VANCOUVER, Feb. 22, 2012 /PRNewswire/ - Iron Creek Capital Corp. (TSX-V: IRN - "Iron Creek") is pleased to report results from the drilling program carried out at its wholly owned Pampa Sur silver-gold project in northern Chile (see news release dated November 7th, 2011). The principal targets of the program are low-sulphidation, epithermal precious metals quartz veins of a type similar to those found at Yamana's El Peñon mine located along trend some 40km to the north-northeast.
A total of 3,606m of reconnaissance reverse circulation drilling was completed in 14 holes testing 4 widely separated areas of geochemical and geophysical anomalies in the largely post-mineral gravel-covered property. Highlights of the drilling include multiple broad zones of anomalous silver and gold mineralisation cut by one of the holes, IRN-PS-RC012, at Cerritos Norte, which appears to have hit the silver-enriched halo to a possible El Peñon type vein system:
- 26m @ 8.5 g/t Ag (from 192m to 218m)
- Including 12m @ 14.8 g/t Ag (from 198m to 210m)
56m @ 2.1 g/t Ag (from 222m to 278m)
- 46m @ 6.6 g/t Ag + 0.09 g/t Au (from 304m to 350m)
- Including 2m @ 53.3 g/t Ag + 1 g/t Au (from 310m to 312m)
Along trend and approximately 4km to the south-southeast, significant intercepts were also returned from four drill holes at Cerritos Sur with hole IRN-PS-RC009 in particular returning potentially significant widths and grades:
Please refer to the Iron Creek website (http://www.ironcreekcapital.com/s/Home.asp) for locations of drill holes for the Pampa Sur targets. All intercepts quoted in this news release are related to the actual length down each hole, and are not necessarily true widths as the orientations of the anomalous zones cut are not yet known.
Tim Beale, President of Iron Creek, commented, "The results from the single hole at Cerritos Norte, and the four holes from Cerritos Sur are the first significant precious metals intercepts from this large property. They are highly significant and may indicate that we are in the immediate vicinity of one or more precious metals-enriched epithermal quartz veins. These drill holes may have cut the silver-enriched halos or margins of epithermal quartz veins similar, for example, to the nearby Cerro Martillo area at Yamana's El Peñon gold/silver mine."
The Pampa Sur project covers approximately 11,300 hectares and more than 15km of continuous strike length of the prospective Dominador Fault Zone (DFZ) in the Palaeocene-Eocene volcanic belt, host to important precious metals and copper deposits in northern Chile. It is immediately south of, and contiguous with Iron Creek's Pampa Buenos Aires project that is being explored in joint venture with Andina Minerals Inc. (TSX-V: ADM - "Andina"). It also lies approximately 40km south-southwest of Yamana's El Peñon and Fortuna deposits (+7 million oz gold and +200 million oz silver). The property is located immediately adjacent to the Pan American highway with easy access.
Iron Creek now plans to carry out more surface sampling and profiling (geochemistry and geophysics) over more detailed grids covering the most prospective portions of the property, with the aim of better defining the best drill targets.
Pampa Sur Drilling Program
The reconnaissance drilling program at Pampa Sur targeted a series of geochemical anomalies in soils, colluvium and epithermal quartz vein float, together with CSAMT geophysical resistivity anomalies. The objective was to find silicified structures and/or alteration zones related to possible precious metals veins at depth. Surface geochemical sampling and geophysical profiling to date has mostly been widely spaced and results have been reported previously.
Three of the target areas chosen, now known as "Cerritos Norte", "Acarreos Norte" and "Acarreos Sur", occur in areas of thin to moderate thicknesses of soil, colluvial or gravel cover that obscures the underlying bedrock. The fourth area, known as "Cerritos Sur", is a modest topographic feature rising out of the gravel-covered pampa that displays several chalcedonic quartz veinlet trends hosted within andesitic volcanic rocks, with anomalous silver from surface sampling.
