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| | November 20, 2009
Iron Creek Provides Vaquillas Drilling Update
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| | November 20, 2009 - Iron Creek Capital Corp. (TSX-V: IRN) is pleased to report the drilling results from the Vaquillas Prospect which is part of the Victoria Joint Venture with Hochschild Mining Holdings Ltd. ("Hochschild"). Hochschild completed 14 holes for a total of 3,869 meters. These results together with drilling results from Mena Resources Inc. (2005) and Minera Rayrock (1994) suggest that the Vaquillas Prospect has potential for high-grade gold/silver veins, as well as bulk-tonnage low-grade gold/silver mineralization.
Vaquillas Prospect Overview
The Vaquillas Prospect is a structurally controlled gold/silver system hosted within andesitic lavas flows, tuffs and rhyolitic volcanic breccias centered on the old Vaquillas silver mine. The Vaquillas Prospect is located in a 2.5 km long x 1 km wide dilational jog between the Vaquillas and Cenizas fault segments of the Domeyko fault zone. The Vaquillas fault system appears to be the main control for the mineralization which strikes north-northwest and dips back to west. In addition, west-trending and northwest-trending crosscutting faults and veins appear to be an important control for high-grade mineralization observed in some of the drill holes.
Summary of Results
Recent drilling confirms continuity of disseminated gold silver mineralization. Drill hole VVQRC09013 was inclined to the west and believed to have been drilled down the plunge of the mineralization from 0 to 273 meters. The drill hole was mineralized from the top of the hole to the bottom and has an average grade of 1.0 g/t Au and 16.0 g/t Ag, including an interval of 16 m of 3.1 g/t Au and 35.0 g/t Ag from 184m to 200 m. In 2005, Mena drilled VQ009 (inclined to the east and on the same section as Hochschild drill hole VVQRC09013) which cut the main mineralizing structure intercepting 94 meters of 0.6 g/t Au and 19.1 g/t Ag.
Hochschild drill holes VVQRC09001 through VVQRC09006 intercepted broad zones of strongly anomalous gold and silver mineralization (from surface to approximately 250 meters) with values ranging from 0.1 gram per tonne (g/t) to in excess of 1 g/t gold. Examples of these broad, strongly anomalous zones include VVQRC09001 grading 0.32 g/t over 77 meters, VVQRC09002 grading 0.41 g/t over 105 meters, VVQRC09003 grading 0.55 g/t over 46 meters and 0.45 g/t over 86 meters, and VVQRC09004 grading 0.55 over 100 meters.
Additionally, Hochschild drill holes intersected high-grade gold veins within the lower grade material. Highlight results include 4 meters at 3.3 g/t Au and 580.5 g/t Ag (VVQRC09002); 2 meters at 19.4 g/t Au and 39.0 g/t Ag (VVQRC09003); 1 meter at 4.9 g/t Au and 60.9 g/t Ag (VVQRC09005); and 1 meter at 7.6 g/t Au (VVQRC09012) Continuity of these veins was not part of this first pass drilling.
The following table summarizes the Hochschild and Mena (2005) VQ009 results:
Drill Hole |
Map
# |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
Ag
(g/t) |
Au Eq
(g/t) |
VVQRC09001 |
H1 |
208 |
209 |
1 |
4.3 |
-- |
-- |
|
|
213 |
220 |
7 |
1.2 |
17.7 |
1.52 |
VVQRC09002 |
H2 |
195 |
216 |
21 |
1.1 |
128.5 |
3.44 |
including |
|
204 |
208 |
4 |
3.3 |
580.5 |
13.85 |
VVQRC09003 |
H3 |
74 |
76 |
2 |
2.2 |
17.7 |
2.52 |
|
|
110 |
112 |
2 |
19.4 |
39.0 |
20.11 |
|
|
188 |
189 |
1 |
3.4 |
21.2 |
3.79 |
VVQRC09004 |
H4 |
122 |
128 |
6 |
1.1 |
10.9 |
1.30 |
|
|
132 |
151 |
19 |
1.0 |
5.9 |
1.11 |
|
|
169 |
178 |
9 |
1.3 |
5.1 |
1.39 |
VVQRC09005 |
H5 |
40 |
41 |
1 |
4.9 |
60.9 |
6.01 |
VVQRC09006 |
H6 |
43 |
47 |
4 |
0.9 |
22.2 |
1.30 |
|
|
59 |
64 |
5 |
0.8 |
11.4 |
1.01 |
|
|
85 |
88 |
3 |
1.5 |
50.2 |
2.41 |
VVQRC09007 |
H7 |
30 |
34 |
4 |
1.4 |
64.7 |
2.58 |
VVQRC09008 |
H8 |
98 |
105 |
7 |
1.0 |
1.6 |
1.03 |
VVQRC09009 |
H9 |
15 |
24 |
9 |
1.0 |
1.2 |
1.02 |
|
|
95 |
96 |
1 |
3.9 |
2.3 |
3.93 |
VVQRC09010 |
H10 |
No significant results |
VVQRC09011 |
H11 |
