Pacific Iron Corporation Announces Initial Results of 2008 Exploration Program
September 15 2008 - 4:51PM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC), announces the results of its
first 23 diamond drill hole samples with respect to its Pearson Project located
on Vancouver Island, British Columbia.
Mr. Todd Montgomery, President of Pacific Iron Ore Corporation stated that "I am
very pleased with the progress being made on the 2008 exploration program.
Significant drill intersections of iron skarn mineralization and subsequent
assay results are very supportive in confirming our initial belief in the
properties merit." With analysis completed on 23 diamond drill holes of the 70
holes planned in the 2008 exploration program, the Corporation has verified that
a significant body of iron oxide (magnetite) occurs along the upper reaches of
Bugaboo Creek. One hole (DDH-08-01B) intersected intermittent masses of
magnetite from 59.3 metres to 123.2 metres depth, totaling 41 metres in core
length. Some of the thicker intersections from this hole yielded Fe values from
41.82 to 48.53 per cent. A 12 metre and 16 metre section from 45.0 to 72.0
metres in hole DDH-08-13B gave a Total Fe analysis of 62.95 per cent and 65.07
per cent, respectively. All listed intersections are predominantly composed of
magnetite and commonly contain small percentages of iron sulphides and may
contain small inclusions of pyroxene-garnet skarn, gabbro, marble and/or
diorite. Detailed sample information is outlined below.
Mr. Montgomery also stated "the drill results, when combined with the
preliminary analysis from the ongoing airborne geophysical survey ("the Survey")
being conducted by Fugro Airborne Surveys Corp. of Mississauga, Ontario
("Fugro") is positive and will help to more precisely define the organization's
future exploration plans." The Survey will encompass approximately 12,225 line
kilometers and will cover the majority of the Corporation's mineral claims
located on Vancouver Island, British Columbia. The Corporation's total mineral
claim holdings on Vancouver Island, British Columbia consist of approximately
297,313 hectares. The airborne study commenced on August 3, 2008 and is ongoing.
The Corporation anticipates the completion of the Survey during September 2008,
weather permitting.
The drilling program and aerial magnetic survey are being undertaken pursuant to
the recommendations contained in the independent qualifying report dated October
31, 2007 and revised on February 13 and March 11, 2008 entitled "Technical
Report - Pearson Project, British Columbia" (the "Qualifying Report") prepared
by an independent geologist, Mr. George Owsiacki, P. Geo. of Victoria, British
Columbia. The Qualifying Report was prepared in contemplation of the
requirements of National Instrument 43-101. A copy of the 43-101 Technical
Report is available under the Corporations profile on SEDAR and can be accessed
at www.sedar.com.
2008 Diamond Drill Holes with Significant Magnetite Intercepts Showing Total
Iron Content
----------------------------------------------------------------------------
From To Intercept Average Total
Drill Hole Number Meter Meter (Meters) Fe%
----------------------------------------------------------------------------
DDH-08-01B 59.3 61.3 2.0 34.00
61.6 64.2 2.6 49.00
65.0 71.0 6.0 47.23
79.0 91.1 12.10 41.82
94.6 103.2 8.6 45.57
113.5 123.2 9.7 48.53
----------------------------------------------------------------------------
DDH-08-04B 49.7 52.0 2.3 40.50
57.9 84.25 26.4 59.70
85.4 87.4 2.0 48.80
101.0 103.0 2.0 30.60
----------------------------------------------------------------------------
DDH-08-05B 37.5 38.3 0.8 38.20
----------------------------------------------------------------------------
DDH-08-06B 41.0 55.0 14.0 52.21
58.0 59.0 1.0 41.10
67.0 69.0 2.0 56.70
----------------------------------------------------------------------------
DDH-08-07B 32.5 34.0 1.5 49.2
----------------------------------------------------------------------------
DDH-08-08B 21.5 38.0 16.5 53.12
40.0 42.0 2.0 33.40
44.7 48.6 3.9 43.89
----------------------------------------------------------------------------
DDH-08-09B 17.6 20.0 2.4 49.70
20.4 21.4 1.0 63.80
22.3 24.3 2.0 63.80
25.0 36.3 11.3 57.59
39.6 46.1 6.5 54.87
47.8 51.8 4.0 58.05
52.0 53.0 1.0 41.90
57.2 58.2 1.0 32.70
60.25 63.0 2.75 60.58
----------------------------------------------------------------------------
DDH-08-10B 18.0 22.0 4.0 39.55
24 27.0 3.0 48.7
----------------------------------------------------------------------------
DDH-08-13B 21.7 31.0 9.3 41.75
34.0 40.0 6.0 57.00
45.0 57.0 12.0 62.95
58.0 72.0 14.0 65.07
