Ann: 500M of Sulphide Bearing Porphyry and Breccia in CH-DDH033, page-56

Fellow ICG shareholders and posters .... well, considering the bugger of a market that we are in, today's announcement was very pleasant indeed. Hole 33 is very impressive and a 500m intersection of sulphides shows beyond any doubt, that Chanape is one HUGE mineral system. Not all of the 500m intersection is likely to have copper sulphides, but given that a large part of it is probably in the " outer "pyrite zone, that usually surrounds the copper zone of a porphyry, that is to be expected.

What is telling is that this hole has AGAIN demonstrated the classic porphyry copper mineralisation model is applicable at Chanape. There is the classic alteration and mineralisation zonation and, importantly, these are over large distances ...... so we are potentially talking about a real elephant, given of course that the part of the system still to be drilled at depth has the copper grade hoped for. There is nothing reported for this hole that gives me any cause for concern at this time. Quite the opposite!!

A couple of things come out of the photos that they have posted and all of these reinforce the view that they really do have a decent porphyry on their hands at Chanape. Examples include:
* multiple phases of brecciation are apparent (see photo 3c) which suggest that there have been multiple structural/tectonic and intrusive events;
* a lot of mineralisation is observed as disseminations in both porphyry clasts and rock and as the breccia matrix, again demonstrating multiple phases of mineralisation;
* the strong association of the porphyry and brecciation phases;
* copper is increasing with depth;
* classic phyllic alteration associated with the pyrite zone (where you would expect to see it in a porphyry) and so we now want to see more intensive potassic alteration and silicification with depth and as we move towards the copper dominant zone;
* repeated evidence of faulting/jointing is also positive and suggestive of major and repeated phases of structural events with related mineralisation.

The fact that they are drilling deeper is also a real positive as you would not be doing that if the sulphides were not there and if the copper was not increasing at depth. ICG report that copper is increasing with depth and if you recall that Patterson's recent report on ICG said that this hole was go to 950m (and I note that ICG today say that they are still drilling), then one could postulate that the hole may now be close to that planned depth (and therefore must also be getting to the limits of the rigs ability to drill any deeper). One would hope that this suggests that there is potentially another 200m of mineralisation that they have encountered. If so, and if it is hitting the postulated copper core, that is going to be stunning and I am very much looking forward to seeing the copper assay results for the deeper section of the hole.

We won't have assay results in time for Xmas, but I have to say that todays report and the inference of things to come have definitely made my Xmas a lot more cheery than it was yesterday!!

As JandJ says, this hole (if it proves to be as good as it is sounding) may be the catalyst for majors wanting to either JV with, or try and take over, ICG. If the latter was to eventuate, then that is when we, as ICG shareholders will need to collectively work to ensure that this potential jewel is not sold out from under us at a less than fair value. Accordingly, if any other ICG shareholders who have not contacted me wish to do so, I am always happy to hear from you. My contact details can be found in earlier HC posts.