News
September 18, 2006
La India Gold Project Acquired
International Northair Mines Ltd. (TSXV:INM) announces the acquisition of the La India Project located in the state of Durango, Mexico. The project has been acquired for its potential to contain bulk mineable gold deposits.
La India is an iron oxide low sulfidation gold system with significant tonnage potential. Mineralization occurs in an intrusive rhyolite breccia that is currently estimated to be at least 50 by 200 meters in surface exposure. During its initial field evaluation the Company took a total of 16 reconnaissance samples. The average value of these samples was 1.486 g/t gold, with a high of 10.8 g/t and a low value of 0.02 g/t. Samples consisted of panel grabs as well as continuous chips taken over intervals ranging from 2 to 10 metres.
The mineralized breccia zone contains hydrothermal and explosive fragments of rhyolite porphyry, cemented by a matrix of siliceous iron oxide. High density (<1 cm wide) stockworking quartz veinlets cut both the matrix and fragments of the breccia, which intrudes rhyolite volcanics. The area is also cut by several large regional extensional faults. Regional reconnaissance completed to date, indicates that the exploration potential distal to the known breccia is excellent. Two small gambusino workings have been found within the project area, but there is no evidence that the property has been examined by other modern exploration companies. The Company has recently completed a second phase of rock chip and stream sediment sampling and results will be released when received and interpreted.
The La India Project has excellent access and infrastructure. It is located in the Sierra San Francisco, approximately 30 kilometres east of the small city of Santiago Papasquiaro, and approximately 140 kilometres north of the capital city of Durango.
La India was identified as an attractive acquisition target by exploration staff early in June of this year, as part of the Company's generative exploration program. Initial sampling reported encouraging gold mineralization within an intrusive breccia, leading to land acquisition. The Company has recently acquired concessions covering approximately 1800 hectares through staking and the option to purchase a 300 hectare privately held concession. Northair can acquire a 100% interest in the optioned concession by paying US$171,000 over a four-year period.
Exploration programs in Mexico are supervised by Mr. Jim Robinson, Vice President of the Company, who is a Qualified Person as defined by National Instrument 43-101. The Company maintains a quality control program using best industry practices consistent with NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Per: "Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & C.E.O.
FOR MORE INFORMATION CONTACT THE COMPANY AT 1-604-687-7545 or Toll Free 1-888-338-2200
Website: www.internationalnorthair.com Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press 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 the Company's Sedar filings for a more detailed discussion of factors that may impact expected results.
La India is an iron oxide low sulfidation gold system with significant tonnage potential. Mineralization occurs in an intrusive rhyolite breccia that is currently estimated to be at least 50 by 200 meters in surface exposure. During its initial field evaluation the Company took a total of 16 reconnaissance samples. The average value of these samples was 1.486 g/t gold, with a high of 10.8 g/t and a low value of 0.02 g/t. Samples consisted of panel grabs as well as continuous chips taken over intervals ranging from 2 to 10 metres.
The mineralized breccia zone contains hydrothermal and explosive fragments of rhyolite porphyry, cemented by a matrix of siliceous iron oxide. High density (<1 cm wide) stockworking quartz veinlets cut both the matrix and fragments of the breccia, which intrudes rhyolite volcanics. The area is also cut by several large regional extensional faults. Regional reconnaissance completed to date, indicates that the exploration potential distal to the known breccia is excellent. Two small gambusino workings have been found within the project area, but there is no evidence that the property has been examined by other modern exploration companies. The Company has recently completed a second phase of rock chip and stream sediment sampling and results will be released when received and interpreted.
The La India Project has excellent access and infrastructure. It is located in the Sierra San Francisco, approximately 30 kilometres east of the small city of Santiago Papasquiaro, and approximately 140 kilometres north of the capital city of Durango.
La India was identified as an attractive acquisition target by exploration staff early in June of this year, as part of the Company's generative exploration program. Initial sampling reported encouraging gold mineralization within an intrusive breccia, leading to land acquisition. The Company has recently acquired concessions covering approximately 1800 hectares through staking and the option to purchase a 300 hectare privately held concession. Northair can acquire a 100% interest in the optioned concession by paying US$171,000 over a four-year period.
Exploration programs in Mexico are supervised by Mr. Jim Robinson, Vice President of the Company, who is a Qualified Person as defined by National Instrument 43-101. The Company maintains a quality control program using best industry practices consistent with NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Per: "Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & C.E.O.
Website: www.internationalnorthair.com Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press 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 the Company's Sedar filings for a more detailed discussion of factors that may impact expected results.