Askot Project

IRL holds a strategic 9.9% shareholding in Pebble Creek Mining Limited (TSX-V: PEB), which owns 100% of the Askot Project through a subsidiary Adi Gold Mining Pvt Ltd. The Askot project lies on an approved Mining Lease in Uttarakhand State and is waiting for final clearance from the central Ministry for Environment and Forests, clearing the way for grant of the Mining Lease. The Askot project is a polymetallic volcanogenic massive sulphide deposit containing five metals of economic significance: gold, silver, copper, lead and zinc. The full extent of the mineralised system has not been defined and there is further anomalism over a wide area. The lens discovered to date has been defined for a length of 800m and is open to the north and down dip.

Pebble announced in the 2010-2011 year a 37% increase in Resources. The Askot Project now has a (N43-101 and JORC compatible) Resource1 of 3.06 million tonnes at 1.91% Cu, 4.7% Zn, 3.5% Pb, 0.35 g/t Au and 37.71 g/t Ag at a net smelter revenue cut off of $US100 per tonne (average $US250 per tonne).

1The Mineral Resource estimate is made by Dr Andrew E. Nevin, PEng, Ex President and CEO of the company, who is a Qualified Person under NI 43-101. Dr Nevin was responsible for directing the work at the Askot project and for preparing and reviewing and approving of the technical information contained in this release. A previous Indicated and Inferred mineral resource estimates for the Askot project were prepared by SRK Consulting and first reported in the company’s news release dated August 12, 2008, entitled “Mineral Resource Estimation – Askot Polymetallic Project- Uttarakhand, India”.

askot1

Long section of the Askot Polymetallic Deposit showing drilling and the extent of mineralisation

Recent Developments:

  • There has been no activity from the Pebble Creek board since 2011. Pebble Creek has recently undergone restructuring and the work has been suspended until the board of Pebble Creek is finalised.
  • The Askot Project area in Northern India is under care and maintenance.