Resource Update
September 01 2008 - 10:30AM
UK Regulatory
RNS Number : 4467C
International Consolidated Min. Inc
01 September 2008
FOR IMMEDIATE RELEASE
1 September 2008
INTERNATIONAL CONSOLIDATED MINERALS INC.
("ICMI" or "the Company")
NEW RESOURCE POTENTIAL AND PRELIMINARY ASSAY RESULTS FROM THE COMPANY'S POLYMETALIC MINING PROPERTY IN PERU
International Consolidated Minerals Inc. (AIM & LIMA: ICMI), the South American focused mineral exploration and development company, is
pleased to provide an update to its extensive exploration programme that has been focused to date on two priority target zones on its
polymetalic mining property in Pachapaqui, Peru. These zones constitute less than two per cent. (2%) of the property's total area on which
there are known further significant mineral resources to be delineated by future exploration.
Approximately 21,000 metres of core-recovery drilling has been completed to 31 July 2008, further defining the Mantos Zone and testing
the extent and nature of the newly-discovered 'Breccia Zone'. Total drilling for this programme to 31 July 2008 is almost 38,000 metres.
Summary of Drilling to 31 July 2008
Results of Drilling to 31 July 2008
Diamond Drill Holes No. Total Drilled Avg. Length
(m) (m)
Total Holes Started 141 37,823 268
Holes Suspended 3 347 116
Holes Lost 26 6,169 237
Holes In Progress 6 1,077 180
Good Holes Completed 106 30,230 285
Holes Completely Analysed 98 23,419 239
Holes Remaining to be Analysed 40 14,057 351
Highlights
During the first Quarter of 2008, approximately 8,000 metres of diamond drilling were completed, primarily in the focus areas of the
Mantos Zone and the Breccia Zone. From May 2008 to 31 July 2008, nearly 13,000 metres of in-fill drilling have been completed in the Mantos
Zone and the Breccia Zone for the purpose of detailed sampling of the mineralised structures, defining the outer limits of each Zone and
calculating resources. The drilling programme constituted:
* 5,945 metres of a planned 7,500 metre programme on the Mantos Zone - all holes have intersected the target zone as anticipated.
* 7,030 metres of a planned 7,500 metre programme on the Breccia Zone - multiple intersections in all holes ranging from 4 to 100
metres.
Mantos Zone
Since the start of the exploration programme to 31 July 2008, 25,100 metres have been drilled in the Mantos Zone, including
approximately 9,250 metres in 2008. The Mantos Zone has been confirmed along a strike length of 550 metres, remaining open towards the
northwest, with a vertical depth varying between 500 and at least 600 metres. Intersected true thicknesses average in excess of 20 metres,
with an average s.g. of 3.3. Management believes that this likely indicates a potential resource of at least 20 million tonnes in this Zone.
Summary of Best Significant Intersections in the Mantos Zone
Hole Number Zone From (m) To (m) Width (m) Au (g/t) Ag (oz/t) Cu (%) Pb (%) Zn (%)
60-07M Matter 80.25 91.15 10.9 0.223 2.22 0.24 4.03 8.44
04-06M Matter 194.05 209.7 15.65 0.064 1.12 0.75 0.84 4.45
85-08 Matter 81.4 98.7 17.3 0.095 3.00 0.53 2.42 4.49
53-07M Matter 80.6 103.75 23.15 0.226 1.92 0.43 2.15 4.98
65-08M Matter 55.8 93 37.2 0.063 2.58 0.84 1.87 4.77
41-07M Matter 185.45 255.45 70 0.031 0.45 0.18 0.47 1.27
60-07M Intermedio 65.9 72 6.1 0.075 3.21 1.90 7.39 12.96
44-07M Intermedio 98.2 105.3 7.1 0.357 3.13 0.54 3.01 7.98
53-07M Intermedio 62 72.45 10.45 0.140 2.08 0.15 3.12 4.89
35-07M Intermedio 152.55 169.75 17.2 0.269 2.37 0.57 1.82 4.28
55-07M Intermedio 314.3 342.6 28.3 0.068 1.16 0.60 1.52 3.02
60-07M Esperanza 34.4 49.8 15.4 0.066 1.70 0.44 2.67 5.01
41-07M Esperanza 67.25 82.95 15.7 0.079 4.99 1.31 3.20 6.65
24-07M Esperanza 167.3 184.35 17.05 0.341 2.16 0.47 2.51 5.81
70-08M Esperanza 35.55 53.95 18.4 0.147 1.72 0.30 2.49 5.88
55-07M Esperanza 263.85 290.5 26.65 0.020 0.19 0.07 0.13 2.26
67-08M Esperanza 13.6 46.1 32.5 0.105 1.36 1.33 0.46 3.25
Amelia Veins
Drilling in the Mantos Zone has also delineated another set of mineralised structures, referred to as the 'Amelia' veins. The 'Amelia'
veins are geologically younger "fault-fill" vein zones ranging from one metre to 15 metres in true thickness, and are generally oblique to
and occasionally cross-cut the Mantos Zone. They are developed up to 200 metres along strike following east-west/southeast trending fault
structures, similar to other vein zones on the property such as those in the Arabia area, two km distant. The Amelia veins are generally
well mineralised with good metal grades, tend to be near-vertically dipping, and are known to be at least 500 metres in depth. Management
believes that this indicates approximately two million tonnes in potential resources. In addition, they remain open at depth and along
strike in the westerly direction. Their economic potential has not previously been considered significant in past resource statements;
however, because of their grades, potential tonnages and the fact that they lie within the Mantos Zone where development workings already exist and where future underground mining will take place, they
are likely to become a significant future economic contributor to the Pachapaqui operations.
