HENDERSON, Nev.--(BUSINESS WIRE)--Ireland Inc. (OTCBB: IRLD) provided an update on the technical program of its ongoing precious metals extraction process at the Columbus Project, located in Esmeralda County, Nevada. Since its last update in May, 2017, the company has taken multiple steps on its technical program towards its goal of precious metals extraction.
Technical Program and Extraction Update
- Continued pilot plant test runs to produce concentrates containing precious metals.
- Ongoing laboratory extraction optimization work has successfully eliminated all but the last coating layer entombing the gold and palladium particles.
- Currently in final optimization tests for Gold and Palladium extraction which are expected to continue for approximately six weeks.
- Installed larger 50 Kw furnace in pilot plant; repaired onsite equipment and power line damage due to extreme weather conditions.
Pilot Plant Processing and Creating Concentrates
A new 50 Kw furnace was installed in mid-June replacing the 25 Kw furnace, which failed to operate to specifications after four weeks of trials. This increases the capacity of the pilot plant circuit. The 25 Kw unit was returned to the manufacturer for assessment in late May.
The pilot plant has been adjusted to produce electro-won concentrates containing entombed particles of gold, palladium and silver from 500-pound test runs.
Laboratory Precious Metals Extraction
Recent onsite lab work has been focused on configuring the smelting process to extract Palladium and Gold from the concentrates generated from the onsite pilot plant. In addition, Autoclave testing has been introduced as part of the optimizing process.
Since the last update, the technical team has been successful in removing most all of the coating layers entombing the gold and palladium particles as evidenced by high resolution electron microscope analysis. Optimization work will continue for approximately six weeks to complete the extraction protocols for both palladium and gold.
Upon completion of these tests and extraction protocols, we will process 500 lb. runs through the pilot plant and demonstrate precious metals extraction process in the onsite laboratory. The length of time that a full extraction test run will take to complete has not yet been determined.
Readers are cautioned that the materials sampled for the tests shown above are all from a single area within the Columbus Project site, and may not be indicative of results for the rest of the North Sand Zone or the Columbus Project as a whole. The Company believes that, because the project site is comprised of alluvial soil, mineralization deposits are wide spread throughout the Columbus Project site. Third party chain of custody protocols were not observed during current testing as Ireland personnel are assisting in sample collection and preparation. In addition, in the past, Ireland has encountered difficulties when attempting to translate extraction results achieved under laboratory conditions to the larger scale on-site pilot plant. Ireland believes that this risk is reduced because the current pilot plant was used in its most recent successful test work reported above.
Looking Forward
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Once extraction tests are completed, the Company intends to:
- Engage a third party for drill core re-analysis to determine the extractable grade of precious metals.
- Continue to operate the pilot plant and laboratory extraction circuit to process 500lbs per test.
- Commence Phase 4 drill program to define potential resources in the area south of the previously drilled zones.
- Provide ongoing updates.
About Ireland Inc.
Based in Henderson, Nevada, Ireland Inc. (www.irelandminerals.com) is a minerals exploration and development Company that targets properties containing large-scale deposits of precious metals in the southwestern United States. In early 2008, Ireland completed the acquisition of the Columbus Project located in Esmeralda County, NV, near Tonopah.
Forward-Looking Statements
This document may include statements that constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect,” “plans” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Ireland’s limited operating history, future trends in mineral prices, the availability of capital, geological or mechanical difficulties affecting Ireland’s planned geological work programs, and uncertainties surrounding estimates of mineralized material. Extraction rates and mineralization grades from test results on individual samples may not be representative of extraction rates or grades that can be obtained from other samples or from commercial scale extraction efforts. Additional exploration work will be required to fully define the extent of the Columbus Project’s mineralized areas and before proved or probable mineral reserves can be established. There is no assurance that the results of Ireland’s exploration of pre-feasibility programs will result in a decision to enter into commercial production. In addition, Ireland’s actual financial and capital requirements may be greater than projected and there is no assurance that Ireland will be able to raise sufficient financing to proceed with its exploration and development plans or finance its ongoing business activities. Ireland undertakes no obligation to update the forward-looking statements in this document.
The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies to disclose in their filings with the SEC only “reserve estimates,” which are those parts of a mineral deposit that Ireland can economically and legally extract or produce at the time the estimate is made. Ireland may use certain terms in this press release such as “measured,” “indicated,” and “inferred” “resources.” SEC guidelines strictly prohibit U.S. registered companies from including these terms in their filings with the SEC. Further, inferred resource estimates generally may not be used as the basis for pre-feasibility or feasibility studies. There are no assurances that any resource estimates can be economically or legally extracted or produced or that any of these resource estimates will ever be converted to reserves. There are also no assurances that any inferred resource estimates will be converted into indicated or measured resources. The mineralization estimates provided in this release are based on internal calculations and have not been independently confirmed.
Investors are advised to carefully review the reports and documents that Ireland Inc. files from time to time with the SEC, particularly its Annual, Quarterly and Current Reports, which may be obtained from the SEC’s website at http://www.sec.gov/edgar.shtml.
