Iron Creek announces that Drilling has started at the Picaron Porphyry Copper Target, Victoria JV, in Chile
VANCOUVER, Aug. 30, 2011 /PRNewswire/ - Iron Creek Capital Corp. (TSX-V: IRN - "Iron Creek") is pleased to report that Hochschild Mining Holdings Limited (HOC.L: "Hochschild"), operators of the Victoria Joint Venture project in northern Chile, has started drilling at the Picaron porphyry copper-gold target, one of several targets on the Victoria Property.
The initial program at the Picaron target will consist of up to 3,000m of diamond drilling in 3 or 4 fences of 2 to 3 holes each, angled west-northwest across a vertical to easterly-dipping porphyritic dyke swarm. Holes are targeted to reach approximately 500m vertical depths. The drill pattern is based on detailed surface geological and alteration mapping of the target, and geochemical sampling of a series of new trenches, and may be subject to change by the operator in light of new geological and geochemical results. The principal target is a deep, central chalcopyrite ± bornite zone in a hypogene potassic-altered core.
The Victoria Property is an outstanding 37km long land package along the Domeyko Fault Zone in northern Chile, located approximately midway between the world-class porphyry copper districts at La Escondida and El Salvador. The property is prospective for porphyry copper deposits and epithermal precious metals systems, and contains multiple targets.
At Picaron, a central zone of relict potassic alteration, is overprinted by sericitic alteration over an area of +700m (NNE-SSW) by + 400m (WNW-ESE). The central alteration zone is coincident with quartz-vein stockworks, including "A", "B" and "D" type veinlets. Surface supergene copper oxides, including turquoise, occur over an area of approximately 1,000m by 300m, centred on the relict potassic and overprinting sericitic altered core. Alteration passes outwards laterally into intermediate argillic and distal propylitic alteration. The alteration zone is related to a series of elongate felsic and intermediate porphyry dykes, hosted within volcaniclastic rocks and sediments.
Highly anomalous metal values were returned from new surface trenches at Picaron, despite supergene oxidation and leaching of the outcrops, with copper and molybdenum values in rock samples ranging up to 1,720ppm and 50ppm respectively, centred on the core zone, and with gold up to 0.56ppm in marginal areas. A central magnetic low coincides with the sericite-altered core.
Plans for the joint venture include continuing revision and further exploration of other priority targets including the Incahuasi porphyry copper target, and the Nueve Vidas (porphyry) gold target. Drill testing of these, and possibly other targets, will follow on from the Picaron drilling in late 2011 and into 2012, depending on results and availability of drill rigs.
Hochschild's samples are collected in accordance with accepted industry standards and best practices. Samples are submitted to ALS Chemex Chile, for preparation and analysis. Surface rock chip, trench and exploration drilling samples are prepared using the PREP 31B package. Samples are then analysed for Au using the AA24 analytical package (50g aliquot), and for 35 target and pathfinder elements, such as Cu, Mo, Ag, Pb and Zn, using the ME-ICP41 analytical package. As standard procedure, Hochschild conducts routine quality-assurance and quality-control analysis on all assay results, including the systematic utilization of certified reference materials, blanks and field duplicates.
Demetrius Pohl, P.Geo., is the Company's Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical information in this news release. Dr. Pohl has verified that it is an accurate summary of the reports provided to Iron Creek by Hochschild. However, Iron Creek has not independently verified Hochschild's exploration results.
ON BEHALF OF THE BOARD
"Timothy J. Beale"
Timothy Beale, President
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.