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Press
Release 10-07
ICS ANNOUNCES NI-
43-101 REPORT ON EXCELSIOR SPRINGS GOLD PROPERTY
October 6,
2010-Abbotsford, British Columbia, Canada - ICS
Copper Systems Ltd. (ICX:TSX.V) is pleased to
announce the completion of a NI 43-101 Technical
Report on its recently acquired Excelsior Springs
gold property in Esmeralda County, Nevada.
The report concludes
that based on the results of previous drilling
programs, the
Excelsior Springs property should be
considered an advanced-stage exploration project
having significant potential to host one or more
open-pittable gold deposits.
In the past, a number of
exploration companies have conducted drilling
programs on the property, and the results have begun
to define an extensive zone of gold mineralization.
Drilling around the Buster and Upper shafts has
outlined the Buster mineralized zone approximately
1,000 feet-long and 200 feet-wide.
The report also advises:
"There is an Historic, non 43-101 compliant,
resource estimate in the Buster zone of 2 million
tons at a grade of 0.05 to 0.09 oz Au/ton (100,000
ounces to 180,000 ounces). Drill holes several
thousand feet away from the Buster zone have
intersected zones of anomalous gold along the
east-west extensions of the alteration zone. This
mineral inventory for the property was calculated
prior to NI 43-101 reporting standards and does not
meet the criteria for NI 43-101 categories. It is
presented here as an item of historical interest and
should not be construed as being representative of
an actual
Mineral Resource existing on the property."
A qualified person has not done sufficient work to
classify the historical estimate as current mineral
resources; the issuer is not treating the historical
estimate as current mineral resources as defined in
sections 1.2 and 1.3 of NI-43-101; and the
historical estimate should not be relied upon.
Some of the drill hole
data in appendix C of the report is as follows:
|
DH# |
From/ft |
To/ft |
Thick |
gm Au/t |
|
TA-11 |
0' |
50 |
50' |
1.52 |
|
88-06 |
0' |
90 |
90' |
2.49 |
|
EX-2 |
230' |
340 |
110' |
2.74 |
|
EX-30 |
235' |
395 |
160' |
1.24 |
Appendix E of the report
provides details of surface samples from the past
and from Sept 2010 with some higher grades as
follows:
|
Sample |
UTME |
UTMN |
ppbAu |
g/tAu |
|
1 |
446409 |
4147183 |
13750 |
13.7 |
|
2 |
446430 |
4147163 |
17650 |
17.7 |
|
5 |
446248 |
4147171 |
18700 |
18.7 |
|
6 |
446276 |
4147187 |
20200 |
20.2 |
|
115 |
445816 |
4147151 |
14300 |
14.3 |
|
91508 |
446673 |
4147068 |
20664 |
20.7 |
The property lies within
the
Walker Lane, a zone of regional-scale,
northwest-trending, strike-slip faulting. The Walker
Lane hosts a significant number of precious metal
deposits including the
Comstock Lode at
Virginia City, Borealis, Aurora, Mineral
Ridge, Paradise Peak, Rawhide, Tonopah,
Goldfield and the Bullfrog District.
The Borealis mine is
located ten miles west of
Hawthorne, Nevada, and during production from
1981 until 1990 produced over 600,000 ounces of gold
and has a current resource of 1.3 million ounces of
gold. The structural trends and structural control
of the mineralization of the Borealis deposit make
it a suitable model for the
Excelsior Springs property, and successful
exploration techniques utilized at Borealis can be
applied at
Excelsior Springs.
Recommendations: The
report recommends a two-phased exploration program
for the property. Phase One will comprise mapping,
sampling, a CSMT and IP
geophysical survey and a 15-hole drilling
program to better define the Buster zone and to test
for extensions of the zone. If Phase One is
successful in confirming the continuity of the
Buster zone mineralization or discovering
mineralization in the extensions of the zone, a
Phase Two program will be initiated. Phase Two will
comprise additional CSMT and IP surveys and a
30-hole drilling program. If Phase Two is
successful, a new 43-101 report will be prepared
with a mineral resource for the property and a
recommendation for a multi-rig drilling program to
expand the mineralized zones into a measured and
indicated resource. The goal will be to define a
deposit amenable to open-pit mining methods and a
heap-leach recovery system.
The Phase One drilling
budget is estimated to be USD 353,460 while Phase
Two is estimated to be USD 643,714.
President and CEO Graham
Chisholm comments: "We intend to complete a geologic
map of the property and do extensive sampling of the
altered zones and old workings this year.
Compilation and evaluation of the surface and assay
data will allow us to select fifteen drill sites to
test the Buster zone and its extensions."
Ken Brook, B.Sc, M.Sc,
RPG., a qualified person (QP) as defined by National
Instrument 43-101, supervised the preparation of the
technical information in this news release.
ICS COPPER SYSTEMS
LTD.
"Graham Chisholm"
Graham Chisholm,
President & CEO
For further information
please contact:
Graham Chisholmgraham@icscopper.com Office:
(604) 859-3007; Cell:
(604) 302-0746
Jeannette
Durand
jeannette@icscopper.com
Web Page:
www.icscopper.com |
