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101. Mr. Fred Hewett, QP for Northair, has not reviewed the data comprising this release, but accepts the information developed under the supervision of the QP for Focus as being representative of the results obtained from Focus' exploration program.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
____________________________________
Fred G. Hewett, P.Eng.
President & CEO
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.
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.
Sample Highlights
Sample ID |
Location |
Metres (metres) |
Silver (g/t) |
Gold g/t |
|---|---|---|---|---|
29227 - 29228 |
Chicle |
4.6 |
383.0 |
0.60 |
29264 - 29266 |
Chicle |
3.1 |
89.3 |
0.13 |
29230 - 29235 |
Chicle |
11.8 |
42.0 |
0.07 |
29219 -- 29222 |
Chicle |
4.6 |
32.0 |
Trace |
29269 -- 29274 |
El Taco |
8.9 |
165.1 |
0.32 |
29275 - 29276 |
El Taco |
3.4 |
144.8 |
0.04 |
29414 - 29425 |
Bellota |
24.0 |
98.3 |
Trace |
29929 - 29934 |
Potrero |
6.0 |
115.0 |
0.59 |
29940 - 29944 |
Potrero |
10.0 |
83.4 |
0.03 |
29966 - 29969 |
Camino Real |
6.0 |
13.0 |
1.22 |
The Chicle Zone lies approximately 250 metres west of the Estrella Mine and 2 kilometres southwest of the drilled Reventon Breccia and appears to be one of several mineralized epithermal structures in addition to those sampled at La Estrella, El Taco and Cordon. Recent work along a pronounced north-west trending ridge has revealed a +20 metre wide zone of hydrothermal brecciation in sericitized and chloritized andesites. Initial rock sample results which range from trace to 610 g/t silver and trace to 0.68 g/t gold have validated the strong silver-in-soil geochemical anomaly. The silver mineralization is associated with quartz and arsenopyrite. At El Taco, located 100 metres to the south-east of the La Estrella Mine, sampling along the walls of an old pit assayed 165 g/t silver, 0.32 g/t gold over 8.9 metres. Maps and plans related to these results are available on the Focus Ventures website: www.focusventuresltd.com.
Follow-up trenching of a soil anomaly some 100 metres south of the Bellota occurrence by Focus has outlined a new northeast trending mineralized zone in weakly silicified andesite that assayed 98.3 g/t silver over 24 metres. Focus reports that it believes these results likely represent satellite mineralization to the Reventon breccia where drilling in 2007 and 2008 by Northair cut breccia-hosted silver, zinc and lead in the majority of holes drilled, including 155.4m @ 71.3 g/t silver, 0.46% lead and 0.61% zinc (Hole RC-08-8) and 22.9m @ 287 g/t silver, 1.39% lead and 3.48 % zinc (Hole RC-08-13).
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus will also make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$139,000. Focus can earn an additional 15% interest by presenting a Feasibility Study of sufficient quality that would allow Northair to fund its share of the project, plus a cash payment of $100,000 to Northair.
Sampling Quality Analysis and Quality Control
Rock samples were prepared at ALS Chemex's preparation facility in Zacatecas and analyzed in Vancouver, Canada. Silver was determined by multi-acid digestion and ICP-AES, with fire assay gravimetric finish. Gold was assayed by Atomic Adsorption Spectrometry with fire assay gravimetric finish. Lead and zinc were determined by ICP with Atomic Absorption with volumetric finish. ALS Chemex's quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by Focus's own QA/QC program which involves the insertion by Focus personnel of blind certified standards and blanks into the sample stream at regular intervals in order to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory.
About International Northair Mines
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has staked and acquired a number of projects that offer opportunities for significant discoveries. The Company is currently drilling its La Cigarra silver project in order to complete a NI 43-101 resource estimate, which is anticipated to be released in Q1 of 2013. In addition to El Reventon Project, the Company has joint-ventured its Sierra Rosario silver/gold project located in Sinaloa to American Consolidated Minerals Ltd, which holds a 50% interest.
The technical information in this press release is based upon information provided by Focus Ventures Ltd. The technical information has been prepared under the supervision of Mr. David Cass, Focus' President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101. Mr. Fred Hewett, QP for Northair, has not reviewed the data comprising this release, but accepts the information developed under the supervision of the QP for Focus as being representative of the results obtained from Focus' exploration program.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
____________________________________
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett, President, Chris Curran, Mansilverer of Corporate Communications or Brent Levenstadt, Investor Relations Associate
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: [email protected]
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: [email protected]
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.
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.