• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

International Gold Resources Commences First Stage Diamond Drill Program at Its Mahtin Property in the Yukon.

Posted on: Tuesday, 10 July 2007, 09:22 CDT

International Gold Resources, Inc. (Pink Sheets:IGRU) announced today that it has mobilized a camp and commenced a 3,000 ft. first stage diamond drilling program on the Mahtin Property located 135 km southeast of Dawson City, Yukon. The initial program is designed to confirm extensions of favorable host formations and to test for gold mineralized areas along the 1.2 km strike.

Al Doherty, IGR's consulting geologist for the project, reported, "We have completed two holes on the first set-up and are drilling the third. Both completed holes have intersected skarn mineralization. The drill was mobbed in on Monday last week and commenced drilling on Wednesday. I expect that assays will take at least four weeks as we are seeing all the labs currently flooded with samples."

In May 2007, IGR entered into new agreements with the claims owner to acquire 100% ownership of the Mahtin, Bonanza, Crown Jewel, and Horn properties. The agreement allows IGR to proceed with exploration efforts on these four highly prospective properties in the Yukon.

The Mahtin property consists of 112 claims on 6,000 acres located in the McQuesten mineral belt between Dawson City and Mayo. Exploration efforts to-date have included field geologic mapping, soil sampling and geophysical work resulting in the identification of a large gold-bearing skarn zone on the surface over an area of 1,200 meters by 150 meters. The drilling program currently underway will test geologic modeling and mineralization continuity in this zone. The calc-silicate skarn zone shows a strong magnetic high and IP chargeability anomaly and has returned three samples assaying 4-6 grams per tonne gold. Additional soil sampling work will be conducted on a second zone of gold-bearing quartz veins occurring in the granite intrusive. This granite stockwork has potential to host gold-bearing sheeted quartz veins within the intrusion.

The underlying geology in the Mahtin claim block area is part of the Cretaceous Sprague Creek granite intrusive (Tombstone Suite) and Rabbitkettle metamorphosed limestone formations. Most of the gold deposits found in the Yukon and Alaska are associated with the Tombstone Suite of granite intrusives and include Fort Knox, Alaska; Dublin Gulch, Yukon; and Brewery Creek, Yukon. Mahtin is unique, however, in that the Tombstone Suite Sprague Creek intrusive occurs with Rabbitkettle limestone providing good opportunity for skarn type mineralization.

About International Gold Resources, Inc.

The vision of International Gold Resources is to maximize shareholder value by becoming recognized as one of the premier early stage gold exploration and development companies.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Such forward-looking statements include, among others, potential feasibility studies and positive drilling results at its Mahtin property in the Yukon, Territory, Canada, mineralized material estimates, drilling targets and location of anomalous zones. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the volatility of gold prices; potential operating risks of mining, development and expansion; the uncertainty of estimates of mineralized material and gold deposits; and environmental and governmental regulations; availability of financing; as well as judicial proceedings and force majeure events and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. Most of these factors are beyond the Company's ability to control or predict.

Source: Business Wire

More News in this Category