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Market:	ASX
Sector:	General Mining
EPIC:	III
Latest Price:	0.00 (0.00%)
52-week High:	0.10
52-week Low:	0.07

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Icon Resources

Icon Resources (ASX: III) is a diversified metals explorer focussed on Eastern Australia. It has advanced projects in gold and tin in NSW. It also holds strategic areas in northwest Qld prospective for zinc, copper-gold and nickel with gold and copper prospects in NSW and Qld. The company is currently concentrating on its flagship project, the old Mt Carbine tungsten mine in north Queensland.

Icon Resources to use capital raised to resource drill Mt Carbine Tugnsten project

Friday, January 29, 2010

Tungsten-explorer Icon Resources (ASX:III) will use $1.5m to be raised in February for resource definition drilling and pre-feasibility testwork programs at Icon’s Mt Carbine Tungsten project in far north Queensland.

The objective is to complete pre-feasibility for the project in 2010. Following a positive Scoping Study for an expanded open pit tungsten operation at Mt Carbine, a work program has been implemented to validate the resource and refine process options.

Drilling of the Iron Duke zone commenced at Mt Carbine with significant mineralisation intersected adjacent to the existing open pit.

Drilling commenced in mid-December, with two diamond drillholes completed to date out of a planned ~4500m program targeting mineralised zones adjacent to the existing open pit.

The drilling will initially test the Iron Duke Zone which comprises historical scheelite workings over a 350 to 400m strike length to the NE of the pit. Analysis of the only previous drillhole (CB18) in this vicinity has highlighted significant tungsten mineralisation including 27m @ 0.14% WO3 from 105m hosted by cherts and 47m @ 0.23% WO3 from 163m hosted by metabasalt.

The first hole of the current program (CB51 drilled above CB18 on section) has intersected significant (visual) scheelite mineralisation in quartz veining, veinlets and disseminations within a highly fractured chert unit between 27m and 96m (downhole depth).

Metallurgical Testwork commenced with preliminary work on the process flowsheet for Mt Carbine being completed as part of the Scoping Study, with a key component being the role of ore-sorting in beneficiating run-of-mine ore.

During the quarter an initial batch of ore and mineralised waste samples were dispatched to a laboratory in Poland for characterisation studies. Preliminary results have been very encouraging and further testing of bulk samples from ore and waste stockpiles is planned as part of the pre-feasibility program.

Icon also commenced drilling at the Tara tin project in central NSW, and plans to commence testing priority targets within the Peel Project.

In November 2009, Icon placed 11,180,570 shares at 9 cents per share to raise $1,006,251.

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