Pacific Iron Ore Corporation Announces Results of Wardrop Engineering Study on Bugaboo Creek
June 19 2009 - 11:13AM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that it has received
and filed a Engineering Study and resource estimate completed by Wardrop
Engineering Inc., of Vancouver, British Columbia. This document is now available
on SEDAR.
Pearson Project:
Mr. Todd Montgomery, Director and CEO of Pacific Iron Ore Corporation stated
that "we are extremely pleased with the results of the Technical Report prepared
by Wardrop Engineering Inc., of Vancouver, British Columbia ("Wardrop") which
estimated that the Bugaboo Creek deposits, located on the western edge of the
Pearson Project, contains inferred resources of 7.8 million tonnes grading 63%
magnetite, these results are in line with our corporate objectives". Three
mineralized zones are located in an area of approximately 600 metres by 400
metres and comprise the Bugaboo area. Mr. Montgomery further stated that "drill
results as indicated by the Wardrop report show that the Daniel zone remains
open on the east and southeast and the Upper and Lower Conqueror zones are open
downdip to the southwest. Furthermore, an approximately 30 meter length of
magnetite mineralization, in each of two different drill holes, was intersected
below the Lower Conqueror and indicates the presence of another zone that was
not included in the resource calculation. The Bugaboo area comprises a small
component of the 237,925 hectares held by the Corporation on Vancouver Island
and to achieve these results in such a confined area is quite promising."
Bugaboo Mineral Resources
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Contained
Mineralized Zone Cutoff Density Tonnage Magnetite Magnetite
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T per M(3) 1000's % Fe3O4 1000's
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DANIEL 20% Magnetics 3.88 2,666 67 1,798
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UPPER CONQUEROR 20% Magnetics 3.59 2,288 56 1,292
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LOWER CONQUEROR 20% Magnetics 3.77 2,871 63 1,822
----------------------------------------------------------------------------
Total 3.75 7,824 63 4,912
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The above noted mineral resources were classified in accordance with definitions
provided by the CIM as stipulated in NI 43-101. The mineral resources at Bugaboo
are classified by Wardrop as Inferred. In addition, the mineral resources noted
are not mineral reserves and do not have demonstrated economic viability.
Mr. Jeffery Austin, P.Eng. President of Pacific Iron Ore Corporation also stated
that "the 2009 exploration season will have particular importance to the
Corporation, as the results of a $1.2 million airborne geophysics survey
completed in 2008 and follow-up geologic mapping, will provide a much better
understanding of the regional geology and controls on iron deposition. Diamond
drilling is expected to resume in August, and will include drilling to expand
the Bugaboo deposit and drilling on two additional targets outlined in last
year's geophysics and inspections of identified outcrops."
Mr. Austin also stated that "it is presently the Corporation's primary objective
to outline a high-grade iron ore body in excess of 20 million tonnes capable of
supporting a mining and milling project exporting approximately 1.2 to 1.5
million tonnes per year of high quality iron concentrates." Mr. Austin also
stated that "regional infrastructure should benefit the project with available
commercial port facilities located 130 kilometres from the potential minesite."
The reader is cautioned that the targets expressed above represent management's
exploration target and that the potential quantity and grade noted is conceptual
in nature, there has been insufficient exploration completed by the Corporation
to define a mineral resource and that it is uncertain if further exploration,
when completed, will result in the discovery of a mineral resource as targeted.
Wardrop Report Assumptions
On June 4, 2009, Wardrop issued its Technical Report titled "Resource Estimate
for the Pearson Property" specifically covering the diamond drilling, core assay
analysis and exploration activity undertaken by the Corporation at the Bugaboo
Creek area. Disclosure in this press release is qualified by the more detailed
discussion as set forth in the Technical Report filed on SEDAR at www.sedar.com.
- Mineral resources were estimated, using Gems Software version 6.2. The
resources were estimated into 20 x 20 x 6 m blocks using inverse distance
weighting and 2 m composited drill data. Percent Magnetics was determined using
the Davis Tube Tests method.
- Wardrop assumed that all magnetic material recovered in the Davis Tube Tests
was Magnetite.
- Blocks were classified as Inferred if a minimum of 6 composites from at least
2 holes were found in a search ellipse measuring 100 x 100 x 50 m or if at least
one composite was found within a 25 x 25 x 10 m search ellipse of a drill hole.
Corporate Direction and Strategy
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. With the success of the 2008 Exploration Program and the existence of
sufficient capital resources to undertake additional exploration activities in
2009 the Corporation is well positioned to manage these difficult times. In
order to maximize the returns on future exploration activity, the Corporation
has initiated a detailed review of its claims located on Vancouver Island and in
Ontario, with the intention of focusing its exploration efforts in the Pearson
Project and completing 43-101 compliant Technical Reports on the St. Anthony's
and Separation Properties.
Quality Control of Reported Results
Mr. Garry Payie, P. Geo of Victoria, British Columbia, an independent geological
consultant, is the Qualified Person on the Pearson Project 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 relating to that project. Wardrop
Engineering Inc., has also reviewed and approved the disclosures in this press
release related to their report dated June 4, 2009. Dr. Gilles Arsenault, P Geo.
supervised the preparation of the Technical Report on behalf of Wardrop.
Company Contacts:
For further information please refer to the Corporations profile on SEDAR which
can be accessed at www.sedar.com, visit our website at
www.pacificironorecorp.com.
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.
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