Senetek Announces Work Plans at Iron Creek Project
HILTON HEAD, S.C., Oct. 6, 2011 /PRNewswire/ — Senetek Plc (OTCBB: SNKTY) is pleased to announce it has obtained the necessary permits to undertake the remainder of its planned work program at its Iron Creek cobalt-copper project in Lemhi County, Idaho. The needed exploration permits were granted by the U.S. Forest Service late last week.
The Company will be running induced polarization studies on the northern arsenopyrite gold zone. This zone was identified by previous operators who took multiple high-grade gold surface samples over a broad zone.
Additionally orientation ground magnetics will be run on the southern magnetite-cobalt zone along with some regional and detailed geochemical rock chip studies. Finally, as a result of forest fires in the area, the Forest Service cut several fire lines across properties of the Company. Those rocks exposed along these fire lines will be sampled and mapped by geologists in the next few weeks.
“The results of these programs as well as other work being performed by the Company will aid the Company geologists in designing a comprehensive drill program for next field season. We are pleased to have obtained the needed permits in order to undertake this work this fall so that the results are available to us for drill planning. Once we have determined the desired drill program, we will file the operating plans with the U.S. Forest Service to hopefully have all the needed permits to kick-off our drill program as soon as possible next year,” said Howard Crosby, President of Senetek.
The Iron Creek copper-cobalt property in Idaho consists of seven patented mining claims of approximately 140 acres in Lemhi County, and is located about 26 miles southwest of the town of Salmon. Past work by previous operators has identified several mineralized zones of copper and cobalt, and numerous other exploration targets on the property that have not as yet been evaluated, including the arsenopyrite gold zone mentioned above. The company has added to the land package by staking an additional 124 unpatented mining claims in the area increasing the current land package to a total of 2652 acres.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.
SOURCE Senetek Plc