RENO, Nev., Oct. 25, 2013 (GLOBE NEWSWIRE) -- Infrastructure Materials Corp. (the "Company") (OTCBB:IFAM) (TSX-V:IFM) is announcing its decision to suspend a two-phase 5,000 foot reverse circulation drill program at the Company's Clay Peters Project in Nevada (the "Project") after the completion of the first phase for a total of 3,000 feet. The Company designed the drill program to include two phases, with a short midpoint break to analyze drill results. After completing this analysis, the Company concluded that the current drill program should be halted for lack of favorable results. The Project consists of 263 mineral claims located in Mineral County, Nevada, approximately 11 miles northeast of the town of Mina.
The two-phase drill program was designed to intercept what was believed to be a copper porphyry system at depth located south of previous drilling efforts on the Project. The first phase of the drill program included four holes focusing on recently identified geophysical targets. The Company planned to use the results of the first phase to determine follow up or offset drilling targets for the second phase. Four holes (CPR-20 through 23) were drilled with no significant copper, gold, or silver analytical results. Further, drilling encountered unexpected geological features that, on a preliminary basis, explain the geophysical targets explored. The Company believes that by using the recent results it is possible to better prioritize the numerous targets on the Project. The Company is currently reviewing all data before resuming the drill program in the spring, subject to available funds.
John Harrop, P.Geo., FGS of Coast Mountain Geological Ltd., a qualified person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, reviewed and approved the technical disclosures of this press release on behalf of the Company.
Infrastructure Materials Corp. is a Reno, Nevada based exploration stage company that is directing its efforts to the exploration and development, if warranted, of precious metal properties located in Nevada and cement grade limestone deposits in strategic locations in the United States.
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 press release.
This press release contains technical data concerning drilling results that are intended for persons who have expertise with respect to the interpretation of such data.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words or statements to the effect that certain events or conditions "may", "have" or "will" occur. This press release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, "resource" is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information unless specifically required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
Source:Infrastructure Materials Corp.