Pacific Iron Ore Corporation Announces Widespread Gold Values in Initial Diamond Drilling Results for the St Anthony's Project
January 07 2010 - 5:54PM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC) announces initial results from
the first six diamond drill holes 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. 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 Belt and
produced 63,310 oz. gold from 332,720 tons with an average recovered grade of
0.191 ounce gold per ton.
Update on St. Anthony Program
The work program has now halted due to inclement weather and the holidays with
initial work consisting of eight (NQ) diamond drill holes for a total (2862
meters). Drilling is planned to resume during the spring of 2010. Assay results
are now available for the first six drill holes, with the last two holes
remaining to be logged, split and assayed.
The initial drilling centered on the area around the original St. Anthony mine
site and consisted of holes, approximately 50 meters apart in sections to test
the quartz feldspar porphyry(QFP) stock. These drill holes span 300 metres of
strike length on the known St. Anthony's structure. Holes were drilled at a 105
degree azimuth with a -50 degree dip to test across the dominant quartz vein
set. The more significant results are summarized below:
From Interval
Hole # m's To m's m's Au g/t
SA-09-01 40.00 42.00 2.00 0.26
also 75.00 81.00 6.00 0.50
incl. 75.00 76.00 1.00 2.05
also 94.50 97.00 2.50 0.10
also 121.72 125.10 3.38 0.11
also 212.00 217.00 5.00 0.19
also 290.00 291.00 1.00 1.11
SA-09-02 54.00 62.00 8.00 0.30
incl. 54.83 55.60 0.77 2.36
also 84.00 85.00 1.00 1.74
also 132.20 136.00 3.80 0.38
incl. 132.20 132.98 0.78 1.65
also 178.00 183.00 5.00 0.11
also 190.00 202.00 12.00 0.34
incl. 190.00 191.00 1.00 3.40
also 215.00 217.39 2.39 1.31
incl. 216.86 217.39 0.53 5.37
also 285.00 286.00 1.00 4.17
SA-09-03 10.57 13.86 3.29 0.12
also 65.00 80.00 15.00 0.79
incl. 65.00 74.00 9.00 1.19
incl. 65.00 71.74 6.74 1.53
incl. 66.00 65.00 1.00 8.52
also 89.00 91.00 2.00 0.10
also 125.00 127.00 2.00 0.14
also 158.00 163.00 5.00 0.30
incl. 159.00 160.00 1.00 1.05
also 186.00 211.00 25.00 0.11
incl. 198.00 206.00 8.00 0.28
incl. 205.00 206.00 1.00 1.63
also 311.00 313.56 2.56 0.48
also 376.00 396.00 20.00 0.22
incl. 386.00 392.00 6.00 0.52
incl. 386.00 387.00 1.00 1.39
incl. 390.00 391.00 1.00 1.14
SA-09-04 61.00 71.00 10.00 0.11
also 93.00 119.00 26.00 0.18
incl. 93.00 94.00 1.00 2.22
also 146.00 175.00 29.00 1.29
incl. 162.00 173.00 11.00 3.33
incl. 162.00 163.00 1.00 35.5
also 224.00 233.00 9.00 3.99
incl. 224.00 229.00 5.00 7.16
incl. 224.00 225.00 1.00 35.4
also 243.00 246.00 3.00 1.31
incl. 244.00 245.00 1.00 3.79
also 305.00 307.00 2.00 0.23
also 325.00 349.00 24.00 0.17
incl. 332.00 333.00 1.00 3.30
also 359.00 386.18 27.18 0.76
incl. 359.00 360.00 1.00 16.05
incl. 371.00 372.00 1.00 1.28
incl. 373.00 374.00 1.00 1.38
SA-09-05 13.81 20.00 6.19 0.16
also 35.00 47.00 12.00 0.11
also 90.00 95.00 5.00 0.14
also 106.00 109.65 3.65 0.38
also 148.00 156.00 8.00 0.12
also 189.00 203.00 14.00 0.22
incl. 196.00 198.00 2.00 1.00
also 217.00 227.00 8.00 0.24
incl. 217.00 219.00 2.00 0.80
also 232.20 245.00 12.80 0.40
incl. 232.20 233.36 1.16 2.48
also 255.00 262.00 7.00 0.14
also 268.50 270.00 1.50 0.33
also 276.00 287.00 11.00 0.26
incl. 277.00 280.00 3.00 0.62
also 296.00 298.00 2.00 0.26
also 333.00 337.00 4.00 0.24
also 344.00 346.56 2.56 0.12
SA-09-06 3.00 8.00 5.00 0.78
incl. 5.00 6.00 1.00 3.53
also 15.00 20.00 5.00 0.25
also 54.00 57.00 3.00 0.12
also 68.00 267.00 199.00 0.44
incl. 79.50 174.00 94.50 0.71
incl. 79.00 88.00 9.00 4.09
incl. 79.50 80.49 0.99 36.00
incl. 131.00 144.00 13.00 1.17
incl. 141.00 144.00 3.00 4.52
incl. 141.00 142.00 1.00 13.00
incl. 167.00 175.00 8.00 1.27
incl. 171.00 175.00 4.00 2.43
incl. 173.00 174.00 1.00 9.11
incl. 194.00 195.00 1.00 1.91
incl. 208.00 218.00 10.00 0.82
incl. 212.60 216.00 3.40 2.19
incl. 212.60 213.50 0.90 7.32
also 283.20 286.00 2.80 0.15
also 309.00 310.00 1.00 0.44
also 327.00 329.00 2.00 0.12
also 388.00 391.00 3.00 0.15
also 400.00 401.42 1.42 0.80
These results confirm both widespread low-grade gold values and localized high
grade gold values in the area. The drilling encountered extensive sericite
altered QFP with variable quartz veining over the entire lengths of the holes
and extended the St. Anthony pluton well to the east of the expected surface
limits. This opens up a large area of untested mineralization east towards
Couture Lake and has confirmed mineralization is not restricted to the historic
#1 zone trend.
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 compliant 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. Independent
QA-QC protocol was used on the program using a combination of blanks, standards
and duplicates.
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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