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Val-d’Or, Québec, September 24, 2019 — International Prospect Ventures Ltd. (TSX-V:IZZ) (“International Prospect” or the “Company”) is pleased to provide an update on its Wits End Gold Property, centred about 400 km southeast of the port city of Karratha in the eastern Pilbara of Western Australia, and within 140 km of the historic gold rush town of Nullagine.
Wits End Gold Property, Western Australia
The Wits End Gold Property comprises eight separate properties that together cover an area of approximately 1026.10 square kilometres. With the granting of the final licences on January 9, 2019, International Prospect now holds 100% of the Wits End Gold Property. The strategic locations of the claims were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity.
Between March and August 2019, the Company received 11 Prospecting Permit notices (Section 40E Permits) and executed seven Prospecting Agreements with local prospectors interested in exploring the properties. The prospectors use metal detecting methods to search for gold nuggets at or near the surface. Several mandatory prospecting reports are pending, but official reports submitted to date to the Department of Mines and Petroleum offer some interesting and encouraging results.
Initial results include Licence E46/1197 with 108 gold nuggets (total weight 22.1 grams) and 2 gold nuggets (0.8 and 1.2 grams) and Licence E46/1198 with gold nuggets totaling 3 grams from one location and 220 grams of gold nuggets (ranging from 0.1 to 5.2 grams) from five other areas. In addition, a single approximately 7.5 ounce gold nugget was reported from Licence E46/1198. An updated corporate presentation, inclusive of a map showing the location of the gold nuggets and a photo of the reported 7.5 ounce gold nugget, is provided on the Company website.
Site visits, planned for early November, will include visiting some of the sites from which the nuggets were reportedly collected and other reconnaissance field activity. Over the next 12 months, the Company plans to implement a $1M exploration program consisting of data review and compilation (ongoing), remote sensing, and interpretation and targeting, followed by the implementation of prospecting, geological mapping, soil and stream sediment sample surveys, surface geophysics, trenching (bulk sampling), and diamond drilling. The Company continues to review additional opportunities in the Pilbara and in Western Australia, in general.
Porcupine Miracle Gold Prospect, Ontario
The Company’s Canadian property, the Porcupine Miracle Gold Prospect, is located approximately 30 km southeast of South Porcupine (Timmins, Ontario) and comprise nine mining claim cells (64 ha) within Langmuir Township. Historical work completed in the early 1900s by the Porcupine Miracle Gold Mining Company reportedly included shaft sinking, underground development and the construction of a stamp mill. No records exist as to any production. International Prospect has completed a Phase I property-scale ground magnetic, induced polarization (IP) and Horizontal Loop Electromagnetic (HLEM) geophysical surveying. A follow-up Phase II program of prospecting, mapping, bedrock stripping, sampling and diamond drill has been recommended. The property is available for option and International Prospect is actively seeking joint venture partners.
Dr. Scott Jobin-Bevans (PhD, PMP, P.Geo.), a director and Vice President, Exploration of the Company, is the Qualified Person (as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) who has reviewed this news release and is responsible for the technical information reported herein.
For additional information, please contact:
Glenn J. Mullan
President & Chief Executive Officer
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company 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 or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.