Island Mountain Gold Mines Ltd (C-IGM) - News Release
Island Mountain receives 2003 Cariboo results
Island Mountain Gold Mines Ltd IGM
Shares issued 22,676,565 Jan 12 2004 close $ 0.19
Tuesday January 13 2004 News Release
Mr. J. Frank Callaghan reports
RESULTS OF THE 2003 EXPLORATION PROGRAM ON THE CARIBOO GOLD PROJECT
Jean Pautler, PGeo, has reported to the board of directors for Island Mountain Gold Mines the results of the 2003 exploration program on the 14,000-hectare Island Mountain gold project, located west of the community of Wells, B.C., approximately 120 kilometres southeast of Prince George and 500 kilometres north of Vancouver, in the heart of the Wells-Barkerville gold camp.
The 2003 exploration program involved access rehabilitation and establishment, 5.4 line kilometres of soil geochemical survey and the analysis of an additional 400 samples from 2002, 680 metres of trenching in 36 trenches, and 1,397 metres of diamond drilling in 13 holes. Work was concentrated on the Island Mountain and Mosquito Creek group of Crown-granted claims, 1.5 kilometres west of the town of Wells, with a focus on stratigraphy similar to that hosting the Bonanza Ledge zone of International Wayside Gold Mines Ltd. (a related company) southwest of the mine section, previously mined by former operators as the Island Mountain, Aurum and Mosquito Creek Mines. Prior work concentrated on the contact zone between the Baker and Rainbow units, whereas the Bonanza Ledge zone, discovered in March of 2000 approximately 3.5 kilometres southeast of the current target area, lies structurally lower, well within the Rainbow unit.
A preliminary, 364-sample soil geochemical survey was completed 12 kilometres further to the west covering the drainage basins of several gold placers with elevated mercury in the Wells-Barkerville gold camp with potential to host Bonanza Ledge type mineralization along a parallel trend to the Bonanza Ledge trend, as outlined by Ray et. al. (Geological Fieldwork, 2000, Paper 2001-1).
The diamond drill program on the Crown-granted group of claims was successful in intersecting significant gold mineralization in quartz vein zones with 4.8 grams per tonne Au over 31.4 feet, including 27.0 grams per tonne Au over 7.6 feet in DDH IGM 03-14 and 6.1 grams per tonne Au over 18.7 feet, including 14.6 grams per tonne Au over five feet and 4.9 grams per tonne Au over 39.8 feet (additional sampling may increase this value) including 15.9 grams per tonne Au over 8.2 feet and 19.1 grams per tonne Au over 3.3 feet in DDH IGM 03-15. The results are tabulated below ((*)denotes weighted average):
DDH IGM 03-14
From To Width Au
(ft) (ft) (ft) (g/t)
76.8 108.2 31.4 4.8(*)
incl. 87.8 95.4 7.6 27.0(*)
175.0 181.6 6.6 2.5
DDH IGM 03-15
From To Width Au
(ft) (ft) (ft) (g/t)
206.8 225.5 18.7 6.1(*)
incl. 209.0 225.5 16.5 6.8(*)
incl. 220.5 225.5 5.0 14.6
329.5 369.3 39.8 4.9(*)
incl. 329.5 344.5 8.2 15.9(*)
NB 344.5 366.0 No Sample
incl. 366.0 369.3 3.3 19.1
DDH IGM 03-8 to -10 intersected distal replacement style mineralization, with significant arsenic, bismuth and low-order gold anomalies at the Fender Bender zone, which returned values of five grams per tonne Au over one metre, with maximum values of 20 grams per tonne Au in trench 03-10.
The trenching and prospecting program outlined several new gold zones that remain untested and/or open along strike. The Lightning zone, with values of 20 grams per tonne Au from silicified limestone and 14 grams per tonne Au over 0.6 metre and 8.5 grams per tonne Au over 1.3 metres from quartz veins, has only been tested with one drill hole. The Crystal trench, 150 metres northwest of the Lightning zone, returned 110.8 and 246.8 grams per tonne Au from panel samples in silicified limestone. The Lake zone, 350 metres southeast of the Lightning zone, exhibits replacement mineralization containing 20 grams per tonne Au and pyritic quartz vein mineralization with 36 grams per tonne Au and remains unexplored along strike and at depth.
The Island Mountain soil geochemistry outlined two zones with significant linear, possibly stratigraphically controlled gold in soil anomalies, with results ranging up to 1.1 grams per tonne Au (L0W/750S), southeast of the mine section and along trend of the Bonanza Ledge zone. One of the zones, located above the rediscovered Beedy Adit, dating from prior to 1877, is underlain by the Teapot strike vein (similar to the BC vein that lies in the hanging wall of the Bonanza Ledge zone), coincident induced polarization geophysical anomalies and reconnaissance gold in soil anomalies up to 2.7 grams per tonne Au.
Preliminary results from the Dragon grid were not significantly anomalous in gold but mercury anomalies do occur, suggesting that it may be useful as a pathfinder element. Additional work is necessary to evaluate the area.
An aggressive exploration program including concurrent diamond drilling, trenching, soil geochemistry and ground geophysical surveying is proposed for 2004. Proposed drill targets include the above new gold-bearing quartz vein zones intersected in DDH IGM 03-14 and -15, replacement mineralization uncovered at the Fender Bender zone, the distal portions of which were intersected in DDH 03-8 to -10, and possible Bonanza Ledge style mineralization suggested by the soil geochemistry above the Beedy adit. Trenching targets include the Lake zone and the untested soil anomalies on the Island Mountain grid. Additional soil geochemical and geophysical surveys are warranted to evaluate the Island Mountain Gold land package along trend of the Bonanza Ledge zone and along similar trends that are evident to the west. The excellent access and existing infrastructure add to the potential of the property.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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