Iron Creek Provides an Exploration Update at its Victoria Joint
Venture Project, and Agrees Dilution with Hochschild Mining
TSXV: IRN
VANCOUVER, Dec. 21, 2012 /CNW/ - Iron Creek Capital Corp.
(TSXV: IRN - "Iron Creek") is pleased to provide an exploration
update on recent work completed by Hochschild Mining Holdings
Limited (HOC.L: "Hochschild"), the operators of the Victoria Joint
Venture project. As a result of a recent cash call by the operators
to Iron Creek, Iron Creek has declined the opportunity to
contribute, and consequently will be diluted from its previously
held 40% interest in the project, to 33.88%.
The Victoria Property - 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 - is prospective for
porphyry copper deposits and epithermal precious metals systems,
and contains multiple targets.
- Further drilling at the Picaron porphyry copper target, which
now totals 3,707m in seven diamond drill holes, has cut a fully
formed, dioritic porphyry copper-gold-moly system, with multiple
intrusive phases and veinlet types, but with low metal grades to
date. However, the system remains open, particularly to the east
under post-mineral cover. Further drilling under the cover will be
considered in the future.
- A third round of vertical reverse circulation drill holes was
completed by the operator at the Picaron Exotic target during
September and October of 2012. 1,294m were drilled in 15 RC holes,
making an overall total of 4,552m in 50 holes on this target since
late 2011. The latest round of drilling has extended the exotic
copper oxide mineralization in the young gravels further to the
north and northwest. Analytical results from the latest phase of
drilling are still pending. One principal horizon of exotic copper
mineralization occurs at approximately 30m depth below the surface,
with a less well developed secondary horizon at approximately 50m
depth below the surface. Picaron Exotic is important both as a
target in its own right, but also to trace the supergene
mineralization back to its hypogene source.
- Drilling of possible porphyry copper mineralization has been
carried out by the operator at the Victoria II target located to
the east of the Cenizas target. Victoria II was previously tested
as a precious metals vein target with 2,015m of reverse circulation
drilling in 9 holes completed. In September and October of 2012,
the operator drilled a further 1,686m in five reverse circulation
holes to test coincident Cu, Mo, Au and Ag surface geochemical
anomalies associated with a zone of sericitic alteration, abundant
hydrothermal breccias, and an anomalously low magnetic feature.
Analytical results are pending.
- During the quarter, the operator initiated a three hole reverse
circulation drill program at the Incahuasi porphyry copper target,
planned to total 1,250m. To date, approximately 450m of this
program had been completed, with results pending. The target
comprises well developed hydrothermal alteration coincident with
anomalous surface geochemistry, particularly molybdenum, and an
outcropping quartz-iron-oxide (oxidised sulphides) veinlet
stockwork.
- An experienced consultant geologist contracted by the operator
has completed a property-wide geological mapping and review process
in order to help determine priorities for future exploration work
from the multiple targets available.
Tim Beale,
President of Iron Creek, comments: "Although the Victoria property remains highly prospective
for both porphyry copper mineralization and precious metals
mineralization, with a number of targets subject to ongoing
exploration, and several other targets requiring future exploration
investment, current market conditions dictate that Iron Creek must
reduce its interest in the project in order to bring future
financing commitments to a more manageable level."
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. Dr. Pohl has verified that it is an accurate summary
of the reports provided to Iron Creek by Hochschild, and contained
within reports by historic workers. However, Iron Creek has not
independently verified Hochschild's exploration results, or those
of historic workers.
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
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.