NEWS RELEASE
April 7, 2004
Toronto and Swiss Exchanges – Symbol
“IMZ”, Frankfurt – Symbol “MIW”
INTERNATIONAL MINERALS REPORTS MORE HIGH-GRADE GOLD INTERSECTIONS FROM FEASIBILITY STUDY DRILL PROGRAM AT RIO BLANCO PROJECT, ECUADOR
International Minerals Corporation (“IMC”) has received assay results from an additional twelve core drill holes totaling 1,851m that form part of the on-going feasibility study on the high-grade Alejandra Vein at IMC’s Rio Blanco epithermal gold-silver project located in southern Ecuador. Results from the first twenty core drill holes (totaling 2,729m) were previously reported in a March 8, 2004 news release.
High-grade intercepts (which commonly are contained within much wider mineralized zones) from these latest twelve drill-holes include: 2.1m at 27.4 g/t gold and 116 g/t silver and 0.7m at 99.1g/t gold and 577 g/t silver in hole BC-94; 7.4m at 25.2 g/t gold and 51g/t silver (including 0.4m at 360.0 g/t gold and 656 g/t silver) in BC-95; 0.8m at 44.2 g/t gold and 275 g/t silver in BC-98; 5.2m at 32.5 g/t gold and 376 g/t silver (including 1.7m at 89.9 g/t gold and 713 g/t silver, which also includes 0.5m at 223 g/t gold/1,735 g/t silver) in BC-104. The above intercepts are estimated true widths of the mineralized zones.
Assay results (at a nominal 1 g/t gold cut-off) are summarized in the table below and drill hole locations are shown on the attached longitudinal section in the plane of the vein. All assay values are uncut.
|
Drill Hole # (Depth-meters) |
Interval (meters) |
Length (m) |
Estimated True Width (m) |
Gold g/t |
Silver g/t |
Comments |
||
|
BC
92 ( 78.0 )
Includes: |
8.0 58.6
61.9 |
- - - |
29.7 69.6 65.4 |
21.7 11.0 3.5 |
N/A 9.5 3.0 |
3.8 5.0 11.1 |
54 82 123 |
Geometry of this
part of vein not yet determined |
|
BC
93 ( 125.0 ) Includes: Includes: |
94.0
98.8
107.0
|
- - - |
110.3 103.6 108.4 |
16.3 4.9 1.3 |
12.7 3.8 1.0 |
4.3 6.3 12.1 |
38 58 61 |
Previously
reported. Revised true
widths |
|
BC
94 ( 185.9 ) Includes: Includes: Includes: |
144.7 160.3 163.5 171.7 |
- - - - |
174.0 172.5 165.8 172.5 |
29.3 12.2 2.3 0.8 |
26.1 10.9 2.1 0.7 |
8.0 16.0 27.4 99.1 |
76 158 116 577 |
|
|
BC
95 ( 268.4 ) Includes: |
244.8 251.0 |
- - |
253.0 251.5 |
8.2 0.5 |
7.4 0.4 |
25.2 360.0 |
51 656 |
|
|
BC
96 ( 83.0 ) Includes: Includes: Includes: |
10.3 14.4 15.2 53.1 53.1 |
- - - - - |
20.8 17.7 16.5 67.1 57.0 |
10.5 3.3 1.3 14.0 3.9 |
N/A N/A N/A 12.1 3.4 |
8.6 19.2 29.6 6.5 14.1 |
47 50 74 47 53 |
Geometry of this
part of vein not yet determined |
|
BC
97 ( 230.1 ) |
205.7 |
- |
209.8 |
4.1 |
4.0 |
3.4 |
<5 |
|
|
BC
98 ( 237.3 ) Includes: Includes: |
202.0 206.5 212.3 |
- - - |
220.0 214.4 213.2 |
18.0 7.9 0.9 |
16.3 7.2 0.8 |
4.8 9.2 44.2 |
37 72 275 |
|
|
BC
99 ( 88.1 ) |
|
|
|
|
|
|
|
No vein intercept.
