VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jun 3, 2014) –International Northair Mines Ltd. (TSX VENTURE:INM) (the “Company” or “Northair”) is pleased to announce that its Board of Directors has approved an exploration budget for the La Cigarra silver project (the “Project”), located in north central Mexico. Planned work includes over 5,000 metres of core drilling designed to expand the mineral resource and complete initial drill testing of new target areas.
“I am very pleased that the Board has approved this program that will build on the successes of the Company’s La Cigarra silver project,” said Fred Hewett, President & CEO of Northair. “I am especially excited that we will complete drill tests on the Las Venadas and La Chinas targets that could significantly increase the silver resource of this exciting project.”
Drilling will commence in approximately two weeks and operate concurrently with ongoing geological mapping and sampling programs, which have been active throughout the year. In addition to completing preliminary tests on prospective new targets, the Company will complete drilling designed to expand the current Measured and Indicated silver resource which stands at 50.5 million ounces grading 76 g/t and an inferred resource of 3.5 million ounces grading 61 g/t. (See INM PR#13-05 dated February 26, 2013).
The expansion of the La Cigarra mineral resource will mainly target down-dip and on strike projections of mineralization at the north end of the San Gregorio Zone and to the south of the Las Carolinas Zone. On trend, further to the south, significant soil and rock geochemical anomalies and historic mine workings identified at the Las Venadas and Las Chinas targets will see at least 1,700 metres of drilling. These targets are underlain by the same stratigraphy that hosts mineralization at the San Gregorio and the Las Carolinas zones and could potentially extend the La Cigarra mineral trend an additional two (2) kilometers.
La Cigarra Silver Deposit – Drilling and Expansion Potential
The La Cigarra silver project is located in the state of Chihuahua, 26 kilometres from the historic silver mining city of Parral. The project boasts nearby power, has good road access, gentle topography and established infrastructure. La Cigarra was identified and acquired in 2008 as part of a Company generative exploration program. To date reconnaissance, sampling and drilling confirm numerous silver occurrences traced over a 6.5 kilometre trend of mineralization.
Since the first drill program was completed by the Company in 2010 drill results have been tremendously successful, with all but 2 of the 154 drill holes (totaling over 25,000 metres) hitting potentially economic mineralization. Of these 154 drill holes, 143 were used to calculate the initial mineral resource estimate within a potentially surface minable area that includes the San Gregorio and Las Carolinas mineralized zones. This potentially surface minable mineral resource is defined over 2.1 kilometres of the recognized 6.5 kilometre mineralized trend and has a down-dip extent of greater than 250 metres.
Northair’s next priority at La Cigarra is to test projected mineralization adjacent to and below the current mineral resource. These targets are bracketed by earlier wider spaced drill holes that encountered strong mineralization along strike and down dip, but were excluded from the resource estimate because of low drill density that did not meet the criteria to be included into the pit shell boundary. Results of further drilling within and adjacent to the optimized pit could add significant silver ounces to the current mineral resource estimate and lower the estimated 3.28:1 strip ratio.
The Company also believes that considerable exploration potential exists along the 6.5 kilometre long La Cigarra mineralized system. This potential is supported by soil sampling and initial drilling at the La Borracha Zone to the north. Nine holes drilled here intercepted important silver mineralization that remains open. To the south sampling on surface has returned up to 233 g/t silver over 2.5 metres at the Las Venadas and La Chinas zones. On the 36,000 hectare property there are also numerous target areas such as the La Navidad and Ram zones defined on surface by a collection of historic mine workings. Soil sampling, trenching and mineralized grab samples also add good value to these target zones. Future drilling in these defined target areas could significantly add to the current mineral resource estimate.
The scientific and technical information in this news release has been approved by Fred Hewett, the Company’s President and CEO, and a Qualified Person under National Instrument 43-101.
About International Northair Mines Ltd.
International Northair Mines Ltd. is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico and is currently advancing its La Cigarra silver project located in the state of Chihuahua. The Project contains a robust silver resource estimate and appreciable amounts of lead, zinc and gold as referenced in the San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico dated effective February 26, 2013.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
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 mineral resource estimates, anticipated results and costs, and 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, resources estimates, future anticipated mineral resources and cost engineering estimate risks, geological factors and exploration results. Mineral resources referred to in this news release are not mineral reserves and do not have demonstrated economic viability. See Northair’s filings for a more detailed discussion of factors that may impact expected results.
International Northair Mines Ltd.
President & CEO
604-687-7545 or 1-888-338-2200
International Northair Mines Ltd.
Manager, Corporate Communications
604-687-7545 or 1-888-338-2200