|December, 27 2013||TSX - ISM Frankfurt- OI8|
Toronto, Ontario Inspiration Mining Corporation (the Corporation) is pleased to announce that Mr. John Robertson has been appointed to the board of director of the Corporation.
Mr. Robertson, who is currently retired, began his career in 1970 with J. Henry Schroder Wagg, the London merchant bank. In 1975, Mr. Robertson joined the Ultramar group of companies where he held a number of senior positions in London, Montreal, Toronto and New York and gained experience in corporate development, investor relations and supply operations. The majority of Mr. Robertsons career with Ultramar was with the principal Canadian subsidiary, Ultramar Canada, where he was Senior Vice President - Corporate Development and subsequently Senior Vice President - Supply Operations. In 1992, Mr. Robertson returned to London and joined Durlacher, a United Kingdom stockbroker, where he advised corporate finance clients. From February 1995 until his retirement in June 2005 he was a director of Nabarro Wells & Co., the London based independent corporate finance advisory firm where he brought a number of significant oil and gas and mining companies to AIM.
Mr. Robertson is currently a director of Prosperity Minerals Holdings Limited, which is a wholly owned subsidiary of Prosperity International Holdings Limited, a Hong Kong listed issuer and Martina Minerals Corporation, a TSX listed company. Mr. Robertson has also served as a director for several public companies including Elixir Petroleum Limited, an ASX listed company and Bonaparte Diamond Mines NL, which was an ASX listed company until its takeover in 2009. Mr. Robertson graduated with a BSc in engineering from the University of St Andrews and then completed his doctorate from the University of Dundee.
We are excited that Mr. Robertson has decided to join Inspiration, said Mr. Miller, the President of the Corporation. Mr. Robertsons extensive experience in capital markets, exploration and oil and gas companies will be invaluable to the company as it continues to advance its various properties.
Mr. Robertson was appointed to the board of directors after the resignation of Mr. Robert Maddigan. Mr. Maddigan resigned to pursue personal projects. The Corporation would like to thank Mr. Maddigan for his contribution to the Corporation and wishes him luck in his future endeavours.
The Corporation would also like to announce that Mr. Carmelo Marrelli has been appointed the new Chief Financial Officer of the Corporation.
Mr. Marrelli is the principal of Marrelli Support Services Inc., a private company delivering accounting and regulatory compliance services to numerous issuers on the TSX and TSX Venture exchanges for over twenty years. Mr. Marrelli is a Chartered Professional Accountant (CPA, CA), a Certified General Accountant and an Associate of the Institute of Chartered Secretaries and Administrators. He has a Bachelor of Commerce degree from the University of Toronto. Mr. Marrelli acts as Chief Financial Officer to a number of reporting issuers on the TSX and TSX Venture exchanges.
For further information, please contact Randy Miller, Chief Executive Officer of the Company, at tel: 416-842-9000,www.inspirationmining.com
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
|November, 18 2013||TSX - ISM Frankfurt- OI8|
Inspiration Mining Corporation (Inspiration or the Company) would like to announce that the Company has donated to the Red Cross efforts in assisting the survivors of Typhoon Haiyan.
The level of destruction that Typhoon Haiyan has brought on the Philippines is unprecedented, said Randy Miller, the President of the Company. As corporate citizens, the Company felt it necessary to assist in the Philippine relief efforts in any way they can. I would like to challenge our shareholders and other corporate citizens to donate to the relief effort undertaken by the Canadian Red Cross.
For further information, please contact Randy Miller, Chief Executive Officer of the Company, at tel: 416-842-9000,www.inspirationmining.com
|April, 08 2013||TSX - ISM Frankfurt- OI8|
TORONTO, ONTARIO--(April 8, 2013) - Further to its press release of June 25, 2012, Inspiration Mining Corporation ("Inspiration" or the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that it exercised an aggregate of 2,187,500 warrants at an exercise price of $0.80 per share, increasing its interest in Potash Dragon Inc. ("Potash Dragon") from 1,250,000 common shares to 3,437,500 common shares (or from 20% to 41% of the issued and outstanding securities of Potash Dragon). An aggregate of 1,562,500 warrants remain outstanding and the Corporation intends to exercise such warrants prior to their expiry date of May 15, 2013. Upon the exercise of the remaining warrants, the Corporation will own 50% of the issued and outstanding securities in the capital of Potash Dragon.
