ICN Acquires New Nevada Project

ICN Resources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company") is pleased to
announce that it has signed a letter agreement ("LOA") to option a Nevada
exploration project. The new project lies to the north of the Sleeper Mine,
Nevada within a belt of epithermal gold systems related to Miocene bi-modal
volcanism. The new project will complement ICN's current land holdings at the
Dunes and North Dunes Properties, which lie to the south of the Sleeper Mine.
Further exploration focus by ICN in the general vicinity of the Sleeper Mine and
the Sandman Deposit has led to the identification and acquisition of this new
project.


The King's River Project is to be optioned from Seabridge Gold Inc.
("Seabridge") and consists of 44 unpatented mineral claims (900 acres or 356
hectares) lying approximately 35 miles (60 km) north of the Sleeper Mine in
Humboldt County, Nevada. The terms of the Letter Agreement with Seabridge allow
ICN (Eureka Gold Inc.) to acquire 100% of the claims over a 12 month period,
subject to a retained 1% NSR on gold and silver reserved for the benefit of
Seabridge. Initial payment calls for the issuance of 100,000 ICN shares with a
final payment of US$100,000 cash and the further issuance of 150,000 ICN shares
on or before 12 months from the date of TSX Venture Exchange ("TSX-V")
acceptance of the transaction. The King's River Project consists of an untested
epithermal volcanic system, occurring along a splay of the Northern Nevada Rift.
Tertiary volcanic rocks of a Miocene flow-dome complex crop out along the range
front fault zone. Sub-volcanic rhyodacite intrudes breccia bodies formed in the
pre-Tertiary basement rocks that are hydrothermally altered, quartz veined, and
contain anomalous gold and silver mineralization. Geophysics, geochemical
sampling, and geologic mapping will be used to target areas and structures
concealed by shallow alluvial cover where bimodal volcanic rocks similar to
those found at Sleeper exist. Seabridge is an arm's length party to the Company.


ICN will further evaluate this newly acquired option, compiling data and
developing new target concepts. Following completion of initial detailed
evaluation, a decision will be made regarding the optimal way to further advance
the properties. ICN is also in the process of staking additional claims in the
area, and more detailed information will be released following completion of
land acquisition.


Tim Percival, P.Geo., a Qualified Person as defined by National Instrument
43-101 and a consultant to the Company, conducted the check sampling work and
has reviewed and verified the technical information contained in this news
release.


The Letter Agreement is subject to the approval of the TSX-V.

About ICN Resources

ICN is primarily focused on exploration for volcanic-hosted precious metal
deposits in western Nevada, emphasizing targets with geological similarities to
Sleeper, Sandman, Hollister, Midas and Aurora. ICN plans to explore the feeder
zones associated with large low-grade gold and silver systems, as well as
explore for high grade deposits at the new Goldfield Bonanza Project located in
western Nevada. ICN continues to evaluate opportunities in established
metallogenic belts elsewhere in the United States. The ICN management and
geological team have extensive experience in Nevada and worldwide, utilizing
this experience to generate prime opportunities for ICN shareholders.


On Behalf of the Board of Directors of ICN Resources Ltd.,

Carl Hering, President & CEO

The forward-looking information contained in this press release is made as of
the date of this press release and, except as required by applicable law, ICN
does not undertake any obligation to update publicly or to revise any of the
included forward-looking information, whether as a result of new information,
future events or otherwise. By its very nature, such forward-looking information
requires ICN to make assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or implied
by such information.
Icn Resources Ltd. (TSXV:ICN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024