ICS Closes Private Placement of CAD $250,000 and Provides Exploration Update on Excelsior GoldBy Ics Copper Systems Ltd., PRNE
Sunday, December 12, 2010
ABBOTSFORD, Canadá, December 13, 2010 - ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to announce that it has
closed the non-brokered private placement announced on November 24th, 2010 by
the issuance of 3,125,000 units at a price of $0.08 per unit for gross
proceeds of CAD $250,000. Each unit consists of one common share and one
share purchase warrant, each warrant entitling the holder to purchase one
additional common share in the capital of the Company at a price of $0.10 if
exercised on or before December 8, 2011 and at $0.15 per share thereafter.
The warrants expire on December 8, 2012.
The warrants are subject to accelerated expiry if common shares trade at
or above $0.20 in any 20 consecutive trading day periods ending after the
date that is four months and a day after the closing. All securities are
subject to a hold period of four months and one day expiring on April 9th
2011. No commission was paid on the private placement.
Proceeds of the private placement will be used by the Company to pay for
mapping and sampling and phase 1 drill exploration costs for the Excelsior
Springs Gold project and for general working capital.
Excelsior Springs Gold Exploration Update
The company is pleased to issue this progress report on its ongoing
exploration program at Excelsior Springs, an advanced-stage, sediment-hosted
gold project near Tonopah, Nevada. Previous exploration programs on the
property by Walker Lane Gold and Evolving Gold have identified the Buster
zone, an east-west-trending zone of intense hydrothermal alteration that is
10,000 feet long and up to 1,000 feet wide. Cambrian age siltstones,
limestones and calcareous sediments within this zone show widespread and
intense, bleaching, iron oxide-staining and decalcification.
Historic production from the underground workings on the property is
reported to be approximately 18,000 tons at a grade of 1.2 oz Au/ton from
strongly altered, structurally controlled zones within the calcareous rocks.
Drilling by Walker Lane and Evolving discovered extensions of the
structurally controlled gold zones as well as thick zones of lower-grade
mineralization in the Upper Shaft zone. This zone of mineralization remains
open to the northeast.
Recent geologic mapping of the project suggests there have been multiple
phases of hydrothermal alteration with the decalcification phase being early,
intense and widespread, while the gold-bearing phase is younger and
concentrated in structural zones and favorable stratigraphic horizons. There
are rhyolite and diorite dikes on the project, and the rhyolite is often
strongly fractured, intensely quartz veined and weakly mineralized.
Surface sampling of outcrops has identified at least two additional areas
which have multiple samples containing plus one gram gold values. One of
these areas contains well developed jasperoids and jasperoid breccias
assaying over 3 gm Au/ton. These jasperoids occur in the more massive gray
limestones in the upper plate of a district-scale, south-dipping, thrust
fault. The thrust fault caps the altered rocks of the Buster zone and may
have been a factor in localizing gold mineralization. There is a large area
of alteration beneath the thrust fault, and this area is considered highly
prospective for additional zones of gold mineralization.
On satellite images, the main alteration zone occurs within an arcuate
structural feature which can be traced through 90 degrees of arc and is 2,000
feet outboard of a much larger arcuate feature. The larger arcuate zone is
about four miles in diameter, concave to the south, and can be traced through
180 degrees of arc. These arcuate features could be the result of doming by a
magma body and may have served as channel ways for hydrothermal fluids.
The exploration program is continuing and will focus on the following:
1. Further define the Upper Shaft zone mineralization and locate drill
holes to test the northeast and southwest extensions of the mineralization.
2. Complete additional mapping and sampling of the jasperoid and other
mineralized areas so that drill targets can be developed.
3. Conduct reconnaissance mapping and sampling of the larger arcuate
4. Conduct a 15 hole drilling program planned for spring 2011.
Graham Chisholm, President and CEO of ICS Copper comments: "Results from
recent mapping and sampling are optimistic and have identified additional
exploration potential. Our Technical committee is securing rigs for the
spring drill programme."
Ken Brook, B.Sc, M.Sc, RPG. a qualified person (QP) as defined by
National Instrument 43-101, supervised the preparation of the technical
information in this news release.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This release
includes certain statements that are "forward-looking statements". All
statements in this release, other than statements of historical facts that
address future exploration, development and production activities, and other
circumstances, events and developments that the Company expects, are
forward-looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results, events and developments may differ materially from those in
the forward-looking statements. The occurrence of certain risk factors, the
probability of which is unknown, may also affect actual results, events and
developments expected by the Company.
For further information:
Graham Chisholm, email@example.com, Office: +1-604-859-3007,
Cell: +1-604-302-0746; Jeannette Durand, firstname.lastname@example.org
Web Page: www.icscopper.com
For further information: Graham Chisholm, graham at icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746; Jeannette Durand, jeannette at icscopper.com