About Potash Dragon Inc.
Potash Dragon is a private company incorporated under the laws of Barbados. Through its wholly owned subsidiary, Potash Dragon SpA, a private company incorporated under the laws of Chile, Potash Dragon holds various potash properties and applications covering an area of 24,492 Hectares in Region I of Northern Chile some 160km south east of the town of Iquique and adjacent to the Pan American (Ruta 5) highway. All the properties are located within the Pampa del Tamarugal area on the Salar de Llamara, and some of the tenements are situated adjacent to a brine extraction well field operated by Sociedad Qumica y Minera de Chile S.A. ("SQM").
About Llamara and Solida Properties
The following information regarding Potash Dragon's Llamara Project in Northern Chile is derived from a report entitled "Exploration Potential and Mineral Resource Estimate for Potash Dragon Inc.'s Llamara Project, Salar de Llamara, Northern Chile. A document to conform to the Canadian National Instrument NI 43-101 for the disclosure of mineral deposit information Securities Act R.S.B.C. 1996 c. 418 B.C. Reg 86/2011" (the "Report").
The Report was prepared by Dr. C Mortimer OBE, B.Sc., Ph.D, FIMMM, C.Eng., FRGS and is dated February 18, 2013 with an effective date of January 31, 2013. A copy of the Report will be available through the Corporation's profile on the SEDAR website (www.sedar.com) and can be accessed here http://www.inspirationmining.com//files/ISM-Potash-report(18-Feb-13).pdf. The Report was prepared to declare a brine mineral resource estimate and exploration potential for Potash Dragon's Llamara and Solida Properties (collectively, the "Properties").
Property Holdings and Location
The Properties in Northern Chile are held by Potash Dragon's wholly owned subsidiary, Potash Dragon SpA (Chile). The Properties are located across generally flat sections of the Salar (salt flat) de Llamara depression in the Atacama Desert of Northern Chile. Potash Dragon has applied to convert the free areas held as concessions of exploration to concessions of exploitation which cover an area of 4,690 ha of the Salar de Llamara.
In December 2012 Potash Dragon submitted applications for exploration concessions covering a further 19,802 ha in the Llamara basin. The applications have been published and registered and the new properties under investigation cover an area of 10,954 ha of semi-contiguous Potash Dragon concessions in the central Llamara area and 13,538 ha which are adjacent and distal to the NE and SE of Potash Dragon's extant holdings.
There is no record of any previous owner (other than the Republic of Chile Government) having formally made use of or claimed any of the Properties for short or long term residential or commercial reasons. Mining concessions (either of exploration or exploitation) are granted in Chile by virtue of a judicial resolution given in accordance with a special procedure established in the Chilean Mining Code.
Geology and Hydrology of the Salar de Llamara
The Andean ranges in northernmost Chile can be divided into a number of generally north - south orientated fault bounded physiographic provinces. An offshore Per-Chile oceanic trench is bordered on the east by the Cordillera de la Costa. Further east is the variously termed Central Depression; Longitudinal Valley, or Pampa del Tamarugal/Salar de Llamara ("Pampa") sloping up to the Precordillera and the volcanic Cordillera Occidental, which, with the Cordillera Oriental, contains the high plateau variously denominated as the Altiplano or Puna.
Precipitation that occurs at higher elevations of the Andes Mountains reports to Tertiary fluvial braided fans which ultimately feed significant aquifers that flow beneath the Central Depression. The alluvial fans are incised by ephemerally active canyons and the talus of the median and distal fans locally masks underlying lake sediment accumulations of numerous salars including the Salar de Llamara. The Cerro (peak) Soledad range is located within the Salar de Llamara. The Salar de Llamara is incised by the Ro Loa river canyon forming the ultimate drainage outlet to the Pampa del Tamarugal aquifer.
