Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
International Northair Mines Ltd. (TSX VENTURE:INM) (the “Company” or “Northair”) is very pleased to announce the acquisition of a significant package of mineral concessions totaling nearly 32,000 hectares contiguous to the Company’s La Cigarra silver project located in the state of Chihuahua, Mexico. The land package was acquired through an option agreement, staking and purchase to cover permissive ground that surrounds the Company’s original La Cigarra concessions. Drilling at La Cigarra by the Company has outlined a potentially surface minable mineralized system with an open ended strike length in excess of three (3) kilometres. An initial resource estimate utilizing the results from 111 core holes and 11 reverse circulation holes covering 2,400 metres of this system is presently being calculated.
Work to date by Northair indicates significant geological potential exists over multiple areas on these newly acquired concessions and priority target areas have already been identified. Surface sampling on the new concession 500 metres south of the La Carolinas Zone, has returned values up to 233 g/t silver and the Company has commenced an aggressive exploration program to advance the new acquisitions to the drill ready stage.
Northair will host a conference call and live audio webcast on Wednesday October 3 at 8.00 am Pacific Time (11.00 am Eastern Time) to outline the significance of this land acquisition. Conference call and live audio webcast details are located at the end of this release and on the Northair website: www.internationalnorthair.com.
“The consolidation of this large land package is an important step for the Company and one of the most exciting developments at La Cigarra since the release of initial drill results,” said Fred Hewett, President & CEO of Northair. “This new land position not only covers the down dip projection of known silver mineralization but also the extensions of the mineral system on strike to the north and south beyond the Company’s previous land holdings. As supported by a number of historic mine working on trend to the south of the Las Carolinas Zone, the strike length of the La Cigarra system doubles from three (3) to six (6) kilometres in length. To the best of the Company’s knowledge, the newly acquired southern half of the mineral system has seen no drilling. There is also significant mineralized potential on the remainder of this large land package as evidenced by clusters of old workings in several locations as well as well mineralized grab samples obtained from preliminary prospecting.”
Geology and Exploration Potential of the Acquired Properties:
The majority of the new ground is underlain by the same package of sedimentary and associated intrusive rocks that hosts silver mineralization at the main La Cigarra occurrence. Numerous old workings, again with similarities to the original three (3) La Cigarra showings, occur throughout the property and provide excellent exploration targets.
As noted, significant exploration potential exists immediately to the south of the Las Carolinas Zone, where preliminary prospecting and rock sampling has traced silver bearing quartz veining and stockwork for approximately three (3) kilometres along what is believed to be the southern continuation of the La Cigarra mineralized system. Two historic mining areas, Las Venadas and La Soledad are situated 500 and 1,200 metres, respectively south of the original Las Carolinas Zone. Initial rock chip sampling in the vicinity of Las Venadas have returned important silver values over an area of approximately 230 metres by 90 metres. Nineteen (19) of thirty three (33) of these samples exceed 20 g/t silver.
