VANCOUVER, BRITISH COLUMBIA, Oct 21, 2014 (Marketwired via COMTEX) — International Northair Mines Ltd. (INM) (the "Company" or "Northair") is pleased to announce that exploration at its La Cigarra silver project (the "Property"), located in the Parral silver district of Chihuahua State, Mexico, has identified a potentially significant silver and gold occurrence known as La Colorada.
La Colorada is in part defined by a northwest-southeast trending silver and gold soil anomaly measuring 1,400 meters long and 300 to 400 metres wide. Sampling of this area included a 50 by 50 meter soil grid and 143 rock chip samples of which 16 returned greater than 10 g/t silver. This work returned a high silver value of 231 g/t. Additionally, 38 rock samples returned greater than 0.10 g/t gold, with 4 samples reporting over 1.0 g/t gold. The highest rock chip sample returned 21.3 g/t gold. The anomalous silver and gold mineralization is found in quartz-calcite veined middle Jurassic sedimentary rocks and Tertiary dacite porphyry intrusives.
"The La Colorada Zone represents an exciting discovery with the potential to expand the current La Cigarra silver resource and is part of our strategy to define and test new target areas within our large land package," said Andrea Zaradic, President & CEO of Northair. "La Colorada offers considerable exploration upside to complement the potential that already exists within the main La Cigarra mineralized system."
The La Colorada Zone was discovered as part of the Company's geological mapping and sampling programs being carried out on its 32,000 hectare La Cigarra land package. This zone may represent a newly defined parallel mineral trend situated approximately 300 meters west of the Ram Zone target (see news release #14-03, dated March 25, 2014) and 1,200 meters west of the La Cigarra deposit, which currently hosts a measured and indicated mineral resource of 50.5 million ounces of silver grading 76 g/t. To view a detailed map of the La Colorada Zone, please click the following link: http://www.internationalnorthair.com/i/maps/2014-10-21-La_Cigarra-AgAu_Soil_PR.pdf.
Northair is currently conducting further studies at La Colorada and on additional areas of potential that have been identified through the Company's ongoing exploration efforts. The program's objective is to define and prioritize these targets for follow-up exploration and possible drilling.
La Cigarra Drill Update
In addition to the ongoing La Cigarra exploration program, as previously announced on June 25, 2014, Northair is also carrying out a 5,700 meter core drilling program to 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. Drilling is also being conducted along trend to the south where the Las Venadas and Las Chinas targets are underlain by the same favorable stratigraphy that hosts mineralization at San Gregorio and Las Carolinas. To date, the Company has completed just over half of the budgeted program and results will be announced when received and interpreted.
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. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in Vancouver B.C. Systematic assaying of standards is 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.
Mr. David Ernst, a professional geologist and VP Exploration of Northair is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Ernst has reviewed the technical information in this news release and approves the disclosure herein.
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. Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, which currently hosts a NI 43-101 Resource estimate of 50.49 million ounces of silver in the Measured & Indicated categories grading 76 g/t silver (13.09 million ounces of Measured grading 65 g/t silver and 37.40 million ounces of Indicated grading 80 g/t silver) and 3.5 million ounces of silver in the Inferred category grading 61 g/t silver constrained by a Whittle pit shell at an economic cutoff grade of 30 g/t silver (assuming metallurgical recoveries of 84% silver). The project boasts a significant land package of over 32,000 hectares located within the Parral silver district and is 26 km from the city of Parral. The mineralized system at La Cigarra has been traced over 6.5 kilometres and is defined at surface as a silver soil anomaly and by numerous historic mine workings. The La Cigarra silver deposit also contains appreciable amounts of lead, zinc and gold.
For further information please see the Company's Technical Report entitled "San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico" dated effective February 26, 2013 which is available under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Andrea Zaradic, 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.
Caution Concerning Forward-Looking Statements
This news release may contain forward looking statements which are not historical facts, such as statements regarding the use of proceeds, the closing date, 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.
Cautionary Note Concerning Estimates of Measured, Indicated and Inferred Mineral Resources
This news release uses the terms "Measured and Indicated Resources" and "Inferred Resources", which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Northair advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.
Contacts: International Northair Mines Ltd. Andrea Zaradic President & CEO 604-687-7545 or 1-888-338-2200 International Northair Mines Ltd. Chris Curran Manager of Corporate Communications 604-687-7545 or 1-888-338-2200 [email protected] www.internationalnorthair.com
SOURCE: International Northair Mines Ltd.