Inspiration Mining Corporation: Exploration Commences for Moly & Rare Earths on Desrosiers Property-Drilling Begins
TORONTO, ONTARIO -- (Marketwire) -- 11/24/09 -- Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX: ISM) (FRANKFURT: OI8) is pleased to provide an update with respect to its exploration program on the Corporation's 100% owned property located at Desrosiers Township.
Historical work by Jonsmith Mining in 1960 demonstrated molybdenum mineralization with grades varying from 0.03% to more than 10%, plus significant bismuth. Bulk sampling returned non NI 43-101 compliant results of 165 tons @ 2.255 MoS2, and 50 tons @1% MoS2. More recent sampling in 1999 revealed associated bismuth, silver, lead mineralization and low levels of copper, nickel and zinc. Regional lake bottom sediment sampling by the Ontario Geological Survey in 2005 revealed major molybdenum, lithium, niobium and rare earth element anomalies in the region.
Recent exploration efforts concentrated on the main showings on the southeastern part of the property . Follow-up soil sampling, ground EM and magnetic survying, and geological mapping west of Alike Lake have revealed that molybdenum mineralization is located at the contact between mafic metavolcanic and metasedimentary rocks with granitoid rocks. Various pegmatitic veins intrude the main northwest-trending mineralized shear zone, 20 to 50 meters wide and at least 800 meters long, carrying molybdenite, minor chalcopyrite, and pyrite. Parallel zones of chalcopyrite and pyrite mineralization are also found in the host metasedimentary rock sequences.
To determine the potential for a broad suite of additional elements, including the rare earth group, a suite of 18 selected pegmatite samples from several mineralized zones have been sent for assaying for molybdenum, bismuth, silver, tungsten, lithium, beryllium, tantalum, rhenium, base metals, and rare earth elements.
Compilation of both a four square kilometer soil survey program, and a ground EM and magnetic survey over the entire property is in progress. Detailed mapping of other molybdenite zones on the west and east side of Alike Lake, follow-up soil sampling, and ground radiometric surveying is also in progress.
A drill program of 2000 meters is being initiated to evaluate the main molybdenum mineralized zones. Drilling of other refined targets will follow.
Andre Ciesielski, DSc., P. Geol., the Qualified Person in charge of the Property prepared the technical data in this release.
This update 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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
