International Enexco Drill Results from Contact Copper Project, Nevada
0.92% Cu over 45 feet (13.7 m) in hole ENR-3
0.43% Cu over 55 feet (16.7 m) in hole ENR-6
0.24% Cu over 130 feet (39.6 m) in hole ENR-8
Drill program increased to 30,000 feet (9,144 m)
23,000 feet (7,010 m) of the drill program completed
Vancouver, Canada -- February 14, 2012 - International Enexco Ltd. (TSX-V:
IEC; OTCQX: IEXCF; Frankfurt: IE6) (the "Company" or "Enexco") is
pleased to announce drill results from the first twelve reverse circulation
(RC) drill holes assayed from the Contact Copper Project, situated in
northeast Elko County, Nevada. Drilling in the program began at the eastern
end of the Company's private land holdings, in an area 1,000 feet (305 m)
east from drill hole EN-149 (185 feet (56.4 m) of 0.25% Cu) that was drilled
in 2010 (see map). The Contact Copper Project is 100% owned by Enexco.
The Company commenced the program in November 2011 utilizing two contract
drill rigs. The 20,000 foot (6,100 m) drill program was planned to upgrade
resources and test exploration potential east of the current reserve base.
Based upon results, the program has been expanded to 30,000 feet (9,144 m).
To date in the program, 43 reverse circulation holes and 7 core holes have
been completed for a total of 23,000 feet (7,010 m) of drilling.
"The results so far from the drilling program are most encouraging"
said Enexco President and CEO Arnold Armstrong. "The program appears to
be adding to the minable portion of the Contact deposit in the area east of
our existing reserves, and confirms that the land acquisition we made last
year was the right move for the project."
The Company's drilling at the Contact Copper Project has identified a zone
of oxide copper mineralization extending east from the current reserve base
over a 3,000 foot length (914 m). The zone is hosted by granodiorite
intrusive rocks and is not exposed on the easternmost end where it is
overlain by younger volcanic rocks and colluvial sediments. The mineralized
zone appears to be parallel to the oxide zones to the west, and is
interpreted to be a tabular zone that dips to the south.
The results reported today are reverse circulation holes that were drilled
to average depth of 500 feet (152 m), and angled 60-degrees northward to
crosscut the presumed south-dipping zone. All 12 holes hit intervals of
copper grading above 0.10% Cu. Hole ENR-3 encountered two intervals, the
shallower of which was 45 feet (13.7 m) of 0.92% Cu. Drill hole ENR-8
encountered two intervals, the shallower of which was 130 feet (39.6 m) of
0.24% Cu. On the north edge of the area, hole ENR-6 encountered 55 feet
(16.8 m) of 0.43% Cu. Near the south edge, hole ENR-14 encountered four
intervals totaling 180 feet (54.9 m) of 0.21% Cu.
Note: All intervals were calculated using 0.1% Cu cutoff and a minimum
width of 20 feet (6.1 m) with no internal waste zones greater than 15 feet (4.6
m) in length. None of the holes listed above are included in the Company's NI
43-101-compliant resource estimate of October, 2010.
The samples from the Contact Copper Project drilling program are prepared and
analyzed by SGS Minerals Services in Toronto, Canada, and by ALS Minerals in
Reno, Nevada, both ISO/IEC 17025 certified laboratories.
With the east end of the Company's private land holdings now tested, in-fill
drilling is underway in the area between hole EN-149 and the current reserve
base, a distance of 2,000 feet (610 m). Success of the infill holes will result
in a new pit design and economic analysis.
Within the pit shell defining the current reserve base, the copper zones within
a 0.1% Cu grade shall reach a depth of 800 feet (234 m), widths of up to 1,170
feet (357 m) and a length of 4,000 feet (1,219 m) in an east-west direction. If
the copper mineralization proves continuous, drilling will have added
approximately another 3,000 feet (914 m) in length to the deposit.
Contact East Expansion Area
Drill Hole Location Map
About the Contact Copper Project
The Contact Copper Project is a copper oxide project located in Elko County,
Nevada, that is planned to use low cost SX-EW recovery to produce cathode copper
Additional information on the project can be found on the Company's website at
www.enexco.ca/s/contact_copper.asp and in the October, 2010 NI 43-101Technical
Report Pre-feasibility Study Update for the Contact Copper Project, Elko County,
Nevada as posted on Sedar.
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for the
purposes of National Instrument 43-101 and has prepared or supervised the
preparation of the disclosure of any scientific and technical information
contained in this news release.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and development company
focused on the feasibility stage Contact Copper Project in northern Nevada. The
Company also pursues gold and silver exploration in Idaho and Nevada, and is
advancing the Mann Lake Uranium Project located in Saskatchewan's prolific
Athabasca basin. This project is a joint venture with Cameco as operator and
Areva---two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
Certain information regarding the
Company including management's assessment of future plans and operations,
may constitute forward-looking statements under applicable securities laws
and necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision of
resource estimates, environmental and permitting risks, access to labour and
services, competition from other companies and ability to access sufficient
capital. As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements. A feasibility study has not
been completed and there is no certainty the disclosed targets will be
reached nor that the proposed operations will be economically viable. The
TSX Venture Exchange or its Regulation Services Provider have not reviewed
and do not accept responsibility for the adequacy or accuracy of the
contents of this news release, which has been prepared by management. We
seek safe harbour.