Potential for high grade magnetite/vanadium concentrate confirmed by advanced
testing of Ironmist magnetite ore
TSX-V:AMK
RAYMOND, AB, March 25 /CNW/ - American Creek Resources Ltd. is pleased to report preliminary assaying and Davis Tube Recovery (DTR) test work from the Ironmist project drill-core composites. Results indicate that the magnetite is coarse-grained and soft. Results also indicate that silica is not bound in magnetite and that crushing produces a good liberation of silica at 106(micro)m resulting in a high grade magnetite concentrate even in samples with disseminated magnetite. Elevated levels of vanadium in the concentrate may prove economically viable thereby adding significant value to the concentrate. Additionally, the ore contains low levels of contaminates such as phosphorous, titanium and sulphur which are further reduced in the concentration process. Concentrates from all composite samples average greater than 67% Fe (greater than 93% Magnetite).
The selected composites submitted for testing were from drill holes IM-09-03 and IM-09-05, and correspond to representative mineralized intervals in the deposit, ranging from very disseminated magnetite (17.45% Fe) to semi-massive magnetite intervals (38.1% Fe). The following tables contain the metallurgical test data:
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Fe % Fe % Fe %
HEAD HEAD HEAD
Drill Inter- 106 75 38
Composite Hole From To val (micro)m (micro)m (micro)m
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C686517-19 IM-09-03 7.2m 12.75m 5.55m 18.8 18.3 18.65
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C686527-29 IM-09-03 27.4m 32.2m 4.8m 37 37.1 37
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C686582-85 IM-09-05 3.2m 8.5m 5.3m 25.2 24.1 23.7
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C686586-88 IM-09-05 8.5m 14.5m 6.0m 38.1 39.5 37.7
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C686600-02 IM-09-05 53.0m 62.0m 9.0m 17.45 16.9 17.1
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COMPOSITE Fe Al2O3 SiO2 CaO MgO Na2O
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% % % % % %
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C686517-19+38um CONC 69.8 0.56 1.1 0.38 0.26 0.006
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C686527-29+38um CONC 68 1.26 1.16 0.38 0.41 0.012
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C686582-85+38um CONC 68.7 0.8 1.5 0.56 0.5 0.024
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C686586-88+38um CONC 67.3 1.76 0.97 0.31 1.13 0.007
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C686600-02+38um CONC 69.3 0.52 1.28 0.42 0.36 0.029
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C686517-19+75um CONC 68.9 0.66 1.16 0.43 0.29 0.018
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C686527-29+75um CONC 68 1.3 0.86 0.26 0.34 0.012
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C686582-85+75um CONC 68.9 0.77 0.91 0.35 0.36 0.011
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C686586-88+75um CONC 67.6 1.84 0.66 0.2 1.09 0.012
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C686600-02+75um CONC 69.5 0.57 0.99 0.39 0.32 0.014
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C686517-19+106um CONC 67.9 0.92 1.58 0.66 0.38 0.007
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C686527-29+106um CONC 67.4 1.42 0.94 0.32 0.36 0.01
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C686582-85+106um CONC 67.8 0.96 1.58 0.51 0.48 0.034
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C686586-88+106um CONC 67.3 1.9 0.63 0.21 1.11 0.001
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C686600-02+106um CONC 68.3 0.61 1.32 0.51 0.39 0.031
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Magne- Rec.
COMPOSITE P S TiO2 V2O5 tite Perc.
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% % % % % %
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less
than
C686517-19+38um CONC 0.001 0.004 0.47 0.63 96.46 15.48
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less
than
C686527-29+38um CONC 0.001 0.004 1.61 0.63 93.98 45.67
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C686582-85+38um CONC 0.002 0.004 0.99 0.82 94.94 26
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less
than
C686586-88+38um CONC 0.001 0.004 1.6 0.87 93.01 47.81
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less
than
C686600-02+38um CONC 0.001 0.008 0.71 0.76 95.77 13.78
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C686517-19+75um CONC 0.001 0.005 0.72 0.62 95.22 15.67
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less
than
C686527-29+75um CONC 0.001 0.003 1.76 0.62 93.98 46.1
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C686582-85+75um CONC 0.001 0.005 1.18 0.82 95.22 24.45
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less
than
C686586-88+75um CONC 0.001 0.003 1.7 0.87 93.42 47.79
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less
than
C686600-02+75um CONC 0.001 0.01 0.98 0.78 96.05 15.4
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C686517-19+106um CONC 0.001 0.007 1.06 0.65 93.84 16.28
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less
than
C686527-29+106um CONC 0.001 0.003 1.95 0.62 93.15 45.97
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C686582-85+106um CONC 0.001 0.005 1.54 0.81 93.70 26.68
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less
than
C686586-88+106um CONC 0.001 0.002 1.82 0.87 93.01 47.07
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less
than
C686600-02+106um CONC 0.001 0.012 1.22 0.76 94.39 14.3
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The composite samples were assayed at a specialized iron ore division of ALS Chemex Laboratories in Perth, Australia. XRF and Magnetic susceptibility results were used to determine which samples were to be selected for compositing. The samples were processed utilizing wet screening methods in multi stages to assist in the liberation of silica. Processing then included 106(micro)m, 75(micro)m and 38(micro)m sieves, followed by DTR and XRF on concentrates. Metallurgical testing results would be utilized by engineers to determine the optimal ore crush size and to assist with concentrator plant design.
The preliminary exploration program (see news releases dated October 30, 2009, November 24, 2009 and February 16, 2010), which focused on the western part of a large magnetic anomaly, resulted in the discovery of multiple massive magnetite seams and pods. Follow-up ground magnetic surveys, along with soil sampling, revealed three well defined magnetic-high anomalies along with associated 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. All seven holes drilled intersected broad intervals of magnetite mineralization, with three of them ending in magnetite-rich mineralized zones. This program not only confirmed significant magnetite mineralization on surface and at depth, but also indicates that several additional anomalies identified on the property may also host iron mineralization thereby significantly expanding the potential size of the project.
The following table highlights previously released 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
For more detailed assay data please refer to the American Creek website.
Allan Burton, President and CEO stated: "The iron market is really heating up and our timing in making this iron discovery couldn't have been better. Given the potential of the Ironmist, we are aggressively exploring all options to move the project forward which may include joint venture, option, financing or purchase arrangements."
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., Vice President, Exploration 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: Darren Blaney 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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