Mar 5 2011
Iron Creek Capital Corp. (TSXV: IRN) has reported that new precious metals assay results have been received from its joint venture partner, Hochschild Mining Holdings Limited, at the Nueve Vidas target, within the Victoria joint venture property.
Hochschild has drilled a total of 10 RC holes (total 3,435m) into Nueve Vidas to continue testing for precious metals mineralization. The drilling appears to be defining 2 distinct target types (both of which were encountered in hole VCNRC-10-021), with highlights including:
- High-grade, cross-cutting, sulphide-rich breccia/fault structures that are highly oxidized near surface.
- VCNRC-10-016 intersected 1m @ 6.38g/t Au + 53.20g/t Ag from 74m.
- VCNRC-10-021 intersected 4m @ 8.94g/t Au + 38.8g/t Ag from 240m.
- Hole 016 was drilled as a scissor to previously reported hole drilled by Hochschild, VCNRC-10-004, which cut 12m @ 8.9g/t Au + 21g/t Ag including 4m @ 22.2 g/t Au + 36.1g/t Ag (see previous press release dated September 3rd, 2010). Hole 021 was collared approximately 525m south of this previously reported intercept. It is not yet clear if these are true widths.
- Lower-grade, disseminated, porphyry-gold style mineralisation within hydrothermally altered porphyritic diorite. This style of gold mineralisation, which is typically low in silver, is hosted within porphyritic diorite characterized by hydrothermal magnetite with chlorite and epidote.
- VCNRC-10-017 intersected 22m @ 0.85g/t Au + 0.39g/t Ag from 42m.
- VCNRC-10-021 intersected 74m @ 0.40g/t Au + 0.20g/t Ag from 96m.
- including 16m @ 0.72g/t Au + 0.20g/t Ag from 98m.
- and 10m @ 0.51g/t Au + 0.20g/t Ag from 134m
Nueve Vidas appears to display many of the characteristics of a mafic porphyry Au (+/-Cu) system, cross-cut by later, northwest trending structures that are the focus of higher-grade gold mineralization.
Tim Beale, the President of Iron Creek, commented: "The presence of what appears to be disseminated, porphyry gold style mineralization at Nueve Vidas is an exciting new development for our exploration joint venture with Hochschild and indicates potential for another bulk tonnage precious metals target on the land package. The Company is also trying to understand the implications of the high grade intercepts seen in holes 016, 021 and (previously reported) 004. There may be potential for several structures with this style of mineralization."
Nueve Vidas Geology and Historical Work
Nueve Vidas comprises a medium-grained, porphyritic diorite hosting veinlet and disseminated magnetite with chlorite and epidote, exposed in trenches and minor outcrops, located immediately southwest of the large Cenizas colour anomaly, on the Victoria Property. Drilling in and around Nueve Vidas has also identified tonalite, monzonite and granodiorite intrusive phases that have been collectively referred to as the Nueve Vidas Intrusive Complex (NVIC). The magnetite-rich diorite porphyry coincides with a strong, circular magnetic high feature approximately 1.5km in diameter. Trenching and drilling indicates that the NVIC is cut by a series of narrow, northwest trending, iron-oxide and jarosite-stained, clay filled fault/gouge zones at surface that appear to correlate with sulphide-rich structures in drill holes at depth.
Previous exploration work includes trenching, shallow RAB drilling, and 2 shallow, inclined RC holes by RTZ in the early 1990s; colluvial and enzyme leach surveys by Fremont Gold in the late 1990s; and shallow, inclined RC drilling over a very small area by El Dorado Resources in 1999 (1,162m in 9 RC holes).
Mineralization appears to occur in two principal styles:
- Higher-grade, cross-cutting, structurally controlled gold (+ Ag +/- Zn +/- Cu) within sulphide-rich breccia/fault zones, typified by historic intercepts such as 4m @ 6.69 g/t Au (+ 22.6 g/t Ag + 0.11% Cu) in RTZ trench TR27 and previously reported drill intercepts such as 12m @ 8.91 g/t Au + 21 g/t Ag (including 4m @ 22.18 g/t Au + 36.1 g/t Ag) in Hochschild drill hole VCNRC10-004. Recent Hochschild drill hole VCNRC-10-016 intersected 1m @ 6.38g/t Au + 53.20g/t Ag; and VCNRC-10-021 intersected 4m @ 8.94g/t Au + 38.8g/t Ag (with highly anomalous Cu and Zn) in this style of alteration.
- Lower-grade, disseminated gold (+/- Cu +/- Ag) within the altered dioritic porphyry, typified by historic intercepts such as 90m @ 0.59g/t Au in RTZ trench TR20; 24m @ 0.83g/t Au in El Dorado RC hole RC99-01; 19m @ 1.03g/t Au in El Dorado RC hole RC99-03; and 8m @ 1.09g/t Au in El Dorado RC hole RC99-10. Recent Hochschild drill hole VCNRC-10-017 intercepted 22m @ 0.85g/t Au; and VCNRC-10-021 intercepted 74m @ 0.40g/t Au (including 16m @ 0.72g/t Au; and 10m @ 0.51g/t Au) in this style of alteration.
The Victoria Property comprises an outstanding 37km long land package along the Domeyko Fault Zone in northern Chile - a truly world-class mineral belt that is prospective for porphyry copper deposits and epithermal precious metals systems - located approximately midway between the world-class porphyry copper districts at La Escondida and El Salvador.
Hochschild, as operator of the Victoria joint venture, is planning an aggressive exploration program during 2011 to further drill test a series of priority porphyry copper and precious metals targets within the property, including Nueve Vidas.
QA/QC
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
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, and contained within reports by historic workers. However, Iron Creek has not independently verified Hochschild's exploration results, or those of historic workers.