At Cerritos Norte, one drill hole (IRN-PS-RC012) targeted a distinct CSAMT resistivity anomaly associated with a broad, northwest - southeast trending colluvial geochemical anomaly of arsenic and antimony defined by widely spaced sample lines (1km N-S x 25m E-W). The area is characterized by post-mineral colluvium and gravel cover that obscures the underlying bedrock, but occurs immediately west of, and on the margins of, a small hill where a dacite dome sub-crops. Dacites and rhyolites are considered to be the best potential host rocks for the epithermal quartz veins sought, as they are relatively competent and brittle rocks, allowing for the development of through-going structures. The drill hole was collared to test the best geophysical anomaly and was not centred on the highest geochemical anomaly.
The anomalous precious metals values from hole IRN-PS-RC012 are associated with a zone of quartz veinlets and silicification, which may be the source of the targeted CSAMT resistivity anomaly. The long intervals of silver and minor gold grades cut by the drill hole at Cerritos Norte are associated with a broad, but low tenor antimony and arsenic anomaly, which may be contributing to the surface colluvial geochemical anomaly.
At Cerritos Sur, significant silver and gold anomalies were found over short lengths in three of the four drill holes located here (IRN-PS-RC008, 010 and 011), while a significantly broader high grade intercept was returned from hole IRN-PS-RC009. These intercepts are related to chalcedonic veins and veinlets hosted within andesitic rocks. Cerritos Sur lies approximately 4km south-southeast of Cerritos Norte, along the same broad colluvial geochemical anomaly of arsenic and antimony. However, no geophysical profiling was carried out at Cerritos Sur, so no geophysical anomalies could be targeted. The drill intercepts at Cerritos Sur are also generally associated with elevated values of one or more of copper, lead, zinc, arsenic and antimony, likely giving rise to the surface colluvial geochemical anomaly.
At Acarreos Norte and Acarreos Sur, widespread chalcedonic quartz vein float trains on the surface of the colluvial and gravel-covered pampa are associated with a broad, somewhat irregular north-south trending colluvial geochemical anomaly of arsenic and antimony.
An east-west fence of five holes at Acarreos Norte along a CSAMT geophysical profile line (holes IRN-PS-RC001, 002, 003, 013 and 014) is located 2.5km north of an east-west fence of four holes at Acarreos Sur, also located along a CSAMT geophysical profile line (holes IRN-PS-RC004, 005, 006 and 007). All the drill holes targeted CSAMT resistivity anomalies along these geochemical and quartz vein float trends, and are not necessarily located on the best geochemical anomalies. Neither fence of holes intersected quartz vein material in the sub-surface or significant silver or gold values. A number of rhyolite or dacite bodies were intersected that may be the sources of the CSAMT anomalies targeted.
Although no quartz veins or significant silver or gold values were cut by the drilling at Acarreos Norte and Acarreos Sur, the abundant and widespread quartz vein float material at surface, much of it anomalous in precious metals and arsenic and antimony, must be sourced from somewhere close by. This will be followed up by more detailed surface sampling of both colluvial material and float material, bearing in mind that the colluvial sampling grid completed to date has sample spacings of 25m along lines spaced 1km apart. The target area is very large. It is perhaps significant that several manganese anomalies to 100s ppm (+/- 1,000ppm), arsenic anomalies to 100s of ppm and antimony anomalies to 10s of ppm were intersected in several of the drill holes at Acarreos Norte and Acarreos Sur, which may indicate proximity to mineralized veins.
Geochemical samples are collected in accordance with accepted industry standards and best practices. Samples are submitted to ALS Chemex Laboratories in La Serena, Chile, for preparation by PREP31B (1,000gr), with digestion by aqua regia and analysis for 35 elements by ICP-AES (ME-ICP61). Gold is analysed by 50gm fire assay (Au-AA24). As standard procedure, Iron Creek 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, Certified Professional Geoscientist (CPG), 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.
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.