The underlying lake sediments of the Salar de Llamara host a partly closed basin aquifer, which has a longitudinal axis of approximately 60 km in a NNW-SSE direction and 25 km in an E-W direction, bounded to the S and W by a sub outcrop of impermeable rocks. The present day submerged basin covers an area of approximately 1300 km2, exclusive of the area taken up by the impermeable basement (Mesozoic, 65-248 Mya) and older inliers of cerros Salar, Mogote, Hilaricos and Soledad, which protrude through the lacustrine sediments and form prominent hills above the Salar de Llamara. The Properties are situated within the western and central portion of the Salar de Llamara respectively at an elevation between approximately 750-800 m.a.s.l. in an area that has an exceptionally long geological history of aridity in the Atacama Desert, particularly during the post Oligocene period when the region has been continuously the most arid region on Earth with high evaporation and evapo-transpiration rates.
During a period spanning many decades the search for potable, irrigation and industrial quality water within the Pampa del Tamarugal has led to numerous exploration efforts and scientific studies of the upper portion of its vast, mostly saline, subterranean aquifers, including those of the Salar de Llamara by governmental and private institutions.
During 1994, the Department of Scientific and Technological Research of the Catholic University of Chile ("DICTUC"), who were consultants to Sociedad Quimica y Minera de Chile S.A. ("SQM"), in addition to work conducted by government on the Salar de Llamara aquifer ("SdLA"), published their initial estimates of the hydrology of the upper aquifer as part of an Environmental Impact Assessment ("EIA"). DICTUC further refined their hydrological model of the upper aquifer based on evaporation test work, ongoing borehole water level monitoring, pumping tests and transient electromagnetic surveys ("TEM"). Based on these studies, they produced further estimates of the recharge, evaporation, transpiration and discharge rates for three main upper aquifer sub basins.
The DICTUC study of the geology and hydrology of the Salar de Llamara basin led to the definition of an upper saline aquifer located between approximately 745 and 645 m.a.s.l. and a deeper saline aquifer of varying thickness located between an elevation of approximately of 645 and 300 m.a.s.l. The upper aquifer has been intensely explored by drilling, sampling and confirmatory TEM surveys while the deeper aquifer geophysical surveys have been tested by deep drilling in a few locations only.
Potash Dragon has validated the published sampling results obtained by the many scientific institutions for the surface and near surface aquifer. Potash Dragon has also duplicated and confirmed the TEM geophysical results relevant to the Properties.
Genesis of the Evaporite Minerals
The Pampa has been a basin for the deposition of non-marine sediments derived from the uplifting Andes to the E for much of the Neogene. The Cordillera de la Costa has blocked westward coastwise drainage of the Pampa until the relatively recent breakthrough to the coast of the Ro Loa canyon. Prior to the overspill and development of the Loa canyon the Pampa was characterized by a huge lagoon of ponded Andean drainage, Lago Soledad, lying above the sedimentary fill of the Pampa including the Salar de Llamara. Prominent terraces with salt deposits marking high former lake levels occur around Cerro Soledad. The Tertiary continental sedimentary rocks in the Pampa are fluvial, lacustrine and evaporitic and the gypsiferous succession includes diatomite and highly soluble, but crystalline residues such as halite, associated potassium salts and, superficially, nitrates. These minerals were deposited following evaporation, particularly of Lago Soledad, in the hyper arid climate. Interspersed in this succession are horizons of volcanic tuff from eruptions in the Andes to the E. The sequence is estimated to be up to 1,000 m thick and has been shown to be 930 m thick in the drill hole Hilaricos No. 1, which is located on Potash Dragon's southernmost property.
Continuous monitoring, geochemical sampling data, backed up by the public disclosure of independent assay certificates, for the upper aquifer, have been reported. Quarterly sampling of the aquifer since May 2010 reveals that the total dissolved solids ("TDS") contained within the aquifer at a point vary between 3800 mg/L and 4200 mg/L.
The flow of the aquifer has been modelled and published. Flow directions of the aquifer are to the west and south towards puquios (small ephemeral lakes) that represent doline features within the karst (solution) topography where the aquifer becomes exposed on surface due to the dissolving of soluble salts. A north west - south east puquio trend extends over a distance of 21 km from the north west sub outcrop of the upper aquifer to its south east exposure. The zone of puquios effectively delineate the outcrop of the uppermost halite unit of the Soledad Formation which has an average west - east lateral width of approximately 5 km across the strike length of 21 km.
