American Creek discovers iron ore deposit on Ironmist property
TSX-V:AMK
RAYMOND, AB, Feb. 16 /CNW/ - American Creek Resources Ltd. (the "Corporation") is pleased to report assay results from preliminary drilling conducted on the Ironmist Project located in south central British Columbia.
The program, which focused on the western part of a large magnetic anomaly, resulted in the discovery of multiple massive magnetite seams and pods. All seven holes drilled intersected broad intervals of magnetite mineralization, with three of them ending while still within magnetite-rich mineralized zones.
Allan Burton, President and CEO stated: "We are thrilled with this latest discovery. Adding an iron deposit to our portfolio wasn't something we expected but we certainly welcome it. It appears as if there is significant potential to greatly expand the size of this discovery and we are actively planning the next step."
A large magnetic anomaly was discovered on the property in a previously flown airborne geophysical survey. Follow-up ground magnetic surveys, along with soil sampling, revealed three well defined magnetic-high anomalies associated with elevated vanadium as well as massive magnetite outcrops. Two of those magnetic anomalies, Ironmist (240x300 meters) and Iron Ridge (650x250 meters), were drill-tested to determine the continuity of surface mineralization at depth. Holes IM-09-01 and IM-09-03 were drilled in the middle part of the Ironmist anomaly with holes IM-09-04 to IM-09-08 drilled in the western side of the Iron Ridge anomaly.
The following table highlights drill core intersections (true widths are unknown at present):
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Hole From To Interval Fe203 TiO2% V2O5%
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IM09-01 38.2 39.25 1.05 35.95 2.53 0.26
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50.15 51.2 1.05 19.33 1.33 0.13
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55.4 76.2* 19.8* 28.70 1.84 0.21
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including
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72.8 74.2 1.4 31.49 2.18 0.24
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74.2 76.2* 2.0* 53.07 3.14 0.41
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IM09-03 7.2 14.35 7.15 25.55 1.72 0.19
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15.1 32.2 11.9 43.87 3.1 0.36
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including
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22.3 25.2 2.9 53.71 3.25 0.39
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27.4 29.55 2.15 69.83 4.05 0.52
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31.3 32.2 0.9 51.58 3.03 0.37
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IM09-03 32.6 46.25 13.65 33.58 2.11 0.24
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including
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32.6 35.6 3.0 57.03 3.37 0.42
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IM09-03 47.2 73.2 26 24.57 1.63 0.17
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75 84.4 9.4 26.94 1.86 0.2
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85.9 90.52* 4.62* 25.70 1.84 0.19
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IM09-04 1.1 2.8 1.7 32.03 2.42 0.31
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3.6 9.35 5.75 34.12 2.62 0.32
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10.2 11.3 1.1 24.92 1.84 0.22
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12.7 38.9 26.2 25.50 1.92 0.23
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51.2 57.6 6.4 20.02 1.71 0.16
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59.7 86.05 24.8 20.23 1.94 0.15
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IM09-05 3.2 26.3 23.1 36.24 2.71 0.34
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including
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5 14.05 9.05 44.92 3.22 0.44
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greater
12.7 14.05 1.35 71.70 than 5.00 0.39
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IM09-05 34.8 68 33.2 24.92 2.06 0.22
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73.4 98 24.6 19.20 1.76 0.14
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IM09-06 9.2 49.6 40.4 24.45 2.17 0.11
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51.25 79.9 28.65 33.22 2.69 0.31
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including
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57 69 12.0 41.83 3.21 0.41
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IM09-07 0 43.9 43.9 31.56 2.44 0.3
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including
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0 5 5.0 49.19 3.83 0.48
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IM09-07 46.7 49.6 2.9 26.76 2.09 0.13
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55.1 63.1 8.0 27.13 2.24 0.24
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64.8 71 6.2 24.92 2.16 0.23
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IM09-08 2.5 21.5 19 25.14 2.17 0.21
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22.4 52.6 30.2 22.52 1.99 0.18
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56 65.5 9.5 23.21 1.88 0.19
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69.8 81.05 11.25 19.61 1.97 0.16
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85.3 93.4 8.1 20.09 2.04 0.17
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95 99.5* 4.5* 29.84 2.36 0.27
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* hole ends in mineralization
Magnetite disseminations and semi-massive replacements appear to be associated with a skarn mineralization in the contact of a complex gabbro-diorite intrusion and metasediments of the Harper Ranch formation (volcaniclastics and sedimentary rocks). Magnetite is found in drill-core as semi-massive to disseminated replacements in a hornblende gabbro host. The small gaps between continuous, wide mineralized intervals in drill-core are the result of the mineralized intrusion being cross-cut by a late swarm of narrow microdiorite dikes.
A QA/QC program was employed which included sample chain-of-custody protocol and the insertion of blanks in every sample batch. Samples were assayed by ALS Chemex Laboratories in Vancouver, BC. Samples were pulverised and assayed by XRF for the normal elements associated with vanadium-rich magnetite. Additional crushed (3-4mm) 200 gram split samples have been sent to Perth, Australia for magnetic susceptibility tests. XRF and Magnetic susceptibility results will be used to determine which samples are to be concentrated by DTR. The results of the metallurgical testing would be utilized by metallurgical engineers in calculating optimal grind and in the design of a concentrator plant in order to optimize final iron concentration and recovery.
This preliminary drill program not only confirmed significant magnetite mineralization at depth, but also indicates that several additional anomalies identified on the property may have the potential to host iron mineralization. The Corporation plans to conduct additional drilling in order to expand the known area of mineralization.
The Corporation holds a 100% interest in the Ironmist Project (subject to an NSR royalty). The project is road-accessible with major infrastructure such as highways, power and a rail line running through the property.
Mr. Raul Sanabria, M.Sc., EurGeol, P.Geo., directed the 2009 Ironmist drill program and is the Qualified Person for the purposes of National Instrument 43-101. Mr. Sanabria has verified and approved the contents of this news release.
American Creek Resources Ltd. is a Canadian mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
Certain information contained in this news release constitutes forward-looking statements regarding the Corporation's mineral properties. Forward looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the reasonable opinions and estimates of management of American Creek and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include: the inherent risks involved in the exploration and development of mineral properties, uncertainties involved in the interpretation of drill results and other geological data, fluctuating commodity prices, unforeseen permitting requirements, changes in environmental laws or regulations, the possibility of project cost overruns or unanticipated costs and expenses, weather conditions, the availability of contractors for equipment and services, the availability of future financing and general business and economic conditions. Such statements are also based on a number of assumptions which may prove to be incorrect, including assumptions about general business and economic conditions being accurate, the timing and receipt of regulatory approvals for projects and operations, the availability of financing, the ability to secure equipment and labour, and American Creek's ongoing relationship with third parties. The foregoing factors, risks and assumptions are not exhaustive. Events or circumstances could cause actual events or results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are as of the date they are made and American Creek disclaims any obligation to update any forward-looking statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Kelvin Burton at: Phone: (403) 752-4040, or Email: [email protected]; Information relating to the Corporation is available on its website at www.americancreek.com
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