Iron Creek Provides Update on Progress at its Victoria JV Project with Hochschild Mining
VANCOUVER, July 22, 2011 /PRNewswire/ - Iron Creek Capital Corp. (TSX-V: IRN) is pleased to report that Hochschild Mining Holdings Limited (HOC.L: "Hochschild"), operators of the Victoria Joint Venture project, has provided an exploration update.
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.
Recent activities at the Victoria Joint Venture include:
- Detailed mapping, sampling and review of the Picaron porphyry Cu ±Au ±Mo target (see further discussion below)
- Detailed review of the Nueve Vidas porphyry Au±Ag target (see news release dated March 4th, 2011)
- Continuing work to define a resource at the Vaquillas Au-Ag project
- Detailed review of the Victoria II target area which contains Ag-bearing veins and alteration that may indicate the presence of a concealed porphyry Cu target
- Completion of 1,044 line km of ground magnetic surveying to fill in gaps between earlier surveys
- Collection of further colluvial and soil samples to in-fill and complete existing sampling grids
- Review of all current and historic exploration data to help define new targets for drill testing, and to properly plan the next stages of exploration on the property
Current plans for the joint venture include:
- Drill testing of priority targets to start in late August 2011, subject to drill rig availability, beginning at the Picaron porphyry Cu ±Au ±Mo target
- Further drill testing of the Nueve Vidas porphyry gold target to follow on later in 2011
- Detailed reviews of the Incahuasi and Cenizas porphyry copper targets with a view to delineating drill targets for late 2011 or early 2012
- Continued review of all exploration data, and the acquisition of new exploration data as appropriate, to define further targets for future drill testing
The Picaron Porphyry Copper Target
Recent detailed mapping and sampling in trenches from the Picaron porphyry Cu ±Au ±Mo target has outlined:
- Highly anomalous metals values from surface trenches, despite intense supergene oxidation and leaching of the outcrops, with values up to 946ppm Cu, 135ppm Mo, and 425ppb Au
- A 1.5km north-south by 500m east-west zone of quartz-vein stockworks. Geochemical anomalies are centred on this area of veining
- Occurrences of oxide copper minerals, principally turquoise, over an area of approximately 1km north-south by 250m east-west, occurring entirely within the area of quartz-vein stockworks
Hochschild has indicated that current plans are to complete several diamond drill holes to depths of approximately 500m, in order to fully test the Cu ±Au ±Mo potential of the Picaron target. Drilling is scheduled to start towards the end of August.
Hochschild's samples are collected in accordance with accepted industry standards and best practices. Samples are submitted respectively to ACME Laboratories and ALS Chemex in Santiago and La Serena, Chile, for analysis. 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, and contained within reports by historic workers. However, Iron Creek has not independently verified Hochschild's exploration results, or those of historic workers.
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.