Potash Dragon has conducted seasonal validation sampling of the waters of the upper aquifer which show dramatic increases in the concentration of TDS within the puquios to between 100,000 to 230,000 mg/L through a combination of dissolution and evaporation. Sampling of a borehole located to the east of the intersection of the upper aquifer with the south east puquios shows a fourfold increase in TDS from between 3800 mg/L and 4200 mg/L to between 12,000 mg/L and 17,000 mg/L TDS.
Potash Dragon's seasonal geochemical sampling together with the information available from neighbouring operations has confirmed the cyclical nature of the near surface water table. The fluctuation in water levels and TDS confirms the effect of variable flow into the system. The chemical composition of the brines also varies with the seasonal fluctuations in water level, evaporation rates, and ground temperature, which varies between 16C and 35C during summer months.
Aquifer Hydrology and Extractability (Specific Yield)
Various investigations by Potash Dragon have confirmed the horizontal and vertical differentiation in salinity of the Salar de Llamara aquifer ("SdLA"):
The results of environmental impact studies, water extractability pump testing and bi annual monitoring of the SQM pump field (adjacent to the Properties) have been published in numerous publicly available technical reports and returns to the Chilean environmental regulators. The analysis of these test results indicates a minimum 12.5% effective porosity yield for the stratigraphic unit that Potash Dragon has defined from geophysical results as the Upper Conductor Unit ("UCU").
Geophysical and Geochemical Investigations
Geodatos SAIC of Santiago have conducted many geophysical surveys to define brine aquifers contained within salars in Chile and Argentina, and they undertook the close spaced TEM survey for Potash Dragon. Brines by their very nature are highly conductive and therefore receptive to three dimensional definitions by electromagnetic geophysical means. The conductivity is proportionally related to the content of the ions in solution. The higher the TDS content the lower the solution resistivity, and by experience developed by Geodatos, subterranean brine in the Pampa del Tamarugal region has a typical resistivity signature of between 0.5 Ω-m to 2 Ω-m. The only other rock types that have similar TEM signatures are graphite and highly conductive sulphide ore bodies that are not found in the Salar de Llamara evaporite basin. The TEM survey results have not been utilised as a basis to estimate the concentration of any elements or minerals contained within the waters of the Salar de Llamara aquifer. The TEM survey results have been used to define the size and shape of the brine conductor units.
Two hundred and eighty eight TEM survey stations, covering an area of approximately 14,400 ha were set up over the 4690 ha of the Properties as these stood at July 2012. The resulting geophysical surveys defined the three dimensional extents of the upper and lower conductor units within the aquifer. Geodatos determined the conductive unit volume based on various resistivity cut-offs, and developed sections that provide the basis for the definition of various conductor volumes. Potash Dragon has used this TEM data to define an upper conductor unit ("UCU") and a lower conductor unit ("LCU") that occur within the upper and lower SdLA on the Properties.
Mineral Resource Estimate
The Properties under investigation cover an area of 10,594 ha for the inferred resource estimate on Potash Dragon's concessions in the central Llamara area. A porosity of 12.5% has been calculated using pumping test data to determine the specific brine yield from the strata. Based on the analysis of actual brine sampling results, the minerals of economic interest that have been declared as inferred resources are solely associated with the brines of the UCU.
|Brine volume estimate parameters||Units||Central Llamara Properties|
|Rock mass volume||Mm3||3,559|
|Porosity (specific yield)||%||12.5%|
|Total brine volume||Mm3||445|
Potash Dragon's resource evaluation modelling involved the analysis of mineral occurrences using various factors which included unit cell dimensions, maximum search ranges (including blanking distances), as well as maximum and minimum data point selections per unit cell. The resource model was computed with the assistance of ArcGis, ArcMap V10.1 and Geosoft Target software using modelling parameters that included 250 250 m cell sizes, blanking distances of 5 250 m = 1250 m, and maximum search radii of 10 250 m = 2,500 m. The minimum number of data points used per cell was 5 and the maximum number of data points used was 20. The search radius directions were set with strike, dip and plunge directions set at zero degrees, and a spherical kriging model was set within the horizontal semi-variogram range of 5,000 m. Analysis was also carried out using exponential kriging models and a semi-variogram range of 10,000 m was determined, which is consistent with the data.
The modelling was conducted on each individual element (or ions). Tests were also run to determine the variances between a 6-Ion model versus a sum of individual elements (or ions) model and the discrepancies were found to be negligible.
