Pacific Iron Ore Corporation High Announces High-Grade Gold Channel Sample Results and Plans to Begin Diamond Drilling on the St
September 24 2009 - 4:30PM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC) announces additional channel
sample results with respect to the St. Anthony's Gold project. The St. Anthony's
project has the potential to host gold resources, is located in Ontario and is
comprised of 54 mining claims and 14 leases covering 8,784 hectares.
Update on St. Anthony Program
The detailed channel sampling and geological mapping of the St. Anthony mine
area has been completed with all assays received by the company. The channel
sampling was limited by outcrop exposures and was designed to sample at right
angles to the quartz veins. A total of 143 channel cuts of variable lengths were
completed with a total of 750 individual channel samples taken across a total of
734.5 linear meters. This sampling tested exposures along a strike length of 450
meters and a width of up to 250 meters. This work indicates that gold is far
more extensive than narrow veins in the historic #1 zone. The more significant
results are summarized below:
Channel Composite # Width (m) Gold (g/t) Rock Unit
----------------------------------------------------------------------------
Channel #1 3.00 1.49 Sericite altered QFP w/ 5% Quartz
Veins
Channel #3 3.00 1.89 Sericite altered QFP w/ 30% Quartz
Veins
Channel #6 3.50 1.22 Sericite altered QFP w/ 20% Quartz
Veins
Channel #9 10.80 6.17 Sericite altered QFP w/ 20% Quartz
Veins
Channel #12 7.50 17.94 Sericite altered QFP w/ 30% Quartz
Veins
Channel#13 2.00 20.10 Sericite altered QFP w/ 5% Quartz
Veins
Channel#15 2.10 3.10 Sericite altered QFP w/ 45% Quartz
Veins
Channel #16 14.90 0.97 Sericite altered QFP w/ 50% Quartz
Veins
Channel #20 30.00 0.91 Sericite altered QFP w/ 45% Quartz
Veins
Channel #21 3.80 1.89 Sericite altered QFP w/ 55% Quartz
Veins
Channel #22 11.80 2.46 Sericite altered QFP w/ 30% Quartz
Veins
Channel #27 4.200 1.56 Sericite altered QFP w/ 25% Quartz
Veins
Channel#28 4.600 3.29 Sericite altered QFP w/ 20% Quartz
Veins
Channel#41 2.800 13.11 Ankerite altered Mafic Volcanic w/
70% Quartz Veins
Channel#42 1.00 11.60 Ankerite altered Mafic Volcanic w/
60% Quartz Veins
Channel#60 7.20 0.67 Sericite altered QFP w/ 10% Quartz
Veins
Channel#92 5.30 0.78 Sericite altered QFP w/ 80% Quartz
Veins
Channel#94 5.70 20.00 Sericite altered QFP w/ 15% Quartz
Veins
Channel#110 2.00 1.14 Sericite altered QFP w/ 1% Quartz
Veins
Channel#119 2.00 1.67 Sericite altered QFP w/ 25% Quartz
Veins
Channel#121 1.80 8.31 Sericite altered QFP w/ 2% Quartz
Veins
Channel#122 1.90 1.45 Sericite altered QFP w/ 30% Quartz
Veins
Channel#123 7.00 2.16 Sericite altered QFP w/ 15% Quartz
Veins
Channel#131 1.30 2.84 Ankerite altered Mafic Volcanic w/
75% Quartz Veins
Channel#132 1.60 5.24 Ankerite altered Mafic Volcanic w/
30% Quartz Veins
Channel#133 1.60 8.90 Ankerite altered Mafic Volcanic w/
20% Quartz Veins
Channel#141 6.80 0.47 Sericite altered QFP w/ 15% Quartz
Veins
Channel#142 9.00 2.88 Sericite altered QFP w/ 70% Quartz
Veins
----------------------------------------------------------------------------
These results confirm historic grades from the St. Anthony mine area and
demonstrate widespread gold mineralization over a large area. In light of the
promising results from the channel sampling, a drill program of 3,000-4,000
meters of NQ diamond drilling is planned to be started by the company in
October. Initial mapping of the St. Anthony pluton has also demonstrated the
mineralized system continues at least an additional 300 meters to the NE from
the present detailed area. A preliminary map of the channel sample results, are
available on our website, www.pacificironorecorp.com.
St. Anthony's Gold Project:
The St. Anthony's Gold Project contains the largest past producing gold mine in
the Kenora-Patricia Mining District of Ontario. The original St. Anthony mine is
located in the Sturgeon Lake Greenstone geological Belt and produced 63,310 oz.
gold from 332,720 tons with an average recovered grade of 0.191 ounce gold per
ton.
Quality Control of Reported Results
The St Anthony's Gold project, exploration program is being undertaken pursuant
to the recommendations contained in the independent NI 43-101 report dated June
12, 2009 entitled "Technical Report on the St. Anthony and Best/King Bay
Properties" prepared by Mr. Graeme Evans, P. Geo. of Kamloops, British Columbia.
A copy of the 43-101 Technical Report is available under the Corporations
profile on SEDAR and can be accessed at www.sedar.com.
Mr. Graeme Evans, P. Geo of Kamloops, British Columbia, an independent
geological consultant, is the Qualified Person on the St. Anthony's Project
under the guidelines of NI 43-101. Mr. Evans oversees the completion of the
Technical Report and has reviewed and approved the technical disclosure
contained in this press release relating to that project.
The rock 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 were analyzed for 33 elements by induction
coupled plasma mass spectroscopy (ICP-AES) and for gold by ore grade fire assay
on a 50 g sample with atomic absorption spectroscopy (AA) finish.
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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