International Iconic Gold Exploration Corp. (“
Iconic
Gold” or the
“
Company”) (TSXV:
ICON)
(OTC:
MFMLF) is pleased to announce that, further
to its news release dated November 4, 2021, the Company has
recently increased its ownership in Minas San Roque SA
(“
MSR”) to 100%. MSR holds legal title to the
mining claims comprising Iconic Gold’s flagship San Roque property
(“
San Roque” or the “
Property”)
located in Northeast Patagonia near the Atlantic coast in the
Province of Rio Negro, Argentina.
BACKGROUND
San Roque is an early-stage exploration property
with 112 drill holes totaling 16,683 meters and having so far
incurred an accumulated investment of approximately US$8.5 million,
leading to the identification of a substantial body of
mineralization which the Company geologically categorizes to be a
gold endowed low-sulphidation epithermal polymetallic mineral
deposit.
OWNERSHIP
MSR’s ownership of the deposit and the
prospective geology around it are protected by a system of mine
rights. Three federal government mining concessions, known as
“Minas”, totaling 94.5 sq. km. have been granted to MSR. They
represent real and taxable property rights and as such comfortably
and securely include all of the Property’s known mineral assets. In
addition, MSR controls eleven temporary mineral exploration
licenses, known as “Cateos”, covering 645 sq. km around the Minas.
Should significant mineralization be established on a Cateo it
could ultimately be converted into a Mina by due process
application of the Argentinian federal Mining Code. The Minas are
real estate upon which annual taxes are paid and carry a 3% “pit
head” (aka mine-mouth) federal production royalty. The Property is
not subject to any other royalty encumbrances at this time.
GEOLOGIC SETTING
The San Roque mineral deposit(s) is set in the
Somuncura Massif, a crustal scale morphostructural (a major
topographic feature that coincides with a geologic structure formed
by tectonic movements) unit consisting of Precambrian to Cambrian
age metamorphic, Paleozoic plutonic intrusive, and Mesozoic to
Cenozoic age volcanic and sub-volcanic rocks.
San Roque occurs primarily in Jurassic age
intermediate to felsic volcanics (mostly dacite and rhyolite
ash-flows) which unconformably overlie late Precambrian age
metamorphic rock –typically pelitic schist. Mineral deposition and
host rock hydrothermal alteration are stratigraphically and
structurally controlled, and as elsewhere in the Somuncura Massif
is related to felsic magnetism. Deep seated, steeply-dipping
northwest trending faulting where intersected by northeast
structures was a major factor in controlling valuable mineral and
associated veining emplacement.
The Somuncura Massif hosts other significant
epithermal gold and silver deposits. The La Navidad polymetallic
epithermal deposit about 400 km southwest of San Roque in Chubut
province has a Measured plus Indicated resource of 632 million
ounces of silver with 2.9 billion pounds of lead, and the Calcatreu
precious metals epithermal deposit about 450 km westward of San
Roque in southern Rio Negro province has a Measured plus Indicated
resource of 669 thousand ounces of gold with 6.3 million ounces of
silver. Further southwestward, the Esquel - Suyai epithermal gold
deposit with resources exceeding 3 million ounces of gold, is
located in the forefront of the Northern Patagonian Cordillera of
Chubut province and is hosted by rocks of the same age (about 170
Ma) as those of the adjacent Somuncura Massif.
MINERALIZATION
The San Roque mineralization is manifested as
narrow, sheeted quartz-carbonate-adularia-sulphide veins and
stockworks carrying sulfides as well as associated sulphide
disseminations. Sulphide minerals in veins consist of banded,
blebby and disseminated galena-sphalerite-pyrite-chalcopyrite with
lesser tetrahedrite and rare arsenopyrite. Gangue minerals include
mainly quartz and subordinate calcite and dolomite, local adularia
as well as some fluorite. Sheeted and stockwork veining forms wide
zones of mineralization. Although most of the veining is a few
centimeters thick, individual mineralized veins encountered in
drilling are up to one meter wide. Both large and narrow veins
commonly display well-banded textures defined by both gangue and
sulphides. Wider veins are often characterized by complex
multiphase epithermal textures.
Mineralization occurs within most rock types but
favors polymictic (fragments of various rock types) breccia,
thought to be of diatreme origins, and ignimbrite units. In the
breccia unit, mineralized veining post-dates breccia development
and sulphides also occur as disseminations and clots within the
breccia cementing matrix. The brittle, welded nature of the
ignimbrite appears to have predisposed it to fracturing and hence
development of sheeted and stockwork veining.
The hydrothermal alteration assemblage involves
pervasive sericitic alteration ± pyrite which is typical within the
felsic volcanic rocks which host the mineralization. The
quartz-sulphide veins are usually enveloped in carbonate (dolomite
and calcite) and chlorite alteration. Precious metal-rich but
sulphide-poor mineralization is associated with silicified rhyolite
volcanic strata and volcanic sediments in some places.
INFRASTRUCTURE
The Property is ideally located for cost
effective development and exploitation in the event an ore is body
is proven up. Rio Negro is a mining supportive province, and the
presence of the Company and its exploration activities have been
welcomed and supported by the local merchants and politicians. The
mining claims are about 75 km east from the Atlantic Ocean and
cover flat coastal desert sheep ranch lands with elevations being
around 150 meters and a year-round favorable working climate. The
Company maintains good relations with the ranch owners, and it
presently knowns of no environmental, permitting, legal, title,
taxation, socio-economic, health, safety or other relevant issues
that may detrimentally affect the continued exploration and
development of the project.
The infrastructure also features a contemporary
high–volume highway, an active standard gauge railway line tying to
ocean ports, a high-tension power line and an offshoot natural gas
pipeline all crossing the mining claims as well as being within 30
km of the national power grid with its 500 KVA energized lines.
Modern airports and a substantial labor force exist within an easy
two-hour drive.
QUALIFIED PERSON
The technical information disclosed within this
news release has been prepared by Richard R. Walters, Executive
Vice President of International Iconic Gold Exploration Corp. Mr.
Walters is a Qualified Person as defined in National Instrument
43-101 – Standards of Disclosure for Mineral Projects, and is the
person under whose direction the San Roque, Argentina project is
being carried out. Mr. Walters is a certified Professional
Geologist by the American Institute of Professional Geologists
(AIPG) and holds a Legion of Honor Membership in the Society for
Mining, Metallurgy and Exploration (SME).
ON BEHALF OF INTERNATIONAL ICONIC GOLD EXPLORATION CORP.
"Robert Abenante"Robert Abenante, President & CEO
Contact Information:
Phone: 236-258-0279Email:
info@iconicgold.comWebsite: www.iconicgold.com
For further information regarding International
Iconic Gold Exploration Corp., please refer to the Company’s
filings available on SEDAR (http://www.sedar.com) or at ICON’s
Website (http://www.iconicgold.com)
Disclaimer for Adjacent Property
Disclosure
This news release also includes references with
respect to the La Navidad polymetallic epithermal deposit, the
Calcatreu precious metals epithermal deposit, and the Esquel -
Suyai epithermal gold deposit, all of which are located near the
Property. The Company advises that, notwithstanding their proximity
of location, discoveries of minerals on adjacent properties such as
the La Navidad, Calcatreu and Esquel - Suyai deposits and any
promising results thereof are not necessarily indicative of the
mineralization of, or located on the Property, or the Company’s
ability to commercially exploit the Property or to locate any
commercially exploitable deposits therefrom.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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