International Northair Mines Ltd TSXV:INM announced assay results from its La Cigarra Silver Project in north-central Mexico. Highlights include
26.2 g/t silver over 15.5 metres
84.9 g/t over 23 metres
40.9 g/t over 5.8 metres
47.7 g/t over 18.4 metres
69.4 g/t over 50.2 metres
34.9 g/t over 70.3 metres
President/CEO Fred Hewett tells ResourceClips.com, “It’s a project that we’ve had on the books for two years. We’re the company that, to the best of our knowledge, has done the first modern exploration on it, and we put in the first drill holes. Since that time we’ve announced about 75 holes over a three-kilometre-long favourable horizon. The latest results have absolutely demonstrated that we have a continuous, at least 2,000-metre-long structure, that’s mineralized throughout and has significant upside potential. It also has the potential to have a significant open-pittable silver resource.
Assuming everything is positive, next year will be a very aggressive program which will include the prefeasibility, feasibility and—with any luck—a construction decision by the end of 2013—Fred Hewett
“We want to get a resource estimate out at the start of 3Q of this year. If that is positive, and I’m confident that it will be, then we will start our preliminary economic analysis and hope to have all that done this year. Again, assuming everything is positive, next year will be a very aggressive program which will include the prefeasibility, feasibility and—with any luck—a construction decision by the end of 2013.
“We’re open to the best way to advance the project and get the best return for our shareholders,” Hewett continues. “We’ve put mines into production before, so we have the capability, absolutely. We will advance the project the best way we can, and we’ll see what happens. Whatever is best for our shareholders is what we’ll look at.
“The infrastructure where we are is absolutely excellent. We’ve worked in Mexico for 15 years, and this is the best project we’ve ever had in terms of infrastructure. We don’t even have a camp onsite; we work out of the city of Parral, which is about a 45-minute drive away. It’s a city of about 200,000 people, so facilities are perfect. Of course, if we go to the construction phase we’ll have a camp onsite, but right now we drive back and forth. As with anywhere in Mexico you have to be cognizant of the drug problem, but we’re very sensible and cautious in that regard.”
Hewett notes that the company currently has about $3 million in the treasury. “Certainly adequate to keep us going for the next little while. But we are embarking on a very aggressive program, and obviously we’re going to need to raise funds in the future.”
He concludes, “I’ve been in the business a long time, and this project, so far, is one of the best. We’ve reported 60 of the 75 holes we’ve drilled, and we have not had a miss yet. Now, as we drill the margins of the potential resource, we know we’re going to have misses, but so far we’re [hitting] 100%. Which does not happen. We keep watching for red flags to pop up—which they will—but so far the metallurgy looks good; access looks good; the local people are absolutely supportive; drill results are excellent. We couldn’t ask for a better project so far. We’re very excited going forward.”
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or Chris Curran
Manager, Investor Relations
by Ted Niles