International Minerals Commences Drilling at Urbaque Gold-Silver Project, Peru
Thursday, August 16th, 2007
International Minerals Corporation has announced that it has commenced a core drilling program at its Urbaque gold-silver project in southern Peru, which is held under an agreement with Barrick Gold Corporationâ€™s Peruvian subsidiary (â€œBarrick Peruâ€).
IMCâ€™s initial drill program at Urbaque will comprise a minimum of 2,000 m in approximately 7 drill-holes and is expected to be completed in late September 2007.
The Urbaque property is located adjacent to the north east of IMCâ€™s Pallancata silver-gold property. It hosts an extensive high-sulfidation epithermal mineralised systems within Tertiary volcanics. Minimal exploration activity has been carried out to date on the Urbaque property by previous property owners.
Previous surface rock chip sampling by Barrick Peru (344 samples) over a 4 km by 6 km area reported a range of values from trace amounts to 8.3 g/t gold and 0.1 g/t to 57 g/t silver.
During IMCâ€™s initial surface rock sampling program in early 2006, a total of 30 rock-chip samples (quartz veins, breccias and stockworks) were collected over a 5 km by 3 km area. Sample values ranged from trace to 2.9 g/t gold and 0.1 g/t to 72 g/t silver.
During IMCâ€™s 2007 detailed geological mapping and surface rock sampling program, a further 864 rock chip samples were collected over the same area as the 2006 program. These rock samples reported values ranging from trace to 6.6 g/t gold and 0.2 g/t to 592 g/t silver.