Ireland Inc. Reports Latest Successful Precious Metals Extraction from 6.3 Ton Bulk Test.
HENDERSON, Nev. -- Ireland Inc. (OTCBB: IRLD) today reported that it continued to meet its gold and silver extraction goals in its most recent bulk test on 12,590 lbs (6.3 tons) of sand material from its Columbus Project in Esmeralda County, Nevada. This test is the latest of a total of four separate bulk tests of sand material processed through the onsite gravity concentration circuit. The purpose of these recent tests was to demonstrate the continued effectiveness of the onsite gravity concentration components of the precious metals extraction circuit, while also assisting in the determination of which operating parameters increase or decrease precious metals extraction. The extracted metals from the 6.3 tons in this latest test averaged 0.029 opt gold (Au) and 0.148 opt silver (Ag), for an average of 0.031 opt gold equivalent1 (AuE).
To date, a total of 48,919 lbs (24.45 tons) from four separate sand material tests have been processed through the onsite gravity concentration circuit on sand material extracted from the Columbus Project's North Sand Zone. In each test, concentrates were then sent to AuRIC Metallurgical Laboratories in Salt Lake City for leaching, resin collection and metal extraction. The combined results of the tests resulted in an average extraction of 0.046 opt Au and 0.143 opt Ag, or 0.049 AuE. The test results each met or exceeded Ireland's extraction goal of 0.03 opt AuE. Each test was run under different operating variables, and none of the tests were optimized based on previous test results.
Summary of Bulk Sand Leach Tests(2)
Calculated Head Extracted Metals
"As we are satisfied that these recent tests have validated the effectiveness of our onsite gravity concentration system, we shall now proceed with on-site leach testing at the Columbus Project," said Douglas D.G. Birnie, Chief Executive Officer of Ireland Inc. "While we continue our efforts to improve the gravity concentration circuit, our focus has shifted towards the on-site extraction of precious metals from the gravity concentrates utilizing the leaching circuit. This will be followed by the activation of the resin extraction circuit, which is designed to remove gold and silver from the pregnant leach solution."
After completion of the onsite leach and resin extraction tests, Ireland expects to commence continuous processing operations and precious metals extraction at its onsite pilot plant at the Columbus Project in this quarter.
Readers should note that four bulk tests referred to in today's release were all from a single bulk sample test site and may not be representative of grades or recovery rates that can be expected for the overall North Sand Zone. Based on the results of these four tests, Ireland makes no assumptions or assertions that the overall head grade of the North Sand Zone differs from the previously disclosed average of 0.038 opt AuE (0.034 opt Au, 0.179 opt Ag). While some of the recent bulk tests have shown greater recovery rates than 0.038 opt AuE, the area from which these samples were taken may represent an anomaly within the North Sand Zone and may not be representative of the entire zone. Additional gravity concentration tests on bulk samples from different sites within the North Sand Zone will follow.
Drilling and Sampling Program
Ireland has been granted the necessary permits for its Phase 4 Sand Zone Drill Program. The Phase 4 Sand Zone Drill Program will consist of 31 holes drilled to a depth of 200 feet and will cover an additional 0.48 square miles adjacent to the North Sand Zone. The goal of this program is to expand the boundaries of the North Sand Zone.
The Phase 4 Sand Zone Drill Program is expected to commence in the first quarter of 2013, after Ireland has completed optimization of the onsite pilot plant operations.
About Ireland Inc.
Based in Henderson, Nevada, Ireland Inc. (www.irelandminerals.com) is a minerals exploration and development company that targets properties containing large-scale deposits of precious metals in the southwestern United States. Ireland is currently involved with two mining projects, both of which are prospective for gold and silver. In early 2008, Ireland completed the acquisition of the Columbus Project located in Esmeralda County, NV, near Tonopah, where it also has an option to acquire additional adjacent mineral claims. Ireland also owns rights to acquire up to 100% of the Red Mountain Project in San Bernardino County, California.
This document may include statements that constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Ireland's limited operating history, future trends in mineral prices, the availability of capital, geological or mechanical difficulties affecting Ireland's planned geological work programs, and uncertainties surrounding estimates of mineralized material. Extraction rates and mineralization grades from test results on individual samples may not be representative of extraction rates or grades that can be obtained from other samples or from commercial scale extraction efforts. Additional exploration work will be required to fully define the extent of the Columbus Project's mineralized areas and before proved or probable mineral reserves can be established. There is no assurance that the results of Ireland's exploration of pre-feasibility programs will result in a decision to enter into commercial production. Ireland undertakes no obligation to update the forward looking statements in this document.
This release may also refer to resource estimates. The US Securities and Exchange Commission (the "SEC") does not normally permit issuers to disclose resource estimates in their filings with the SEC. SEC guidelines normally permit only the disclosure of "reserve" estimates, which are those parts of a mineral deposit that could be economically and legally extracted or produced at the time the estimate is made. Inferred resource estimates generally may not be used as the basis for pre-feasibility or feasibility studies. There are no assurances that any resource estimates can be economically or legally extracted or produced or that any of these resource estimates will ever be converted to reserves. There are also no assurances that any inferred resource estimates will be converted into indicated or measured resources. The mineralization estimates provided in this release are based on internal calculations and have not been independently confirmed.
Investors are advised to carefully review the reports and documents that Ireland Inc. files from time to time with the SEC, particularly its Annual, Quarterly and Current Reports.
1 AuE = Au + Ag/50
2 Tests 4028H, 4029H, 4037H and 4046H have been previously disclosed
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|Date:||Oct 9, 2012|
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