Iron Creek Defines Significant Gold and Silver Anomalies from a
Talus-Fines Sampling Survey at its Exploradora Project, Northern
Chile
TSX-V: IRN
VANCOUVER, Oct. 17, 2012 /CNW/ - Iron Creek Capital Corp.
(TSX-V: IRN - "Iron Creek") is pleased to report results from the
first phase of a talus-fines sampling program carried out over the
Portezuelo area of its Exploradora gold-silver project in northern
Chile. The principal targets of
the program are low-sulphidation, epithermal precious metals quartz
veins. Iron Creek, through its wholly owned Chilean subsidiary, has
an option agreement with Anglo American Norte S.A. to acquire 100% of the Exploradora
property subject to certain expenditure commitments (see news
release dated September 7, 2011).
Highlights of the talus-fines sampling program
include:
- Important anomalous gold and silver trends defined, with values
in talus-fines materials up to 0.51g/t Au and 61.7g/t Ag
- Highly anomalous pathfinder trace element geochemistry with
values up to 890ppm As; 126ppm Sb; 2,670ppm Zn; and 10,001ppm
Pb
- Results highlight extensions to a previously known mineralized
structure at Portezuelo as well as suggesting potentially new
mineralized structures obscured by talus slope cover materials
About the Exploradora Property
The Exploradora Property is located directly
along the Domeyko Cordillera, the principal porphyry copper belt in
northern Chile. The property is
located within the Exploradora porphyry copper, skarn and precious
metals district, and to the NE of the El
Salvador / Potrerillos porphyry copper and precious metals
district.
The geology of the belt is dominated by
Triassic, Jurassic and Cretaceous sediments and volcanics, and
Mid-Tertiary plutonic rocks, calc-alkaline volcanic rocks and
sub-volcanic porphyritic intrusions. Most of the significant areas
of mineralization within the Exploradora District, including a
porphyry copper discovery, are zoned around the margins of the
central Exploradora pluton and hosted within volcanic and
sedimentary rocks.
The Exploradora Property has potential for
low-sulphidation precious metals quartz veins. Veins of this type
outcrop in historic trenches in the Portezuelo area on the eastern
margins of the Exploradora district pluton, and further veins
outcrop in historic trenches and small workings in the Ladera area
further to the southwest. An extensive area of epithermal quartz
vein float blocks, on moderate slopes covered by talus deposits,
lies between Portezuelo and Ladera - a distance of about 5km.
The property is easily accessed by a good
quality dirt road from the Pan American highway and is located at
moderate Andean altitudes of < 4,000m with modest slopes. The
Exploradora Properties have recently been expanded and now cover
more than 5,000 hectares.
Previous work by Iron Creek includes detailed
geological mapping of the property and limited rock-chip sampling
of outcropping veins yielding values up to 3.45g/t Au and 480g/t
Ag. More recent work, reported here, comprises a detailed sampling
grid of talus-fines totalling approximately 2,000 samples on a 100m
x 25m grid covering a key part of the Portezuelo area at the
northeast end of the property.
Exploradora Soil Sampling
Program
Talus deposits obscure extensive areas around
the southern and eastern margins of the Exploradora plutonic
igneous complex, an area almost entirely covered by the property
under option. A first phase of talus fines sampling to test the
methodology was carried out on the eastern margins of the
Exploradora plutonic complex, in an area named Portezuelo. Just
over 2,000 sieved samples (-10 mesh) of talus fines were collected
every 25m over an area of approximately 2.5km x 3.0km on east-west
oriented lines spaced 100m apart. The sample lines were designed to
cross known structures, with most of these being oriented
northwest-southeast. A large part of the prospective trend, centred
on Ladera to the southwest of Portezuelo, remains to be sampled by
future surveys.
The main Portezuelo South epithermal vein
structure, partially exposed in historic trenches, is shown to be
highly anomalous in gold and silver, as well as pathfinder elements
such as arsenic and antimony. In detail, at least two and possibly
three sub-parallel structures are revealed in this area. The
overall strike length of the mineralized Portezuelo South trend
defined to date by the surface geochemistry is approximately 2km -
significantly greater than the strike length subject to historic
trenching - suggesting a potentially important series of
mineralized structures. Additionally, lead and zinc show a high
degree of anomalism along this trend.
Other potentially important mineralized trends
have also been defined:
- Portezuelo Secondary North Structure - approximately 500m of
strike length of a new structure, sub-parallel and located 750m
northeast of the main Portezuelo South structure, is revealed by
anomalous gold, silver, arsenic, antimony, lead and zinc
values.
- Perdida Anomaly - several geochemical anomalies, dominated by
gold, silver, lead, zinc and copper, with only very minor arsenic
and antimony, occur in an area approximately 1km west of the main
Portezuelo South structure. The anomalies may reflect more than one
obscured structure in the bedrock.
- Other smaller anomalies may be significant and worthy of
further follow up.
Tim Beale,
President of Iron Creek, commented: "These geochemical anomalies
have confirmed Iron Creek's interpretation when we originally
optioned the property that the potential for possibly mineralized
epithermal vein structures around the margins of the Exploradora
plutonic complex was much greater than the limited outcrops and
historic trenching had previously indicated. We are excited by
these results, which give us justification for extending the
talus-fines sampling surveys over the rest of the property, as well
as justifying detailed follow-up of the existing anomalies with
trenching and possibly drilling."
Summary maps showing the location of the
talus-fines sampling survey together with some of the principal
geochemical results are available on Iron Creek's website.
QA/QC
Geochemical samples are collected in accordance
with accepted industry standards and best practices. Talus fines
samples are submitted to ALS Chemex Laboratories in La Serena,
Chile, for preparation by PREP-41,
with digestion by aqua regia digestion and analysis for 51 elements
by ICP-MS and ICP-AES (ME-MS41). Gold is analysed by 50gm fire
assay and AAS (Au-AA24). As standard procedure, Iron Creek 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
Demetrius Pohl,
Certified Professional Geoscientist (CPG), 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.
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.
Forward-Looking Statement
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.