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 Ã‚± bornite zone in a hypogene
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
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
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.