North Vancouver, B.C., - International Millennium Mining Corp. announces it has acquired, the exclusive right and option to purchase 100% interest in the Simon Mine
IMMC Acquires Simon Mine Property, Nevada
North Vancouver, B.C., - International Millennium Mining Corp. announces it has acquired, the exclusive right and option to purchase 100% interest in the Simon Mine property located in Mineral County, Nevada (the “Simon Property”) about 22 miles northeast of the town of Mina. The Simon Mine has seen multiple stages of exploration and production, beginning in the early 1900’s and continuing through 1969. Federal Resources Corporation was the most recent producer through to 1969 recovering an unknown quantity of ore from the mine following their completion of a three compartment 1000 foot vertical shaft in 1965. The 23 mineral claim, mostly patented, property consisting of approximately 460 acres represents an exploration and development prospect largely ignored for over 30 years. The option requires the Company to make an initial US$6,000.00 payment and US$3,000.00, or 1½% NSR, whichever is greater, payments each month until the full purchase price of US$900,000 has been paid. A finder’s fee of up to 200,000 shares is to be paid over two years as long as the option remains in good standing.
The Simon Property is situated in the Cedar Mountains of western Nevada, and is accessible by improved gravel roads from a turnoff one-half mile north of Mina on Highway 95. California registered Geologist Thomas L. Evans, who, together with another individual found the Simon Property for the Company, has provided the following information.
History
The Simon Mine, first produced, high grade oxidized silver-lead ore mined from surface showings and from an early 300 foot partly inclined and vertical shaft that was eventually abandoned for a 700 foot 3 compartment shaft completed in 1924. By 1926, that shaft had been deepened to 800 feet and the property and mine had become a major exploration and production facility for oxide and sulphide ores. Approximately 30,000 tons of near surface ore, said to average 2.5 oz/ton silver, 4% lead and 5% zinc, was processed through an early day flotation mill. Ore mined from the workings below 700 feet was found to be between 7% and 9% higher in lead and zinc, silver content more than tripled and gold, up to 0.08 oz/ton and copper ranging in grade up to 10% was encountered. The mine was later deepened, by an internal winze, to 900, then to 1,000 feet where higher grade ore persisted. This phase of development and production ended when the mine and mill closed in 1932.
Federal Resources Corporation (“Federal”) acquired the Simon Property in the early 1960’s, conducted a surface drilling program and sank a new three compartment 1,000 foot vertical shaft, that was completed in 1965. It is not known how much ore Federal mined. Core drilling from underground, totalling over 45 holes, reportedly encountered “good grade ore” for an unknown distance below the 1,000 level. Federal elected to ship ore to the Bunker Hill Smelter in Idaho. They ceased mining in 1969 and moved the double drum hoist and other equipment to Colorado. There has been little exploration and no mining since.
Geology
The ore bodies mined from the older workings are reported to have occurred alongside an alaskite dike emplaced along the contact between Triassic limestone of the Luning formation and Tertiary volcanics. Ore occurs as replacement deposits in the carbonate footwall of the 50 degree dipping Mammoth fault which forms the limestone-intrusive contact. Near the old workings (the 300 foot shaft) the Mammoth fault strikes northwest, is almost east-west at the 800 foot shaft and swings around to a southwest strike northwest of the 1,000 foot shaft where Federal Resources mined the bulk of their ore. Several post-ore faults cut the ore bodies with a displacement downward to the southwest in a series of offsets. As previously mentioned, the ore grade at the Simon Mine became better with depth. A sample taken from the 905 drift in September, 1930, assayed 0.08 oz/ton gold, 28.7 oz silver, 19.5% lead, 8.0% zinc and 3.8% copper. Eighty-nine cars of ore shipped from the 905 drift area averaged 0.04 oz/ton gold, 12 oz/ton silver, 9.0% lead, 5.7% zinc and 3% copper. Assays from 6 samples taken between January-March 1931 from the 1,000 foot level (1001 and 1002 drifts) averaged 0.063 oz/ton gold, 13.27 oz/ton silver, 14.45% lead, 12.15% zinc and 3.5% copper.
Conclusions
The Simon Mine property presents itself as a good exploration and development project. The property appears to offer both size and grade potential for possible mining and flotation milling. An initial exploration program would require deep drilling to test the region down dip from the 1,000 level ore bodies. Holes could be pre-collared with RC drilling and cased for core drilling. Access for underground exploration, development and mining if warranted, would require de-watering and rehabilitation of the Federal shaft, sunk in solid limestone and acquisition of a steel head frame. Prior to actual production, another shaft or raise to provide a secondary exit from the mine would have to be put in place. The original shaft alone could be rehabilitated and used for sampling and drilling from underground stations. Abundant water pumped from the workings may be sufficient for on site milling.
International Millennium Mining Corp. (the “Company”) is a development stage company engaged in the acquisition and exploration of mineral properties in Canada and internationally. The Company is currently exploring a group of properties just east of Harrison Lake in Southwestern British Columbia. Emerging mineral targets include nickel, copper and platinum group elements.
ON BEHALF OF THE BOARD
“John A. Versfelt”
___________________________
John A. Versfelt,
President and CEO
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes and the timing of other business transactions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
