TSX-V: IRN
VANCOUVER, Sept. 3 /CNW/ - Iron Creek Capital Corp. (TSX-V: IRN) is pleased to announce progress on the Victoria Joint Venture with Hochschild Mining Holdings Ltd. (Hochschild). The Victoria property, which covers 37km of continuous strike length of the highly productive Domeyko Fault Zone in northern Chile, is located approximately midway between the world-class porphyry copper districts at Escondida and Salvador. Hochschild's work to date is centered on the Vaquillas deposit, an historic mine located in the approximate geographical center of the Victoria property. Highlights of the more recent work completed by Hochschild include:
- Diamond drill hole VVQDD-10-033 at the Vaquillas Mine target that cut
10.50m @ 8.90 g/t Au + 116.31 g/t Ag, which includes one intercept
of exceptional grade of 1.13m @ 78.3 g/t Au + 802 g/t Ag;
- Diamond drill hole VVQDD-10-032 at the Vaquillas Mine target that cut
49.00m @ 1.14 g/t Au + 32.63 g/t Ag, and 12.10m @ 1.34 g/t Au +
5.05 g/t Ag;
- These results add to the previously reported RC drill hole
VVQRC-09-013 at the Vaquillas Mine target that cut 50.00m @
1.20 g/t Au + 30.90 g/t Ag;
- Comparison of a recent diamond drill hole (VVQDD-10-032) twinned with
an earlier RC drill hole (VVQRC-09-017) at the Vaquillas Mine target
shows that assays from RC drilling may be understating both the gold
and silver grades of the Vaquillas system. Further diamond drill hole
twins are planned by Hochschild to check this conclusion;
- RC drilling at the Nueve Vidas target returned a best result of 12m
@ 8.91 g/t Au and 21 g/t Ag in VCNRC-10-004;
- Hochschild is initiating a new 5,000m program of diamond core
drilling to further test the oxide Au + Ag resource at Vaquillas.
The Victoria Joint Venture covers approximately 45,000 hectares and is prospective for porphyry copper deposits (+/- Mo +/- Au) together with genetically related, zoned, epithermal precious metals deposits. Hochschild has the option to acquire a 60% interest in the Victoria Joint Venture by incurring US$6.0 million in exploration expenditures by December 31, 2013.
Multiple targets exist within the property, including precious metals targets such as Vaquillas, and several potential porphyry centers. Historic work on the property, including drilling, has been carried out by RTZ, Rayrock, Teck and BHP. Please refer to the Victoria Project maps located on the IRN website for further information. See also IRN news releases dated May 26th 2010, February 8th 2010, November 20th 2009, and October 7th 2009 for further information.
Precious Metals Targets
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Hochschild has focused attention to date on a possible open-pittable, low-grade, oxide Au+Ag resource, underlain by contiguous, potential mixed oxide/sulphide and sulphide resources, in the Vaquillas Mine area. A total of 8,883m has been drilled by Hochschild in 32 RC holes, together with 715.1m in 2 diamond drill holes. Best intercepts are indicated in the following table:
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Intercept
DRILL HOLE From (m) To (m) (m) Au (g/t) Ag (g/t)
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VVQRC-09-002 195.00 216.00 21.00 1.10 128.50
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Including 204.00 208.00 4.00 3.30 580.50
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VVQRC-09-004 132.00 151.00 19.00 1.00 5.90
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VVQRC-09-013 0.00 273.00 273.00 1.00 16.10
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Including 56.00 106.00 50.00 1.20 30.90
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And 167.00 273.00 106 1.40 19.80
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VVQRC-09-017 59.00 129.00 70 0.50 58.20
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154.00 160.00 6.00 0.89 7.10
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VVQRC-09-018 247.00 282.00 35.00 0.52 7.70
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VVQRC-09-021 170.00 186.00 16.00 0.81 7.30
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212.00 224.00 12.00 0.69 60.10
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VVQRC-09-022 195.00 219.00 24.00 0.31 93.20
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237.00 277.00 40.00 0.27 37.40
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VVQRC-10-024 87.00 103.00 16.00 1.27 25.4
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107.00 113.00 6.00 0.87 2.83
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199.00 210.00 11.00 0.44 12.00
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VVQRC-10-026 17.00 24.00 7.00 0.63 11.50
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81.00 95.00 14.00 1.16 4.00
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103.00 109.00 6.00 0.68 1.00
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119.00 132.00 13.00 0.44 1.00
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VVQRC-10-027 5.00 19.00 14.00 0.43 24.00
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Including 14.00 18.00 4.00 0.83 74.25
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203.00 213.00 10.00 0.32 6.50
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222.00 230.00 8.00 0.60 0.80
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VVQRC-10-028 123.00 130.00 7.00 0.72 1.40
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VVQRC-10-029A 54.00 56.00 2.00 0.20 132.00
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124.00 130.00 6.00 0.44 2.00
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181.00 191.00 10.00 0.36 17.80
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VVQDD-10-032 66.3 96.3 30.00 0.60 138.13
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100.6 149.6 49.00 1.14 32.63
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Including 131.45 136.2 4.75 2.38 84.20
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And 138.95 145.5 6.55 2.28 85.24
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156.90 169.00 12.10 1.34 5.05
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VVQDD-10-033 68.00 95.85 27.85 0.62 62.70
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Including 74.95 81.00 6.05 1.45 202.81
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98.00 113.18 15.18 0.58 34.31
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120.50 124.60 4.10 0.65 113.49
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125.86 131.50 5.64 0.43 75.61
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134.50 145.00 10.50 8.90 116.31
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Including 141.42 142.55 1.13 78.3 802
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145.65 158.90 13.25 0.45 16.95
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The intercepts reported are the length of the drill core intersection as
the true orientation of the mineralization remains to be fully
established. Intercepts were averaged using a 0.2 g/t Au cut-off and/or a
12 g/t Ag cut-off. Less than 1% of internal intercepts were accepted
below the cut off grades and no capping was used in the calculations.
