Intrepid Minerals Corp (C-IAU) - News Release
Intrepid improves Kamila knowledge with 3 drill holes
Intrepid Minerals Corp IAU
Shares issued 40,256,840 Mar 2 2004 close $ 0.73
Wednesday March 3 2004 News Release
Mr. Laurence Curtis reports
INTREPID INTERSECTS 10.3M (34FT) OF 70.9 G/T (2 OZ/T) GOLD AND 988 G/T (29 OZ/T) SILVER AT KAMILA, ARGENTINA
Intrepid Minerals has released results from three of the final seven resource definition holes drilled in the company's phase II drill program at the Kamila zone on the Casposo project in San Juan province, Argentina.
Hole CA-04-89 was drilled into the centre of a proposed open pit at Kamila and was designed to intersect the Aztec vein approximately 75 metres vertically below surface and the Inca vein 100 metres below surface. Hole 89 intersected 10.30 m (34 feet) of 70.9 grams per tonne (2.07 ounces/ton) gold and 988 g/t (29 ounces/t) silver in the Aztec vein and 9.20 m (30 feet) of 13.7 g/t (0.40 ounce/t) gold and 1,517 g/t (44 ounces/t) silver in the Inca vein. Drill core over these intervals contains abundant black metallic mineralization tentatively identified as acanthite with probable electrum. True thickness is estimated to be about 90 per cent of the intercept length.
Table 1
KAMILA -- PHASE II DRILLING,
INTERCEPTS
Hole From To Width Vein Au Ag
No. (m) (m) (m) (g/t) (g/t)
CA-
04-89 64.75 66.75 2.00 Aztec 19.7 57
76.65 88.70 12.05 Aztec 61.0 853
incl. 78.40 88.70 10.30 Aztec 70.9 988
incl. 83.65 87.80 4.15 Aztec 121.3 1653
167.30 176.50 9.20 Inca 13.7 1517
incl. 170.30 174.30 4.00 Inca 18.9 2220
CA-
04-90 35.05 41.80 6.75 B vein 9.18 113
incl. 37.00 39.00 2.00 B vein 23.6 229
CA-
04-91 71.20 73.60 2.40 Inca 2.35 142
CA-
04-92 to 95 Assays pending
Note
All diamond drilling on Casposo is being carried out using HQ diamond core with triple tubing to ensure maximum recovery. Chemical analysis is being completed by ALS Chemex Chile on 50-gram splits using fire assay/gravimetric techniques and internal standards provided by an independent company. William McGuinty, vice-president, exploration, is Intrepid Minerals' qualified person on this project.
The results summarized in Table 1 continue to confirm continuity in the Kamila zone bonanza vein system and will provide increased definition to specific areas of the deposit as Intrepid recalculates its current resource estimate (press release 03-9, news in Stockwatch June 19, 2003). Gene Puritch, PEng, has been engaged to update the Kamila block model and resource estimate.
Intrepid is completing a scoping study on the Kamila area. Malcolm Buck, PEng, has been contracted to manage the study and provide a final scoping report which is anticipated at the end of April. For the initial scoping concept an open-pit footprint of approximately 700 metres long by 300 metres wide is being considered for the Kamila deposit. Intrepid is also contracting an engineering firm to evaluate further drilling and possible underground exploration and technical work within the Kamila pit area as part of a proposed prefeasibility study for Kamila.
An additional 1.5 kilometres of the Rocio De Oro vein corridor has yet to be drill tested. Kamila is located in the northwestern sector of this corridor and appears to be uplifted relative to the Rosarita zone, located one kilometre to the southeast. Detailed geological and geophysical work in this area will be under way in March to support a reconnaissance program of deep drilling to test the corridor at the end of the second quarter.
Investors are invited to attend the Prospectors & Developers Association of Canada annual convention in Toronto, March 7 to March 10, 2004. Intrepid Minerals management and staff will be available to answer questions and discuss the company's continuing operations at booth No. 2135 in the investors exchange. Please take the time to come by and visit the company.
A project map is available at intrepidminerals.com.
Table 2
KAMILA -- PHASE II DRILLING,
COLLARS
Hole Easting Northing Elevation
name
CA-
04-89 2,439,045 6,548,435 2535
CA-
04-90 2,439,140 6,548,290 2482
CA-
04-91 2,439,160 6,548,420 2490
KAMILA -- PHASE II DRILLING,
COLLARS
Hole Length Azimuth Inclination
name
CA-
04-89 180.10 100 -65
CA-
04-90 71.80 45 -80
CA-
04-91 83.70 60 -60
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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