The concentration versus volume relationship, determined by this modelling method, for the minerals of economic interest contained in the brine of the UCU only, is shown below. The potassium concentration was used as the benchmark to determine the cut-off value and resultant brine volume, since potassium is expected to be one of the primary revenue generators for the project.
|Expected revenue||$/t sold||150||400||696|
|Break-even revenue||$/m3 Treated||0.49||0.19||0.91|
|Operating cost||$/m3 Treated||1.59|
A multi-product analysis, which included various individual or combined saleable salt compounds that contain potassium, magnesium, and sulphates, in addition to chlorides and sodium, was used to determine an operating cost break-even concentration of 362 mg/L on a "potassium only" basis. The impact of mineral concentration cut-offs on estimated brine volumes contained in the UCU for the central Llamara properties are shown below.
|K Cut Off||6-Ion||K||Mg||SO 4||Ca||Cl||Na|
|mg/L||% of Brine||mg/L||mg/L||mg/L||mg/L||mg/L||mg/L||mg/L|
The volume, sampling and brine yield data are deemed sufficient to confidently estimate and declare an inferred mineral resource to be contained within the freely available brines of the UCU on Potash Dragon's central Llamara properties.
The brine mineral content has been determined using analysis of actual brine sampling and resource modelling, the results of which have been integrated with the brine volume estimates of the UCU contained on the central Llamara properties.
The brine mineral content contained in the free brines of the UCU on the central Llamara properties has been determined as an inferred mineral resource. The inferred mineral brine estimate is 1.57Mt of K2SO4 (i.e. 308 Mm3 at 5,112 mg/L K2SO4) and summarised as follows:
|K||K 2 0||KCl||K 2 SO 4||Mg||MgO||SO 4|
|Brine||K||K 2 0||KCl||K 2 SO 4||Mg||MgO||SO 4|
Exploration Potential (UCU and LCU)
There is an additional 13,538 ha of properties with exploration potential on Potash Dragon's concessions which are distal and located to the north east and south east of the central Llamara and Solida claims. No inferred resources have been declared for the LCU or distal UCU brines. As such the minerals associated with brines estimated to be contained in the LCU and distal UCU do not constitute a mineral resource and are classified to have exploration potential only, as shown below.
|Units||Central Llamara Properties||Distal
|Average Width (thickness)||m||96.0||32.5||96.0|
|Rock Mass Volume||Mm3||10,511||4,398||12,991|
|Porosity (specific yield)||%||12.5%||12.5%||12.5%|
|Total Brine Volume||Mm3||1,314||550||1,624|
The UCU contained on Potash Dragon's other properties, excluding the central Llamara properties, is deemed to have the same exploration potential as the UCU included in the inferred mineral resource estimate.
|K Cut Off||6-Ion||K||Mg||SO Γ||Ca||Cl||Na|
|mg/L||% of Brine||mg/L||mg/L||mg/L||mg/L||mg/L||mg/L||mg/L|
|K Cut Off||Brine||6-Ion||K||Mg||SO 4||Ca||Cl||Na|
The LCU is expected to have higher concentrations of elements and a higher density causing the brine to differentiate and stratify below the UCU. An analysis of the closely spaced TEM survey results for the UCU and LCU has shown that the LCU has a conductivity that is between 15% and 30% greater than that of the UCU. The increase in conductivity for brines held within similar strata is considered to be the result of an increased concentration of ions contained within the brine.
|K Cut Off
|Increase in Conductivity||% of Brine||6-Ion
The possible ranges of brine mineral exploration potential in the LCU, shown below, has been determined using the brine volume estimates of the UCU in the central Llamara properties.
