Independence Resources Announces Highly Positive Results From Iron Creek Geophysics
HILTON HEAD, S.C., Nov. 16, 2011 /PRNewswire/ -- Independence Resources Plc (formerly 'Senetek Plc ')
announced today that it has received preliminary results from its recent geophysical program that it undertook at its Iron Creek copper-cobalt project near Salmon, Idaho.The Company conducted Reconnaissance Induced Polarization (RIP) studies and this program has confirmed the polarization signatures of the known Iron Creek copper-cobalt zones known as the No Name Zone and the Suburban Zone and the gold-cobalt zone called the Arsenopyrite-Gold Zone. The No Name Zone was originally significantly expanded using IP during the late 1960s. The U.S.G.S. Bulletin #1882 by Thomas Nash includes the following reference: 'An induced-polarization (IP) survey in 1968 around the No-Name discovery cut suggested the presence of an east-trending zone of sulfide minerals . . . several hundred feet wide and at least 1,700 feet long.' All four holes drilled into this IP anomaly hit 'significant sulfide mineralization.'
John Reynolds, Independence Geophysicist commented, 'We are very pleased with the results of the RIP program on the expanded Iron Creek land package. The known copper-cobalt and gold-cobalt resources at Iron Creek have a very coherent IP signature and we are excited that we have found excellent indications these sulfides extend beyond the area of past drill hole intercepts. Additionally, we have located at least two previously unknown zones that appear to have significant sulfide mineralization. Additional work needs to be done on these extensions to the known resources and on the new zones to assess their potential significance. These data clearly suggest that there is excellent potential for additional discoveries in the Iron Creek area. Our next step will be to plan additional IP and geochemical follow up for Spring of 2012 which will help design a drill campaign to expand the known Iron Creek resource zones and explore the potential of these newly discovered areas.'
A reconnaissance rock chip / channel sample geochemical program has been completed by crews under the direction of Mr. Bill Breen of Minex Exploration based in Sandpoint, Idaho. The program has been designed to confirm historical rock chip data and expand the geochemical coverage into the areas of anomalous geophysical response. The rock samples are being submitted for analysis and results are expected before the end of the year.
The Iron Creek Copper-Cobalt-Gold Property in Idaho consists of seven patented mining claims of approximately 140 acres in Lemhi County, Idaho some 26 miles southwest of the town of Salmon. The Company recently staked an additional 165 unpatented mining claims over the last several months to expand the land position to a total of approximately 3940 acres. Past work by previous operators has identified several mineralized zones of copper and cobalt, and numerous other exploration targets on the property that have not as yet been evaluated.
The Company would like to emphasize that roughly one-half of the cobalt used in the United States goes into superalloys and globally the main use for cobalt is in rechargeable batteries (computers, mobile phones, electric vehicles, etc.). About 75% of the world's cobalt supply is produced in the DRC, China, Russia and Zambia. US production of cobalt during 2010 was negligible. The cobalt supply is considered 'at risk' by the U.S. Geological Survey since 'some countries that control significant portions of the cobalt supply chain are areas of political uncertainty.' (Source: http://pubs.usgs.gov/fs/2011/3081/pdf/fs2011-3081.pdf)
The source of this news release is Senetek Plc. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. The historic mineral resources referred to are historical in nature and have not been independently verified by the Company by present day drilling, sampling or other exploratory techniques.
Independence Resources Plc
CONTACT: John Ryan, CEO, 1-843-290-8930, fax, 1-843-842-7248, or Howard
Crosby, President, 1-509-526-3491 both of Senetek Plc