Summary of Best Significant Intersections in the Amelia Veins
Hole Number Zone From (m) To (m) Width (m) Au (g/t) Ag (oz/t) Cu (%) Pb (%) Zn (%)
25-07M Amelia 165.5 175.95 10.45 0.179 5.98 0.44 0.89 10.71
M8 Amelia 4.2 17.2 13 0.206 4.65 0.34 2.98 3.02
44-07M Amelia 26.2 41.4 15.2 0.157 2.13 0.61 1.88 4.93
77-08 Amelia 112.8 129.8 17 0.668 3.97 0.81 1.89 4.68
05A-07M Amelia 14 36.55 22.55 0.194 4.24 1.61 1.06 2.59
Breccia Zone
The newly discovered 'Breccia Zone' is located immediately adjacent to the Mantos Zone. Mineralisation was encountered in this Zone as a
consequence of exploring the depth extensions of the known Manto Zone. The Breccia Zone is hosted within a multi-phased diatreme breccia
pipe (a 500 metre wide by 1,000 metre long structure, up to 600 metres deep and open at depth) consisting, in order of emplacement, of 1) a
quartz porphyry unit; 2) a pyritic breccia unit; and 3) a mineralised (Zn-Pb-Cu-Ag) breccia unit. The pipe appears to be related to a
multi-phased quartz monzonite/granodiorite body underlying the centre of the mineralised area, a dyke of which is exposed in the
northeastern part of the claim group.
To 31 July 2008, 23 holes have been drilled within the Breccia Zone. All holes drilled in this part of the breccia intersected at least
one mineralised zone. Though there is sporadic mineralisation found throughout the host breccia, significant assayed intersections in
specific areas range from four metres to over 100 metres.
Assayed Best Significant Intersections in the Breccia Zone
Hole Number Zone From (m) To (m) Width (m) Au (g/t) Ag (oz/t) Cu (%) Pb (%) Zn (%)
76-08 Breccia 320.6 340.8 20.2 0.091 2.27 0.31 1.65 4.85
49-07M Breccia 127.1 161.65 34.55 0.073 0.74 0.10 0.41 4.30
50-07M Breccia 121.8 156.4 34.6 0.036 9.36 0.17 0.36 3.44
50-07M Breccia 247.1 295.7 48.6 0.097 1.14 0.25 0.55 1.99
50-07M Breccia 71 121.1 50.1 0.031 0.41 0.11 0.28 1.86
45-07M Breccia 200.1 302.4 102.3 0.079 0.54 0.26 0.21 5.83
Intersections from drill holes yet to be assayed appear visually to contain from 12 metres to 279 metres of economic mineralisation.
The current area of focus in the Breccia Zone is along 500 metres of its north side, where the Zone is known to extend at least 350
metres in depth, with an average mineralised section thickness of 45 metres. Management believes that there are 26 million tonnes of
potential resources indicated in this one area of the Breccia Zone. The precise shapes of the mineralised body(s) are as yet unconfirmed,
but the mineralised zones appear to be near-vertical and bound on either side by a distinct quartz porphyry unit. This porphyry is sometimes
also mineralised. The lower limits of the mineralisation have not been determined and its lateral extent, towards the south of the area
tested, is also considered to be a prime target area.
Summary of the Focus Area Zones
In summary, Management believes that at least 20 million tonnes of potential mineral resources are indicated in the Mantos Zone, two
million in the Amelia Veins, and 26 million in the Breccia Zone. With over four million tonnes of resources indicated in other areas on the
property, at least 52 million tonnes of potential resources are indicated on the property from the exploration programme thus far.