Significantly, diamond drill hole VVQDD-10-32 drilled as a twin to reverse circulation hole VVQRC-09-017, located in the approximate center of the Vaquillas Mine trend and immediately to the west of the small, historic open pit, returned significantly better gold and silver values (see following table), suggesting losses of fine material in the presence of water in the original RC drilling. Further diamond drill hole twins are planned to check this conclusion.
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Total
Intercept
DRILL HOLE From (m) To (m) (m) Au (g/t) Ag (g/t)
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VVQDD-10-032 67.13 169.00 101.87 0.91 56.87
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VVQRC-09-017 63.00 165.00 102.00 0.44 37.35
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For current drill hole locations please view the accompanying map on the Company website:
http://www.ironcreekcapital.com/i/maps/Vaquillas-Mine-QB-Image-and-Drill-Holes-Victoria.jpg
Higher-grade, steeply dipping, narrow quartz + Au+Ag veins cross-cut the potential open-pittable resource at Vaquillas, but have yet to be evaluated in detail. These veins are typically from 0.5m to 2m wide, and have strike lengths of the order of at least 600m before disappearing under post-mineral cover. One example, to the SW of the Vaquillas open pit, includes a vein exposed in trench Z6 at surface and grading 5.33 g/t Au and 290 g/t Ag over 1.5m, which was intersected in historic drill hole VRC-11 drilled by Rayrock at about 75m vertical depth with grades of 6.18 g/t Au and 118 g/t Ag over 7m (not true width). Other high grade intercepts, notably in drill holes VVQRC-09-003 (1m @ 37.5 g/t Au and 68.4 g/t Ag), VVQRC-09-005 (1m @ 4.94 g/t Au and 60.9 g/t Ag) and VVQDD-10-033 (1.13 m @ 78.3 g/t Au and 802 g/t Ag) also likely represent cross-cutting veins. Further work is required, including detailed mapping, trenching and sampling, and drilling, in order to fully evaluate these higher grade veins.
Since signing the original agreement with Iron Creek, Hochschild has also completed preliminary exploration drilling programs at the following targets:
- Vetas Negras (1,270m in 5 RC holes) targeting shallow levels of the
outcropping epithermal veins, with best intercepts of:
- 10m @ 0.14 g/t Au + 58.8 g/t Ag
- including 1m @ 0.37 g/t Au + 196 g/t Ag (VMNRC-09-005)
- 3m @ 0.14 g/t Au + 57.2 g/t Ag
- including 1m @ 0.35 g/t Au + 152 g/t Ag (VMNRC-09-005)
- Victoria II (2,015m in 9 RC holes) targeting shallow levels of the
outcropping epithermal veins, with generally negative results;
- Cenizas (712m in 2 RC holes) targeting a relatively shallow precious
metals target, with weakly mineralized gold intercepts;
- Nueve Vidas (4,095m in 13 RC holes) targeting an auriferous diorite
porphyry with associated contact skarns, with best intercepts of:
- 12m @ 8.91 g/t Au + 21 g/t Ag
- including 4m @ 22.18 g/t Au + 36.1 g/t Ag (VCNRC-10-004)
Porphyry Cu Targets & District Zonation
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Untested porphyry targets occur at Cenizas, Incahuasi, and possibly at depth beneath the Vaquillas Mine area. Further potential for blind porphyry targets under post-mineral cover exists to the north, west and/or southwest of Vetas Negras (Vetas Negras Oeste), between the Quebrada Chaco and the Vaquillas Mine (Chaco), and in the large covered area between the Vaquillas Mine and Picaron (Azul Profundo). The Cenizas, Incahuasi and Vaquillas Mine porphyry targets are likely to be relatively deep as current surface erosional levels are probably exposing base of lithocap portions of porphyry copper systems.
The Vaquillas Mine breccias and veins likely represent intermediate-sulphidation epithermal Au+Ag veins located above and/or lateral to a porphyry center. The precious metals vein systems at Vetas Negras and Victoria likely represent distal epithermal Ag+Mn veins to one or more porphyry centres.
The Nueve Vidas target area appears to show characteristics of low-grade, diorite-hosted, porphyry gold mineralization together with auriferous contact skarns.
Typical for northern Chile and the Atacama Desert, all areas have been strongly affected by supergene oxidation and leaching effects, particularly those areas that contained hypogene sulphide mineralization. Additionally, the presence of major faults related to the Domeyko Fault Zone cutting across the property, often concealed under Miocene cover rocks such as the Cenizas and Vaquillas Faults, is likely to have complicated zonation patterns.
For the locations of the various targets please view the accompanying map on the Company website:
http://www.ironcreekcapital.com/i/maps/Victoria-Aster-and-Target-Summary-Victoria.jpg
New Work Program
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Hochschild has recently initiated a new program of 5,000m of diamond core drilling to further test the oxide and mixed oxide/sulphide Au + Ag resource at Vaquillas, and will shortly commence another 3,000m of RC drilling to test various exploration targets for both high-grade precious metals mineralization and porphyry copper targets.
QA/QC
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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.
Qualified Person
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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.
About Iron Creek
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Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.
ON BEHALF OF THE BOARD
"Timothy J. Beale"
Timothy J. 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
Forward-Looking Statement
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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.
For further information: Suite 830-355 Burrard Street, Vancouver, BC, Canada, V6C 2G8, T: (604) 682-1545, F: (604) 682-1514, www.ironcreekcapital.com, [email protected]
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