Drilled north of structure. |
|
BC
100 ( 91.2 ) Includes: |
53.0 58.1 |
- - |
70.4 61.3 |
17.4 3.2 |
12.7 2.3 |
3.3 7.0 |
30 49 |
|
|
BC
101 ( 215.5 ) Includes: |
172.6 172.6 |
- - |
189.6 178.7 |
17.0 6.1 |
14.2 5.1 |
4.4 5.9 |
28 38 |
|
|
BC
102 ( 104.9 ) Includes: Includes: |
75.4 76.3 79.3 |
- - - |
92.6 83.7 82.5 |
17.2 7.4 3.2 |
16.2 7.0 3.0 |
6.2 11.1 16.8 |
71 139 199 |
|
|
BC
103 ( 106.2 ) Includes: Includes: |
78.8 78.8 81.5 |
- - - |
95.4 84.1 84.1 |
16.6 5.3 2.6 |
10.7 3.4 1.7 |
3.6 6.3 9.1 |
33 52 92 |
|
|
BC
104 ( 37.8 ) Includes: Includes: Includes: |
2.0 14.1 18.3 18.4 |
- - - - |
28.00 20.4 20.4 19.0 |
26.0 6.3 2.1 0.6 |
21.6 5.2 1.7 0.5 |
9.3 32.5 89.9 223.0 |
105 376 713 1735 |
|
The Alejandra Vein is a complex, continuous vein-breccia structure with a drill-tested east-west strike length of approximately 500m, which remains to be drill-tested to the east. The structure ranges in width from less than 1.0m up to 30m (with an average of approximately 6m) and gold-silver mineralization extends from surface to a depth of 300m. In an October 14, 2003 news release, IMC announced a positive independent scoping study (or “preliminary assessment” under the rules of National Instrument 43-101) carried out by Buenaventura Engineering (“BISA”) that indicated strong economics (over 50% pretax IRR at base case metal prices of US$350/oz gold and US$5/oz silver) for this high-grade zone based on an inferred resource estimate of approximately 744,000 tonnes at an average grade of 18.3 g/t gold and 146 g/t silver, containing 438,000 gold ounces and 3.5 million silver ounces.
Although the Alejandra Vein is the most advanced target within the overall Rio Blanco project area, it is only one of multiple gold-silver exploration targets within IMC’s property position. For example, in the Dorada Zone located approximately 1km to the SSW of the Alejandra North structure, a recently completed 48m- long adit (tunnel) intersected a faulted vein zone, approximately 3.5m in true width, from which five tunnel-round samples gave an average gold grade of 91.9 g/t and 200 g/t silver. Drill results in this area from a 1999 IMC program reported a high-grade vein intercept in drill hole BC-37 of 1.41m with a grade of 90.8 g/t gold and 643 g/t silver. Future drilling in this area will focus on the search for additional high-grade mineralization.
An expanded program of approximately 60 drill holes (totaling 11,500m) is now planned by IMC for the Alejandra Vein, which combined with drilling from previous programs, is designed to produce drill intersections with an approximate spacing of 30m for reserve/resource calculations in the feasibility study. In addition, approximately 120m of underground exploration has been completed by IMC to complement the ongoing drill program.
Drilling to date has been carried out by Paragon Drilling Ecuador S.A. (under the supervision of a Canadian drilling consultant) and Kluane International Drilling Inc., of Vancouver, Canada. Sample preparation was carried out at the ALS Chemex laboratory in Quito, Ecuador using standard industry practices. Analytical work was carried out at the ALS Chemex laboratory in Vancouver, Canada using screen fire assay for expected high grade zones and conventional fire assay methods for gold and silver for all other zones. For quality control purposes, analytical standards with known metal values were included with IMC’s samples and show excellent reproducibility. Duplicate analyses on selected samples were undertaken by Acme Geochemical Inc. in Vancouver. Acme’s results for the higher-grade samples (>10 g/t gold) are significantly higher than ALS Chemex’s original results and a third independent laboratory, Chris Christopherson, Inc. of Kellogg, Idaho has been contracted to re-assay the original samples. Results are expected in about three weeks.
The overall feasibility study for the Alejandra North Zone is being conducted under the supervision of independent consultants Micon International Ltd of Toronto, Canada. Water Management Consultants of Santiago, Chile will undertake the Environmental Impact Assessment (”EIA”) and metallurgical test work will be undertaken by McClelland Laboratories, Inc, in Reno, Nevada, USA. The final feasibility study and permitting is expected to be completed by the summer of 2005.
The drill program is conducted under the supervision of IMC’s Qualified Person and Exploration Manager, Mr. John Sutcliffe and the overall feasibility study (which is expected to be completed in the fourth quarter of 2004) is being conducted under the supervision of independent consultants Micon International Ltd of Toronto, Canada. Water Management Consultants of Santiago, Chile are undertaking the Environmental Impact Assessment (”EIA”) and metallurgical test work is being carried out by McClelland Laboratories, Inc in Sparks, Nevada, USA.
ON BEHALF OF THE BOARD
“Stephen J. Kay”
Stephen J. Kay, President and CEO
For additional information, contact Terri Kasten at
Tel: (480) 483-9932 or Fax: (480) 483-9926
Internet Site: http://www.intlminerals.com E-mail:emc@primenet.com