Pacific Iron Ore Corporation Continues to Intercept High-Grade Gold on the St Anthony's Project
December 06 2010 - 4:20PM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC) is pleased to provide an update
and results for the first five holes from the 2010 phase 2 diamond drill program
whose purpose is to follow up and expand results obtained in the 2009 program.
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. A successful 2009 drill program returned both narrow high grade gold
values as well as wider potential bulk tonnage intersections previously released
(May 6, 2010).
Previously reported hole SA-09-07 returned 54.0 meters of 1.73 g/t Au
demonstrating the bulk tonnage potential of this area. The first five holes of
the 2010 program are now complete and results are available. The higher gold
values are reported here and include:
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Hole no. From(m) To(m) interval g/t Au
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SA-10-01 103.00 104.00 1.00 4.92
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131.00 132.00 1.00 6.27
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177.00 179.00 2.00 2.42
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SA-10-02 41.00 42.00 1.00 0.81
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81.00 83.00 2.00 1.68
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238.00 240.00 2.00 0.82
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260.00 261.00 1.00 1.80
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420.00 421.00 1.00 2.02
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467.00 468.00 1.00 2.21
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SA-10-03 115.00 150.00 35.00 0.45
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147.64 149.00 1.36 8.19
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SA-10-04 No Significant Gold Values
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SA-10-05 129.00 335.00 206.00 0.50
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129.00 134.00 5.00 1.71
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130.85 133.00 2.15 3.79
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145.00 146.00 1.00 14.75
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189.00 190.00 1.00 32.70
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215.00 219.00 4.00 0.74
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279.00 283.00 4.00 1.69
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312.00 313.00 1.00 11.1
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The 2010 drill program is designed to assist with obtaining a better understand
the gold distribution within the St. Anthony's stockwork. Two of the holes
returned significant gold values over large intercepts. Hole SA - 10- 03
returned 35 metres of 0.45 grams of gold per tonne and hole SA- 10 - 05 returned
206 metres of 0.50 grams of gold per tonne. A majority of the gold continues to
be contained in high-grade, narrow intercepts, the density of these intercepts
controls the overall grade of these longer intercepts.
Drilling is ongoing with the drill presently on the 11th hole of the program and
additional results are pending.
Corporate Direction and Strategy
Pacific Iron Ore Corporation is dedicated to the development of its strategic
mineral deposits, located in the Port Renfrew area (iron resources) of Vancouver
Island, British Columbia, as well as, in the Kenora area (gold resources) of
Ontario. With the success of the previous exploration and the existence of
sufficient capital resources to undertake additional exploration activities in
2010, the Corporation is well-positioned to continue its exploration efforts.
The St. Anthony's project is a highly prospective past-producing gold mine with
the potential to become a significant gold resource through exploration efforts.
Pacific Iron Ore Corporation remains committed to moving the St. Anthony's
project forward.
Quality Control of Reported Results
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 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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