VANCOUVER, BC, July 31, 2012. IBC Advanced Alloys Corp. (TSX-V: IB; OTCQX: IAALF) (“IBC” or the “Company”) announces assay results from 22 drill holes at its 5,265 metre drilling program on its Juab County, Utah properties.
The exploration program consisted of 35 reverse circulation 60° inclined drill holes on 100-metre spacing along a line perpendicular to the prevailing northeast-trending fracture patterns in the metasedimentary and volcaniclastic rocks of the Fish Springs Valley and completely traversed the Company’s 361-claim southern claim block adjacent to Materion’s Spor Mountain beryllium mine. All drill holes reached a depth of 150 metres (492 feet) in order to test the beryllium concentration within economic open pit mining depth in both the valley fill tuff and the volcaniclastic rocks as well as in the underlying Bell Hill Dolomite metasedimentary unit which is unexposed in the area of the Company’s claims. Samples were collected at 1-metre intervals during the drilling program. Voids in drill hole 1 resulted in no recovery of samples for 3 metres and a large open space in hole 24 resulted in no recovery of samples for 36 metres.
All 50- to 70-kilogram drill hole samples were dried, weighed and split into duplicate portions in the Company’s sample processing facility in Delta, Utah, and shipped to the assay laboratory for analysis.A total of 92.7 percent of the drill hole samples have been processed and submitted for analysis. Laboratory assay results for 3,224 samples (61.7%) have been returned for samples from 22 drill holes.
As reported in the Company’s News Release of May 31, 2012 and its most recent MD&A for third quarter of fiscal 2012, there were backups at the testing labs and logistical issues which resulted in delays for the drill sample results.
The results to date have not encountered ore-grade Be mineralization. The average of all returned samples shows anomalous Be content approximately 5.6 times the concentration in average crustal rocks, but no interval with ore-grade Be content (1,700 times average crustal abundance). Drill holes IBC11-05, IBC11-08, IBC11-11, IBC11-17, and IBC11-24 showed the highest Be intercepts, but appear to show poor continuity of high Be zones. A summary of the assay results to date is presented in the following table.
| Exploration Drill Program Results | ||||
|
Low |
Mean of |
High |
||
|
Drill |
Be Intercept |
All Samples |
Be Intercept |
|
|
Hole |
(ppm) |
(ppm) |
(ppm) |
Comment |
| IBC11-01 |
0.0 |
5.15 |
10.6 |
|
| IBC11-02 | no results | |||
| IBC11-03 |
2.1 |
5.37 |
17.5 |
|
| IBC11-04 |
1.9 |
4.77 |
13.8 |
|
| IBC11-05 |
< 0.5 |
14.13 |
270.0 |
|
| IBC11-06 |
< 0.5 |
4.39 |
29.9 |
|
| IBC11-07 | no results | |||
| IBC11-08 |
4.1 |
28.12 |
175.0 |
|
| IBC11-09 |
2.0 |
16.78 |
67.1 |
|
| IBC11-10 | no results | |||
| IBC11-11 |
7.4 |
46.80 |
391 |
partial results |
| IBC11-12 | no results | |||
| IBC11-13 | no results | |||
| IBC11-14 | no results | |||
| IBC11-15 | no results | |||
| IBC11-16 | no results | |||
| IBC11-17 |
2.9 |
25.68 |
617.0 |
|
| IBC11-18 |
2.3 |
10.78 |
44.7 |
|
| IBC11-19 | no results | |||
| IBC11-20 | no results | |||
| IBC11-21 | no results | |||
| IBC11-22 |
0.1 |
16.52 |
53.4 |
|
| IBC11-23 |
0.1 |
11.79 |
43.4 |
|
| IBC11-24 |
0.0 |
21.31 |
151.5 |
|
| IBC11-25 |
0.1 |
12.47 |
50.2 |
|
| IBC11-26 |
1.8 |
5.47 |
14.0 |
|
| IBC11-27 |
1.7 |
4.60 |
10.2 |
|
| IBC11-28 |
2.1 |
5.01 |
9.2 |
|
| IBC11-29 |
2.0 |
4.44 |
9.7 |
|
| IBC11-30 | no results | |||
| IBC11-31 |
2.1 |
4.76 |
10.4 |
|
| IBC11-32 |
1.7 |
4.82 |
10.6 |
|
| IBC11-33 |
0.0 |
4.29 |
8.5 |
|
| IBC11-34 | no results | |||
| IBC11-35 |
2.0 |
4.67 |
14.0 |
|
Anthony Dutton, IBC’s President and CEO commented, “Although we are still awaiting final lab results for several additional holes in the target zone, we felt that it was important to release these results prior to the end of July as promised. If the results from the remaining drill holes are material, we will announce them as soon as they become available. As a part of IBC’s ongoing upstream initiatives,” continued Dutton, “the Company is examining its current strategy and various exploration options within its 371 Juab County claims, as well as other third party alternatives in North America.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 80 employees and is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. Additionally, IBC owns prospectiveberyllium properties in the western US covering approximately 7,640 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQX under the symbol “IAALF”.
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email: [email protected]
Website: www.ibcadvancedalloys.com
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. 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 release.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
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