NEWS
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Rushan Belt Yields Major Discovery!
NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--March 6, 1998--Ikar Mineral Corp.'s (OTC BB:IKAR) Ikar Deposit in Tajikistan contains 17.6 million tonnes of precious and base metals mineralization worth an estimated $2.2 billion (U.S.) at today's prices.
The announcement was made Friday by Ikar Chief Executive Officer Randall Andrus, who said the commercial value is based upon assay results and tonnage figures contained within a Russian report on the Ikar deposit's Ikar and Huf sites, plus the 8 km distance between these two boundary areas which the report has designated as the "Ikar-Huf Zone."
Andrus noted that the entire Ikar deposit represents just five percent of Ikar Mineral Corp.'s Rushan Concession, which totals 100,000 acres in southeastern Tajikistan.
The Russian report was compiled by a Russian-Tajik "Pamir Prospecting and Survey Expedition" in the late 1970s, when Tajikistan was part of the Soviet Union.
Their exploration of the Ikar and Huf sites, and the intervening "Ikar-Huf Zone" yielded the following: -0- *T
Ikar Orefield Inferred Reserves
Commercial Grades Deposits & Thousand Mineralized Zones Tonnes g/t Au g/t Ag WO3% Cu% Co%
Ikar 3,061 4.40 4.6 0.98 0.24 0.127 Huf 875 3.96 11.5 0.76 - 0.240 Ikar-Huf zone 13,700 4.40 4.6 0.48 0.24 0.127 Total Tonnes 17,636
Metals in Tonnes
Au Ag WO3
Ikar 13.0 13.8 14,241 Huf 2.5 10.0 6,650 Ikar-Huf Zone 60.3 63.0 65,780 Total Tonnes 75.8 86.8 86,671 Total Value (U.S.) $788,320,000 $19,554,304 $398,686,600
Metals in Tonnes
Cu Co Ikar 7,229 3,443 Huf - 2,100 Ikar-Huf Zone 32,880 17,400 Total Tonnes 40,109 22,943 Total Value (U.S.) $68,827,044 $1,010,000,000
*T -0-
Andrus said Ikar Mineral Corp. is releasing the above results Friday because its belief in the Russian findings has been strengthened by a report from Kilborn Engineering Pacific Ltd., a member of the SNC Lavalin Group.
Ikar Mineral Corp. retained the firm to verify the Pamir Expedition's database of mineralization. Two Kilborn engineers visited the Rushan Complex in late October-early November and conducted a check assay and sampling program on the Ikar deposit's Ikar and Huf tungsten-gold sites.
Their subsequent report, submitted last week, contained a number of positive statements about the Ikar deposit including: "Kilborn staff have confirmed that the mineralization is consistent with the Russian-Tajik findings." And: "To date, Kilborn has not defined any basis to suspect that the existing Russian-Tajik data is inaccurate."
Apart from the Ikar deposit, and as the Kilborn report has confirmed, the Russian-Tajik Pamir Expedition conducted extensive exploration programs on a number of other mineralization prospects within the Rushan Concession.
Ikar Mineral Corp. plans to further explore these prospects during the 1998 field season. Two major targets are close to the Ikar Deposit. One is the massive, high-grade Barch iron ore find. The other is the promising Vomar deposit, which has yielded significant values in lead, zinc, and silver.
Said Andrus: "Based upon the findings contained within the entire 400-plus page Pamir Expedition report, we are confident that our Rushan Concession will prove to be one of the world's most significant repositories of precious and base metals.
"Our development of these deposits will prove to be extremely beneficial to our shareholders, and to the people of Tajikistan."
Ikar Mineral Corp. holds 100 percent of the Rushan Concession and will retain 90 percent of net proceeds. The government of Tajikistan, which granted the concession, will retain 10 percent. -0- NOTE TO EDITORS: For further information, please contact the Ikar Mineral Corp. Investor Relations Department at 604/986-9961 or 888/322-4527. -0- E&OE
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CONTACT:
Ikar Mineral Corp., North Vancouver
Investor Relations, 888/322-4527 or 604/986-9961 |