|K Cut Off
|Increase in Conductivity||Brine
The range of mineral content shown in the following table is indicative of what could be expected as additional exploration potential to be defined by further exploration work. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
|K||K 2 0||KCl||K 2 SO 4||Mg||MgO||SO 4|
|Exploration potential Low||2,294||2,763||4,374||5,112||1,383||2,294||20,997|
|Exploration potential Medium||2,584||3,112||4,927||5,758||1,558||2,585||23,650|
|Exploration potential High||2,874||3,462||5,479||6,404||1,733||2,874||
|Brine||K||K 2 0||KCl||K 2 SO 4||Mg||MgO||SO 4|
|Exploration potential Low||2415||5.5||6.7||10.6||12.3||3.3||5.5||50.7|
|Exploration potential Medium||2415||6.2||7.5||11.9||13.9||3.8||6.2||57.1|
|Exploration potential High||2415||6.9||8.4||13.2||15.5||4.2||6.9||63.5|
Conclusions and Recommendations
The results obtained have resulted in the declaration of an inferred brine mineral resource contained in the Upper Conductor Unit of 1.57Mt of K2SO4 (i.e. 308 Mm3 at 5,112 mg/L K2SO4). There are no known significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information. The main uncertainties in future exploration programs are geological risk.
The results also identified exploration targets for further definition.
The Report offers the following recommendations for the Properties:
The objective of the next phase of the project is to increase the level of confidence of the resource determination for the UCU inferred resource and to conduct exploration drilling on the prospective LCU targets. This is expected to take six months and cost $3 million as shown in the following table.
|Technical Support and Consulting||750,000|
Dr. C Mortimer OBE, B.Sc., Ph.D, FIMMM, C.Eng., FRGS, who is a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this press release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
Inspiration Mining Corporation
Chief Executive Officer
|April, 03 2013||TSX - ISM Frankfurt- OI8|
TORONTO, ONTARIO--(Marketwired - April 3, 2013) - Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) pleased to provide a corporate update.
The exploration of the Langmuir Property has been the principal focus of the Corporation. The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.
As previously reported in the Corporation's press release of January 6, 2010, Micon International Limited ("Micon") completed the National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit. A copy of the Micon Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).
Pursuant to the Micon Report, resources in the Indicated Resources category for the Langmuir North deposit are 8,324,000 tonnes grading 0.40% nickel, as detailed in Table 1. Resources in the Indicated Resources category for the Langmuir No. 1 deposit are 1,733,000 tonnes grading 0.51% nickel, as detailed in Table 2.
Both deposits are amenable to open pit exploitation. Langmuir No.1 is also partly accessible from an existing development ramp from earlier historical production. These deposits, lying within the Langmuir Nickel Belt, are also accompanied by at least four (4) exploration target areas of mineralization that are believed to hold the potential to host an additional 20 to 40 million tonnes of nickel mineralization of similar grades. In addition, the target areas also have the potential for open-pittable configuration.
As well, it is believed that potential remains to locate additional concentrations of nickel mineralization similar to that which has been exploited at the Langmuir No 2 mine at depth on the property. The potential quantity and grade of such deposits is conceptual in nature and there has been insufficient exploration to define a mineral resource of said tonnage and grade and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
|Estimated Mineral Resources for the Langmuir North Deposit|
|Cut Off Grade (% Ni)||Classification||Volume (m 3 )||Tonnes||Ni (%)|
|0.19 - > 0.21||Indicated||160,000||433,000||0.20|
|Total Mill Incremental + Mineralized||8,324,000||0.40|
|Estimated Mineral Resources for the Langmuir No. 1 Deposit|
|Cut Off Grade (% Ni)||Classification||Volume (m 3 )||Tonnes||Ni (5)|
|0.19 - > 0.21||Indicated||23,000||67,000||0.20|
|Total Mill Incremental + Mineralized||1,733,000||0.51|
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported Inferred Resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in the upgrading of the Inferred Resources into an Indicated or Measured Mineral Resource category.
3. Tonnages have been rounded to the nearest thousand tonnes
4. Sums may not add due to rounding
5. Mineral resources are inclusive of mill incremental material
6. Grade interpolation is estimated by Ordinary Kriging method.
The Corporation has commenced a strategic review of its nickel assets located on the Langmuir Property. The various options being considered is the possibility of restarting the Langmuir No.1 underground mine on the basis of a substantially better defined resource model. That is now possible as a result of an extensive drill program that has been conducted on the Langmuir No.1 deposit since the Corporation gained control of the Langmuir Property in 2004. Certain higher grade resource blocks were excluded from the Micon Report and the Langmuir No.1 resource estimate due to these resource blocks falling outside the optimal open pit shell.