Summary of all Zone Intersections in the Focus Area Zones to 31 July 2008
Assay Results to 31 July 08 (98 of 141 holes)
Inters'ns Avg. Width Average Grades
Zone Au Ag Pb Zn Cu
No. (m) g/t oz/t % % %
Esperanza 41 7.33 0.23 2.65 1.82 4.25 0.59
Intermedio 38 4.40 0.23 2.55 2.05 4.33 0.57
Matter 42 8.96 0.14 2.07 1.74 4.27 0.55
Total Mantos 121 20.69 0.19 2.38 1.84 4.27 0.57
7.56 0.31
Amelia's 43 3.81 1.46 3.40 0.60
Breccia 18 20.78 0.08 1.68 0.54 3.80 0.22
Total Focus Areas 182 17.6 0.16 2.30 1.23 3.94 0.43
These holes were drilled in attempts to define the boundaries of the Zones, and may not be representative of the entire Zone
areas.
Further Potential
Management believe that the Pachapaqui property holds tremendous potential for the delineation of further resources and reserves.
According to the Competent Person's Report, dated August 2007, there is potential for 100 million tonnes of resources including 70 million
tonnes of reserves on the property. The current exploration programme indicates that there is further potential in the focus areas, along
strike and at depth in the Mantos Zone, the Amelia Veins and the current Breccia Zone area. There is further potential in other areas of the
Breccia pipe that have not been explored to date. There are skarn zones of significant tonnages containing Cu-Zn-Pb-Ag mineralised over a
strike length in excess of two kilometres, over 200 metres thick and open at depth along the eastern side of the property; there is porphyry
style Cu-Ag-Zn-Pb mineralisation in an intrusive complex striking over 2.5 kilometres, that is 100 to 200 metres thick and open at depth in
the eastern area of the property; there is Au potential in the breccia pipe body itself (a 500 metre wide by 1,000 metre long structure, up to 600 metres deep and open at depth), based on
limited samples taken; and there are other known large mineralised structures, veins and mantos throughout the property. None of these have
been explored to date, and will become targets for future exploration programmes.
Seymour Sears, ICMI's Consulting Geologist commented:
"I am very pleased with the results of the exploration programme. The continued intersections of wide mineralisation in the large
breccia zone and the firming up of the Mantos mineralised structures have us all very excited about the future of the project. "
Gregory Smith, Chief Executive Officer, commented:
"We remain committed to developing Pachapaqui into a world class mining operation. These exciting exploration results on two focus zones
constituting less than 2% of the total area at Pachapaqui, in addition to indicating tens of millions of tonnes of mineral resources and the
potential for viable economic ore in the focus zones, highlights the tremendous opportunity for further significant as yet un-delineated
resources across the remainder of the property and augers well for significantly increasing the tonnage of ore at Pachapaqui. "
Seymour Sears, P.Geo., has reviewed and approved the technical information contained within this press release in his capacity as a
competent person, as required under the AIM Rules. Mr Sears is a member of the Association of Professionals Geoscientists of Ontario,
Canada.
Enquiries:
International Consolidated Minerals Inc.
Greg Smith Chairman, CEO Tel: +44 (0)20 7808 4851
Pawan Sharma Executive Vice President Tel: +44 (0)20 7808 4851
- Corporate Affairs
Strand Partners Limited (Nominated Advisor)
Simon Raggett Tel: +44 (0)20 7409 3494
Matthew Chandler Tel: +44 (0)20 7409 3494
Numis Securities (Joint Broker, London)
John Harrison Tel: +44 (0)20 7260 1254
James Black Tel: +44 (0)20 7260 1207
Fox-Davies (Joint Broker, London)
Richard Hail Tel: +44 (0)20 7936 5200
Credibolsa (Broker, Lima)
Jorge Monsante Tel: +511 313 2922
Pelham Public Relations (Public Relations, London)
Charles Vivian Tel: +44 (0)20 7743 6672
Sergei Stephantsov Tel: +44 (0)20 3178 6241
Apoyo (Public Relations, Lima)
Gabriel Ortiz de Zevallos Tel: +511 513 3040
Gabriela Llosa Tel: +511 513 3040
ADDITIONAL INFORMATION ON INTERNATIONAL CONSOLIDATED MINERALS INC.
International Consolidated Minerals Inc (AIM & LIMA: ICMI) was formed in 2005 to pursue mineral exploration, development and production
with its initial attention in Latin America. ICMI's strategy is to focus on high-quality mining assets at an advanced stage of development.
In early 2006, ICMI acquired the Pachapaqui mining property in central Peru which contains appreciable high grade zinc, lead, copper, silver
and gold mineral reserves and resources. The property consists of 32 mining concessions of 2,105 hectares and one beneficiation concession
of 65 hectares on which is located mining infrastructure and equipment, hydro-electrical generating stations, offices and accommodations,
and concentrating plant facilities. In 2007, while conducting upgrades of the facilities, ICMI embarked on a drilling and exploration
geology programme, initially in one area on the Pachapaqui property, from which the Company has had tremendous success and is confident of
proving up significant additional mineral reserves and resources. The Company intends to bring the Pachapaqui Mine into production in 2009. Further information is available from the Company's
website at: http://www.icmi-inc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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