----------------------------------------------------------------------------
DDH-08-15B 18.3 20.6 2.3 45.90
22.2 23.5 1.3 54.40
24.5 26.5 2.0 42.95
27.7 32.7 5.0 64.04
35.0 36.0 1.0 29.60
38.0 39.4 1.4 48.70
39.8 44.0 4.2 45.77
----------------------------------------------------------------------------
DDH-08-16B 30.20 32.20 2.0 31.70
----------------------------------------------------------------------------
DDH-08-20B 102.0 106.0 4.0 44.45
----------------------------------------------------------------------------
The core samples were provided to ALS Chemex, an ISO 9001 and ISO 17025
accredited facility located in North Vancouver, British Columbia, for analysis
and processing. The samples taken from the core of the mineralized zone were
analyzed initially using one of the following 2 geochemical procedures: (1)
ME-MS41 - Ultra-Trace Level Methods using Inductively Coupled Plasma-Atomic
Emission Spectroscopy (ICP-AES) followed by Inductively Coupled Plasma - Mass
Spectrometry (ICP-MS); 2) ME-ICP41 - Inductively Coupled Plasma - Atomic
Emission Spectroscopy (ICP - AES). Both methods provide Total Fe analysis with
detection limits from 0.01% - 50% Fe. Geochemical procedure 1 provides
additional analysis for a suite of 50 elements while procedure 2 provides
additional analysis for a suite of 34 elements. For detection limits above 50%
both methods are followed with assay procedure ME-OG46, a method used for the
evaluation of ores and high-grade materials to be optimized for accuracy and
precision at high concentration levels. In this method a prepared sample is
digested in 75% aqua regia and later analyzed by inductively coupled plasma -
atomic emission spectrometry (ICP - AES) or by atomic absorption spectrometry.
These geochemical and assay techniques yield Total Fe percentage and are not
meant as a final determination of recoverable magnetite. For determination of
recoverable magnetite, a selection of core samples will be provided to B.C.
Mining Research Ltd. for percentage magnetic (Davis Tube) testing. The results
of the Davis Tube testing, when available to the Corporation, will be reported
to shareholders at a future date and in a manner consistent with the
requirements of National Instrument 43-101 entitled "Standards of Disclosure for
Mineral Projects" as adopted by the Canadian Securities Regulators.
Mr. Garry Payie, P. Geo of Victoria, British Columbia, an independent geological
consultant, is the Qualified Person under the guidelines of NI 43-101. Mr. Payie
oversees the Corporation's exploration program with respect to the Pearson
Project and has reviewed and approved the technical disclosure contained in this
press release.
Pacific Iron Ore Corporation is dedicated to the development of its iron ore
deposits, located in the Port Renfrew area of Vancouver Island, British
Columbia. The work program for the British Columbia property (BCP-1, Pearson)
includes a planned airborne magnetometer and EM geophysical surveys over its
northern claims; geological mapping with corresponding stream sediment sampling
and analyses; line cutting; assaying and analytical work; diamond drilling; and
possibly bulk sampling.
Forward Looking Statements:
The TSX.V Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. This release includes certain statements
that may be deemed "forward looking statements". All statements in this release,
other than statements of historical facts, that address future production,
reserves potential, exploration drilling, exploration activities and events or
developments that the Corporation expects are forward looking statements.
Although the Corporation beliefs the expectations expressed in such forward
looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward looking statements. Factors that could
cause results to differ materially from those in the forward looking statements
include, but are not limited to: market prices; exploitation and exploration
successes; continued availability of capital, financing and personnel;
government regulation and laws; the Corporations relationship with First
Nations; environmental developments; and general economic, market or business
conditions. Investors are cautioned that such statements are not guarantees of
future performance and those actual results or developments may differ
materially from those projected in the forward looking statements. For more
information on Pacific Iron Ore Corporation, Investors should review the
Corporation's registered filings which are available at www.sedar.com.
Pacific Iron Ore (TSXV:POC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pacific Iron Ore (TSXV:POC)
Historical Stock Chart
From Jul 2023 to Jul 2024