In June, 2012, the Corporation acquired 1,250,000 common shares ("Potash Shares") (or 20% of the issued and outstanding securities) in the capital of Potash Dragon Inc. ("Potash Dragon"). In addition, the Company was issued an aggregate of 3,750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the Company to acquire an additional Potash Share at an exercise price of $0.80 per share.
Potash Dragon is a private company incorporated under the laws of Barbados. Through its wholly owned subsidiary, Potash Dragon SpA, a private company incorporated under the laws of Chile, Potash Dragon holds various potash properties and applications covering an area of 4,133 Hectares in Region I of Northern Chile some 160km south east of the town of Iquique and adjacent to the Pan American (Ruta 5) highway. All the properties are located on the Salar de Llamara, and some of the tenements are situated adjacent to a brine extraction well field operated by Sociedad Qu-mica y Minera de Chile S.A. ("SQM").
Sedimentary rocks in the Pampa del Tamarugal are fluvial, lacustrine and evaporitic and include highly soluble residues such as halite and related evaporite minerals such as potash. Interspersed in this succession are horizons of volcanic tuff from eruptions in the Andes to the East. The sequence is estimated to be up to 1,000 m thick (S-ez et al., 1999). Alluvial fans incised by ephemerally active canyons descend across the eastern Pampa from the Precordillera and the talus of the median and distal fans locally masks the underlying lake sediment accumulation. The Pampa can be considered to have an upper, gradational altitudinal limit around 1,500 metres above sea level where it merges into the proximal alluvial fans of the Precordillera front.
Precipitation that occurs at higher elevations of the Andes Mountains reports to fluvial braided fans which ultimately feed significant aquifers that flow beneath the Pampa del Tamarugal. The individual rivulets within these fans are referred to locally as Quebrada. Ground water flowing within the pampa interacts with the evaporite sequences resulting in the dissolution of halite and other soluble minerals contained within the sedimentary sequences of the Soledad formation. The dissolution results in a karst topography within the soluble formations that contain vast amounts of highly saline brines containing sodium, magnesium, potassium, calcium, lithium, boron, sulphates, chlorine, iodine and nitrates in varying quantities.
The Llamara and Solida projects are situated at an elevation of approximately 750 metres above sea level in an area that has an exceptionally long geological history of aridity in the Atacama Desert, particularly during the post Oligocene period (since 34 Mya) when the region has been continuously the most arid region on Earth with high evapotranspiration rates.
The location of the project, in close proximity to the ocean which serves as an abundant source of process water, combined with very high solar evaporation rates creates an ideal opportunity for the implementation of low cost solution mining and brine solar evaporation recovery techniques for the recovery of soluble minerals such potash, other fertilizers and related minerals.
Cleaver / Douglas Properties
The Cleaver Property currently consists of 13 contiguous unpatented mining claims containing of 192 claim units and covering 3,072 ha. Those are located approximately 47 km south of South Porcupine, Ontario and approximately 15 km south of the Langmuir Property. The property lies within the northeastern portion of Cleaver Township, the southeastern portion of Fallon Township, the southwestern portion of Fasken Township and the northwestern portion of McNeil Township, Porcupine Mining Division, District of Cochrane, Ontario.
The Douglas Property initially consisted of five contiguous unpatented mineral claims covering 552 hectares and lying approximately 2.5 km west of the Cleaver Property. In the last quarter of fiscal 2009, an addition six claims, made up of 88 claim units, all surrounding the Douglas Property and tying it together with the Cleaver Property, were staked. Together, the properties make up a single tract covering approximately 12, 400 hectares. The former Texmont Nickel Mine is located approximately 9.6 km to the west-southwest of the Douglas Property.
In November 2008 the Corporation acquired all of the issued and outstanding securities of 1691063 Ontario Ltd. 1691063 Ontario Ltd. owns a 100% interest in the Desrosier Property. That property is located in Desrosiers Township, Ontario, and lies approximately 150 km southwest of the City of Timmins. The property, at the time of acquisition, contained 6 contiguous unpatented mining claims, consisting of 42 claim units covering approximately 680 hectares. The property lies in a treed and rugged terrain requiring extensive line-cutting work for surface surveys.
The property hosts quartz - feldspar pegmatites and pegmatitic veins that contain molybdenite concentrations of potential economic value along with elevated concentrations of bismuth and silver. Previous work has reported a total of 33 showings or occurrences, four (4) of which have been the subject of systematic work including trenching, stripping and drilling.
