International Northair Mines Ltd. (TSXV: INM) (“Northair” or the “Company”) is pleased to report that recent field work has identified a significant geophysical and geochemical anomaly comprising a target measuring approximately 1,400 metres in length at its 50% owned Sierra Rosario silver/gold project (“Property”), located in Sinaloa State, Mexico.
In response to these positive results, Northair has scheduled a Phase I core drill program to test a 600 metre segment of the anomaly with drilling expected to commence shortly. The program will be managed by Northair, the Project Operator, with support from its 50% partner American Consolidated Minerals Corp (“American Consolidated”).
2012 Exploration Summary
During the first quarter of this year, Northair and American Consolidated rehabilitated approximately 10 kilometres of access road and established 20 line kilometres of cut and flagged grid line; consisting of 10 lines spaced 200 meters apart over the northern two thirds of the Property. Utilizing this grid, the Property was geologically mapped and soil sampled at 25 meter intervals. An IP survey (50 meter dipole spacing and n=6 separations) and a ground magnetic geophysical survey were also carried out over the grid. The work centred upon the San Raphael gossan zone where initial trenching and rock sampling by Northair returned an average value of 181 g/t silver and 0.32 g/t gold from 23 chip channel samples averaging five metres in length.
Results of the IP survey identified an open ended northwest-southeast trending chargeability anomaly measuring 1,400 metres in length, extending from line 4+00S (where it is 100 meters wide) to line 18+00S (where it is over 1,300 meters wide). The anomaly remains open to the south and south east. Coincident with the eastern margin of the chargeability anomaly and a northwest-southeast trending ridge, Northair has outlined a silver-gold-arsenic-lead soil anomaly also measuring 1,400 metres in length, extending from line 4+00S to line 18+00S, where the anomaly remains open to the south and south east. Individual soil sample values range up to 326.0 g/t silver; 0.712 g/t gold; 1320 ppm arsenic and 3470 ppm lead. The highest silver values occur on line 18+00S, the most southern grid line. Based on positive soil samples and coincident IP anomaly, the Company will expand its geochemical sampling grid to the east to establish the ultimate size of the potentially mineralized target.
Geology at Sierra Rosario
The Sierra Rosario Property is located approximately 25 kilometres of the town of Choix in Sinaloa State. It is underlain by Jurassic andesite and greywacke which in turn are overlain by gently north dipping ridge forming Cretaceous limestones and interbeded calcareous siltstones, all intruded by Tertiary granodiorite and diorite. Overlying the northernmost portions of the property are Tertiary andesites capped by rhyolite.
Since January of 2012, work has concentrated on the San Raphael Zone where quartz veins and stockwork carrying significant values of silver and gold were initially noted in a small exposure of granodiorite intruding Cretaceous limestone and calcareous siltstones. The subsequent recent program has defined coincident anomalies that extend from this granodiorite plug at least 1400 meters to the southeast in an area mapped as Cretaceous limestone with calcareous siltstone. The geochemical anomalies extend in a northerly direction to the contact with the overlying Tertiary andesite suggesting these younger rocks post-date the silver mineralization.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett the Company’s President and CEO, and a Qualified Person under NI 43-101.
About International Northair Mines Ltd.
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has successfully staked and acquired a number of early stage projects that offer opportunities for significant discoveries, which includes the Sierra Rosario Project. As well, Northair is currently drilling its La Cigarra silver project in the state of Chihuahua in order to complete an initial resource calculation by Q3 2012. A third project in Mexico, the El Reventon silver project, is currently optioned to Focus Ventures Ltd, who is committed to spend a minimum of USD$250,000 by April 2013.
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, Manager 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] ________________________________________________________________________________
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.