Hochschild Exercises Option on Iron Creek's Victoria Project; Aggressive Exploration Program Planned for 2011
VANCOUVER, Nov. 5 /PRNewswire/ - Iron Creek Capital Corp. (TSX-V: IRN) is pleased to announce that Hochschild Mining Holdings Limited ("Hochschild") has completed its earn-in to acquire a 60% interest in the Company's Victoria Project in Chile by spending US$6.0 million on exploration of the property. As a result, Hochschild and Iron Creek will now formalize a 60:40 joint venture partnership to further advance the property.
Tim Beale, the President of Iron Creek, said: "We are excited that Hochschild have chosen to exercise their option, and look forward to applying our combined exploration and operational expertise on the development of the Victoria Project. We have an outstanding 37km long land package along the Domeyko Fault Zone - a true world-class mineral belt that is prospective for porphyry copper deposits and epithermal precious metals systems. The joint venture is planning an aggressive exploration program to further explore the Vaquillas gold-silver system, but we will also be devoting considerable resources to a first round of drill testing on the high priority porphyry copper targets. Our licences straddle one of the best copper belts in the world and we see many of the typical geological hallmarks of porphyry coppers deposits exposed within the 45,000 hectares under the joint venture."
The Victoria property lies on the highly productive Domeyko Fault Zone in northern Chile, and is located approximately midway between the world-class porphyry copper districts at Escondida and Salvador.
Hochschild has focused attention to date on a possible open-pittable, low-grade, oxide Au+Ag resource, underlain by contiguous, potential mixed oxide/sulphide and sulphide resources, in the Vaquillas Mine area. Hochschild has recently initiated a new program of 5,000m of diamond core drilling to further test the oxide and mixed oxide/sulphide Au + Ag resource at Vaquillas, and will shortly commence another 4,000m of RC drilling to test various exploration targets for both high-grade precious metals mineralization and porphyry copper targets.
About Iron Creek
Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.
ON BEHALF OF THE BOARD
Michael Winn, CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Iron Creek Capital Corp. Actual results may differ materially from those currently anticipated in such statement.
SOURCE Iron Creek Capital Corp.