Additional Assay Results Reported by Ireland Inc. Expand the Boundaries of New Gold Discovery
Wed Apr 22, 11:00 AM
ca.news.finance.yahoo.com
HENDERSON, Nev., April 22 /PRNewswire-FirstCall/ -- Ireland Inc. (OTC Bulletin Board: IRLD.OB) ("Ireland") ("the Company"), a minerals exploration and development company focused on the discovery and extraction of precious metals from mineral deposits in the Southwestern United States, today announced that additional assay results from its 2008 drill program have indicated that Ireland has discovered new mineralized zones adjacent to its previously reported "Zone B" discovery at the Columbus Project located in Esmeralda County, Nevada.
Drilling Program Significantly Expands Potential of Mineralization In Zone B
Ireland has received assay results from independent consultants McEwen Geological LLC of Arvada, Colorado ("McEwen") on samples taken from an additional 7 contiguous holes that were drilled adjacent to the previously announced 555-acre Zone B mineralized area, which is located approximately three miles south of the Company's permitted mine site (Zone A). The drill samples were analyzed using a caustic fusion technique, and the results reported were from the extracted precious metals. The assay results from these additional holes have led the Company to expand the area known as Zone B from 555 acres to 1,068 acres, where the weight mean average grade for the mineralized intercepts identified in the 14 holes drilled in Zone B approximates 0.044 opt Au equivalent (see table below).
Zone B - Drill Results
Hole ID Depth Mineralized Thickness Au (opt) Ag (opt) Au (opt)(2)
Drilled Interval(1) (ft) Equivalent
(ft) (ft)
S1B 400' 10' to 400' 390' 0.045 0.234 0.047
S2B 200' 50' to 160' 110' 0.034 0.179 0.036
S3B 275' 90' to 275' 185' 0.039 0.237 0.042
S4B 200' 170' to 200' 30' 0.021 0.093 0.022
S5B 200' 50' to 200' 150' 0.041 0.167 0.044
S6B 400' 240' to 270' 30' 0.036 0.206 0.038
310' to 400' 90' 0.033 0.181 0.036
S7B 200' 0' to 200' 200' 0.037 0.160 0.039
S8B 350' 0' to 350' 350' 0.040 0.187 0.042
S9B 200' 0' to 200' 200' 0.048 0.244 0.051
S10B 400' 0' to 310' 310' 0.040 0.254 0.043
360' to 400' 40' 0.080 0.265 0.083
S11B 200' 0' to 140' 140' 0.042 0.224 0.044
S12B 200' 0' to 60' 60' 0.057 0.318 0.061
150' to 200' 50' 0.026 0.095 0.027
S13B 400' 0' to 100' 100' 0.053 0.246 0.056
170' to 250' 80' 0.026 0.102 0.027
290' to 350' 60' 0.052 0.252 0.055
S14B 280' 80' to 100' 20' 0.023 0.138 0.024
140' to 280' 140' 0.045 0.231 0.048
Weight Mean Average for All Drill Hole
Intercepts 0.041 0.212 0.044
Potential Material Mineable by Surface Dredge Operation Expanded
New operational cost estimates, current drill results and geological modeling by McEwen have led the Company to conclude that the dredge-type mining method currently used in Zone A, could economically be used to mine to a depth of 200 feet. Based on this 200 feet depth, the Company has expanded its estimates of the material that could potentially be surfaced mined within Zone B to 108 million (M) tons. These 108M tons of potentially surface minable material lie within the original 555 acre area of Zone B.
The average grade of all of the samples taken within these 108M tons of material was approximately 0.042 opt Au equivalent. Potential mineable material tonnages outlined to date are listed below. Additional exploration work will be required before proved or probable reserves can be established.
Location Potential Depth Thickness Potential
Mineable (ft) (ft) Tonnage
Acres (3)
Zone A - Mine Area 270 3' to 40' 37' 14.8 M tons
Zone B - (Holes S7B to S13B) 555 0' to 200' Up to 200' 108 M tons
|