Barton Syndicate/Dry Fork Property
The Barton Syndicate/Dry Fork Property, optioned by the Corporation in 2004, contains 31 contiguous lode claims and lies 6.4 KM north-northwest of Kennecott's Bingham Canyon copper-gold-molybendite mine and within 600M of Kennecott's past producing Melco and Barneys Canyon gold mines. In the period from 1988-2001, production from the two mines aggregated approximately 1.4 Million ounces of gold. The property has indications of potentially significant resources.
Due to scheduling issues, the Corporation has been unable to undertake its planned surface magnetic testing on the Dry Fork Property in Utah. However, that testing is still in the Corporation's planning for the work season of 2013.
The Corporation has, as at December 31, 2012, approximately $3.79 million in working capital. In addition to its working capital, the Corporation recently completed a private placement of 6,350,000 units at price of $0.10 per unit for gross proceeds of $635,000. Each unit is comprise of one (1) common share and one-half (1/2) of one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to acquire a common share at an exercise price of $0.12 per share at any time until February 22, 2015.
According to a March 8, 2013 article on the Mining.com website, approximately 37% of all junior mining companies have less than $200,000 in working capital. With an aggregate of approximately $4.43 million in working capital, the Corporation has sufficient funds to carry its operations and to meet its obligations as they become due. In addition, the current financial position of the Corporation provides the Corporation with the ability to be patient in the current down cycle of base metal prices and evaluate all options and opportunities presented to the Corporation with a view of enhancing shareholder value.
In light of the current nickel market, the Corporation has decided that the best option available to it and its shareholders is to conserve its working capital and only invest its resources in projects that will enhance shareholder value. This decision is reinforced by the experience of other junior mining companies in the immediate vicinity of the Corporation's property. These companies took on significant debt in order to construct processing facilities commence mining operations. The end result has been the shuttering of the facilities and depressed stock value.
The Corporation would like to congratulate Messieurs Miller, Brugh, Davis, Cantore and Maddigan on their appointment as directors of the Corporation at the recent annual shareholders' meeting. The Corporation would also like to thank all of the shareholders that participated at the meeting .
Clarification of Information
The Corporation would like to clarify certain misinformation pertaining to the compensation of Mr. Randy Miller, the President and Director of the Corporation. As disclosed in the Corporation's disclosure documents, Mr. Miller's annual compensation package consists of a monthly consulting fee of $30,000 and a monthly car allowance of $1,500 for an aggregate annual compensation package of $378,000. In addition, the Corporation pays a monthly rent payment of $10,000 to a private company controlled by Mr. Miller pursuant to a sublease agreement. The monthly rent payment is for the Corporation's current office and there are no additional fees or payments being made to Mr. Miller.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward-looking statements and Inspiration assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
Inspiration Mining Corporation
|February, 26 2013||TSX - ISM Frankfurt- OI8|
Toronto, Ontario--(Newsfile Corp. - February 26, 2013) - Inspiration Mining Corporation (TSX: ISM) is pleased to welcome the international mining community to Toronto for the Prospectors and Developers Association of Canada's (PDAC) International Convention, which is being held from March 3rd to March 6th, 2013.
Inspiration Mining Corporation will be exhibiting at this year's Investor's Exchange and we invite shareholders and interested investors to talk to our team at PDAC Booth #2628.
Some exciting developments we will be discussing include:
Updates on exisiting assets and properties including Utah Gold property, Langmuir nickel property in Timmins, Ontario, and our new Project in Chile with Potash.
Our Team of experts will be there to explain another new Project involving Oil and Gas in Southern Russia.
We look forward to seeing everyone there!
Inspiration Mining Corporation is a publicly traded "junior mining" company which owns, or otherwise has rights to, a 100% interest in 5 mineral properties, four of which are located in the Timmins, Ontario region of Canada. For those familiar with the industry, each property, for its own reasons (location combined with early testing results, past mining activity combined with presently inferred reserves) has particularly attractive characteristics for geological testing and development.
For additional information about the PDAC 2013 conference or to register for the conference, please visit www.pdac.ca.
For further information contact:
Inspiration Mining Corporation