No significant results |
VVQRC09012 |
H12 |
23 |
24 |
1 |
7.6 |
0.2 |
7.6 |
VVQRC09013 |
H13 |
0 |
273 |
273 |
1.0 |
16.1 |
1.29 |
including |
|
0 |
20 |
20 |
1.0 |
2.9 |
1.05 |
including |
|
56 |
106 |
50 |
1.2 |
30.9 |
1.76 |
including |
|
119 |
127 |
8 |
0.7 |
7.2 |
0.80 |
including |
|
134 |
140 |
6 |
1.6 |
33.8 |
2.21 |
including |
|
156 |
165 |
9 |
1.3 |
25.8 |
1.77 |
Including |
|
167 |
273 |
106 |
1.4 |
19.8 |
1.76 |
VVQRC09014 |
H14 |
No significant results |
|
|
|
VQ009 |
M9 |
82 |
176 |
94 |
0.6 |
19.1 |
0.95 |
including |
|
88 |
90 |
2 |
1.2 |
32.1 |
1.78 |
including |
|
108 |
110 |
2 |
0.7 |
186.0 |
4.11 |
including |
|
130 |
132 |
2 |
1.4 |
8.6 |
1.56 |
including |
|
162 |
164 |
2 |
1.1 |
11.1 |
1.30 |
including |
|
172 |
174 |
2 |
1.7 |
5.8 |
1.81 |
Note: Silver equivalency estimates were derived using a silver-to-gold ratio of 55:1. The widths reported are the length of the drill core intersection as the true orientation of the mineralization has not been established.
Drill holes VVQRC09013 and VQ009 confirm that the mineralized zone is over 90 meters wide and extends to a depth of at least 250 meters. Drilling by Hochschild and Mena also shows that mineralization extends for over 1000 meters along strike. The zone is open at depth as well as to the south-southwest. Several of the higher grade intercepts appear to coincide with west-northwest cross-cutting structures identified from the ground magnetic survey. The potential exists to extend the target areas along strike of these structures. Based on these encouraging results, Hochschild executed a second phase of drilling that was completed on November 14th totaling 2,490 meters in 9 holes. Complete drill results are expected by year end.
Included with this release is a map of all the drill holes completed at the Vaquillas Prospect as well as a cross section. For purposes of simplifying the map and cross section, all Hochschild holes have been labeled as H1, H2 etc and all Mena Holes have been labeled as M1, M2, etc. The map, cross section and a list of the drill results will be posted on the Company's website at www.ironcreekcapital.com. For additional information on Vaquillas and all the work completed prior to the Hochschild JV, please refer to NI43-101 report which can be found on SEDAR as well as on our website.
Hochschild Joint Venture
Hochschild has the option to acquire a 60% interest in the Victoria Project, by incurring US$6.0 million in exploration expenditures by December 31, 2013. Of the $6.0 million, Hochschild has a firm commitment to incur $750,000 by December 31, 2009 (which they have completed).
QA/QC Program
The Vaquillas Program is managed by Hochschild. Terra Service SA, an independent drilling contractor, was used to complete the drilling program. Hochschild's samples were collected in accordance with accepted industry standards and best practices. The samples were submitted to ACME Laboratories in Santiago, 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.
About Vaquillas Property
The Vaquillas Property covers approximately 45,000 hectares (including the Victoria JV with Hochschild) and is prospective for copper and precious metal mineralization. The Company is currently looking for a joint venture partner for the southern portion of Vaquillas (referred to as Vaquillas Sur) which is prospective for copper mineralization and bulk-tonnage, low-grade gold mineralization.
About Iron Creek
Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.
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 press release.
ON BEHALF OF THE BOARD
"Michael Winn"
Michael Winn, 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 statements.
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| | You can view the Next News Releases item: Tue Dec 29, 2009, Iron Creek and Hochschild Expand Joint Venture at Vaquillas
You can view the Previous News Releases item: Wed Oct 7, 2009, Iron Creek Provides Drilling Update on Hochschild Joint Venture at Vaquillas
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