RENO, NV, Dec. 6 /PRNewswire/ - Infrastructure Materials Corp. (NASDAQ OTC-BB: Symbol IFAM) (the "Company") is pleased to announce that, through its wholly-owned subsidiary Silver Reserve Corp. ("SRC"), plans are underway to develop a drill program on SRC's Silver Queen Project ("Silver Queen"). Preliminary plans are to undertake a 20,000 foot drill program in the spring of 2011 to build upon previous efforts at Silver Queen.
The Silver Queen Claim Group consists of 147 mineral claims located in Esmeralda County, Nevada, approximately nine miles west of Silver Peak, Nevada on Highway 47. Silver Queen covers a northwest trending group of silver deposits that include the formerly operational Mohawk and Silver Queen mines. The Mohawk Mine produced 106,448 tons of silver between 1920 and 1981 with grades averaging 18.7 ounces per ton.
Below are the most favorable assay results on the Silver Queen Project
from drilling conducted by SRC in 2008. These values do not conform to
Canadian National Instrument 43-101 standards and are presented as
historical information only.
|Silver Queen Property Assay Highlights|
|Drill Hole Number||Depth (ft)||Gold (grams)||Silver (grams)||Lead (%)||Zinc (%)|
For further information on the Silver Queen Project or the Company's other silver properties, please visit the "Mining Projects/Silver" section of the Company's website, www.infrastructurematerialscorp.com.
The Company also expects to finalize and execute in the near future an agreement with International Millennium Mining Corp. ("IMMC") (TSX-V: IMI) to sell an 85% interest in SRC's NL Extension Projects Claim Group (the "NL Project"). In October of 2010, the Company and IMMC entered into a letter of intent covering this transaction. Pursuant to the letter of intent, SRC will receive $350,000 and 1,925,000 shares of IMMC for the NL Project. SRC will retain a 15% joint venture interest in the property as well as a 2% net smelter royalty. The terms of the sale provide for payments to SRC and vesting of IMMC's interest to occur over a five-year period. If the NL Project reaches feasibility, based upon criteria described in the letter of intent, SRC will be required to fund its portion of the operating budget in order to retain its 15% joint venture interest.
The NL Project consists of 18 mineral claims located in Esmeralda County, Nevada, approximately 6 miles southwest of Silver Peak, Nevada on Highway 47. The Nivloc Mine, located adjacent to the NL Project claims, operated from 1937 to 1943 with ore grading 1.4175 grams of gold and 311.85 grams of silver per ton, according to public records. The Company's drilling efforts to date on the NL Project have yielded encouraging silver and gold mineralizations.
Among the most favorable drilling results, in hole RNL-3 the interval from 140 to 155 feet averaged 1.149 grams of gold. In hole RNL-5 the interval from 375 to 380 feet ran 727.6 grams of silver and .652 grams of gold. Lower in the same hole the interval from 615 to 620 feet returned .874 grams of gold. Diamond drill core holes CNL-1 and CNL-2 were drilled in the area of RNL-5. Hole CNL-1 encountered 263.7 grams of silver over 15 feet from 210 to 225 feet in quartz veining, and 247.3 grams of silver with 2.044 grams of gold from 344 to 349 feet in white-to-light grey quartz-carbonate veining with some open-space growth textures. The interval from 354 to 359 feet returned 144.6 grams of silver and 1.574 grams of gold. Hole CNL-2 encountered 750.4 grams of silver from 236.5 to 239.5 feet. This same hole at the interval from 330 to 331 feet returned 1.584 grams of gold, and the interval from 383 to 393 feet returned 120.2 grams of silver and 1.718 grams of gold.
Silver Queen and the NL Project represent two of the Company's 13 precious metal projects in Nevada that, along with a milling facility, the Company continues to focus on developing in addition to its limestone projects. With silver prices trending upward as a result of world currency uncertainty, Management believes that timing is well suited for further exploration of promising precious metal projects. The Company continues to seek strategic alliances toward the development of its precious metal properties with continued exploration in the interim.
Infrastructure Materials Corp. is an exploration stage mining company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada and precious metal properties in Nevada.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of U.S. securities laws Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words or statements to the effect that certain events or conditions "may", "have" or "will" occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, "resource" is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Infrastructure Materials Corp.