Fresnillo Completes Initial Drilling at Northair's La India Project, Mexico
International Northair Mines Ltd. (TSXV:INM) and its wholly owned subsidiary Grupo Northair de Mexico, S.A. de C.V. ("Northair" or the "Company") have received notification from Fresnillo PLC ("Fresnillo"), that it has completed a first phase diamond drill program at Northair's La India gold property, located in the State of Durango, Mexico. The drill program consisted of eight holes, totaling 867 metres. The Fresnillo program tested two mineralized zones, the South Breccia previously outlined on surface by Northair and the North Breccia discovered by Fresnillo and located approximately 500 metres north of the South Breccia. Fresnillo's drilling encountered anomalous intervals of gold mineralization in all eight holes; however no mineralized intervals of potentially economic grades were reported. Results are summarized below:
La India Drill Intercept Summary
|Hole||Zone||Bearing||Total Depth (metres)||From (metres)||To (metres)||Total Interval (metres)||Au (g/t)||Ag (g/t)|
Fresnillo has not informed Northair of its future plans for the project. They have fulfilled their initial commitments by expending well in excess of US$100,000 on exploration over the past year and paying Northair US$50,000 (a US$25,000 cash payment and purchasing US$25,000 of Northair shares from treasury at a 20% premium to market) on May 28, 2009. At the onset of the first option year just concluded, Fresnillo initially made a cash/share purchase of US$30,000 and reimbursed Northair for underlying option payments and carrying costs.
Fresnillo has reported that La India contains lithic rhyolite volcanics intruded by porphyritic rhyolite and dacite that may be related to domal complexes. Strong regional east -- west faulting crossing the district may localize zones of mineralization. Cross-cutting northwest to north -- south faults influence mineralization at the North and South Breccia Zones. Mineralization consists of silicification in breccia with quartz veinlets and strong hematite alteration. The South Breccia has a surface exposure of approximately 350 metres in length, with widths up to 60 metres. Drilling revealed a down-dip thickness up to 25 metres at depths up to 70 metres. The North Breccia consists of three rhyolitic tuff-hosted parallel zones, with average widths of 10 metres each, made up of oxidized rhyolite fragments embedded in a white quartz cement with strong hematite staining.
Drilling was performed by a portable modular diamond drill operated by Energold Drilling Corp, producing a NTW diameter core. Recoveries averaged 96%. Fresnillo assayed 473.5 metres of the total 867 metres drilled. Sample intervals were variable but averaged 1.1 metres. Core splits were sent to ALS Chemex for assaying with assay techniques by Au AA24 / ME-ICP 61 methods. Check assays were performed at SGS laboratories. Fresnillo has reported using industry standard techniques including blanks, standards and duplicates.
Fresnillo, or a subsidiary of Fresnillo, can earn a 60% equity participation in a joint venture company by completing exploration expenditures on the La India Project of US$1,750,000, paying Northair US$210,000 and purchasing Northair shares from treasury valued at US$210,000 (at a 20% premium to market at the time of purchase) over a four year period. Fresnillo can increase its equity participation in the joint venture company to 80% by preparing a scoping study.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Jim Robinson, the Company's Vice President of Exploration, a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett or Chris Curran
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: firstname.lastname@example.org
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This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's AIF Report and filings for a more detailed discussion of factors that may impact expected results.