Fri Aug 12, 2011

ICN Reports RC Drill Results and Drilling Update For the Goldfield Bonanza Project

ICN Resources Ltd. ("ICN" or the "Company") (TSX.V:ICN), is pleased to announce the results of the remaining reverse circulation (RC) drill holes completed during its Phase I exploration drill program on the Goldfield Bonanza Project. The Goldfield Bonanza project, under option from Lode Star Gold, Inc., a private Nevada corporation, is located in the historic Goldfield mining district of Nevada. The Goldfield district is well known for multi-ounce, bonanza grade gold ores and has recorded historic production in excess of 4 million ounces of gold. From 1903 through 1912, the District produced 3 million ounces of gold at an average grade of 1.81 oz/ton Au (62 g/t).

RC Highlights:

  • Mineralization extended 250 metres along strike to the north of the high grade Church Zone.
  • Exploration drilling south of the Silver Pick Shaft encountered a brecciated and silicified zone over a strike length of 300 metres in the first known drill testing of this portion of the property.
  • Overall, the RC exploration drill program identified new areas of mineralization over a combined length of 700 metres along the main structural corridor.
RC Holes ICR-004 to ICR-029 were drilled during May and June of this year, for a total of approximately 4,300 metres in 25 holes. Results of the first three (3) RC holes, drilled in the newly identified high grade Church Zone target area, were released on June 9, 2011. The 25 RC holes reported herein are distributed throughout property, and are the first exploration holes ICN has drilled away from previously known mineralized areas, including the high grade Church Zone.

Carl Hering, President and CEO of ICN Resources stated that "The RC drill results are certainly significant from a geologic standpoint as they are the first exploration holes drilled in the northern and southern portions of the property. The areas tested are covered by post mineral rock, and collar locations were selected based on limited geologic information. Despite this fact, a number of the holes encountered silicified and mineralized zones requiring further drill testing. We are particularly encouraged by encountering mineralization along the north extension of the high grade Church zone, extending the potential strike here to over 250 metres, while remaining open to both the north and south."

The RC drilling was focused on five (5) main target areas as discussed below. Particularly encouraging results were obtained in the area lying immediately to the north of the Church Zone (see ICN News Release of May 17, 2011 for initial results in the Church Zone), and along the southern extension of the Silver Pick workings (see Table 1 below).

The long intervals intercepted north of the Church Zone are indicative of proximity to areas of stronger mineralization. Drill results between the Church Zone and the January-Combination open pit extend the strike of the identified mineralization over 250 m to the north of the high grade ledge at the Church Zone. For example, hole ICR-023 encountered 44.2 m @ 0.58 g/t Au and hole ICR-019 intercepted 12.2 m @ 1.32 g/t Au. Information to date from all previous work suggests that long, low grade intercepts are often found near high grade, multi-ounce ledges.