Pacific Iron Ore Corporation Increases Iron Resources and Updates the Bugaboo Creek Iron Ore Project
February 01 2011 - 4:49PM
Marketwired Canada
Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that inferred
resources have nearly doubled to 14.3 million tonnes grading 60 percent
recoverable magnetite (Fe3O4) within in the Bugaboo Creek iron deposits. A
cut-off of 20 percent magnetite was used in the determination of this resource.
The corporation is advancing the Bugaboo Creek deposits with the corporate goal
of exporting approximately 2 million tonnes per year of iron concentrate to
steel producers within the Pacific region. Additional exploration is required to
meet these proposed production targets.
An updated resource estimate has been completed by Wardrop, a Tetra Tech Company
(Wardrop), under the direction of Klaus Triebel, CPG. Mr. Triebel is a Qualified
Person ("QP") for purposes of NI 43-101, is an employee of Wardrop, and
independent from Pacific Iron Ore Corporation as described in section 1.4 of NI
43-101.
Pacific Iron Ore Corporation reported a resource estimate of 7.8 million tonnes
in late 2008 and the current revision of resources to 14.3 million tonnes is
based on drilling completed in 2009 and 2010. In 2009, the corporation drilled
16 holes, totaling approximately 4700 metres and in 2010, the corporation
drilled 32 holes of totaling approximately 9100 metres.
The aforementioned resources are contained within five zones. These zones are
typically 200 to 300 metres in lateral extent and 20 to 40 metres in thickness.
Results are summarized in the following table.
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Zone Tonnage(i) Grade Density
Mt % Fe3O4 g/cc
----------------------------------------------------------------------------
Upper Conqueror 3,967 54 3.57
Lower Conqueror 4,863 63 3.81
Daniel 3,043 64 3.83
Deep Zone 2,237 58 3.67
Mishael 214 59 3.68
Total 14,324 60 -
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(i) reported tonnages are inferred under NI 43-101
It is expected that additional drilling will increase the resources within the
Bugaboo Creek project, current Bugaboo Creek exploration costs for a tonne of
high-grade iron resource is in the range of $0.55 per tonne. The Mishael zone,
Lower Conqueror zone and the Deep zone are considered open to expansion of their
respective resources. These resource estimates are considered preliminary in
nature.
The deposits are considered high-grade and are typical of a skarn iron deposits,
and iron mineralization is associated with the contact between intrusive
diorites and limestone formations. These deposits are located approximately 11
kilometres from Port Renfrew on the west coast of Vancouver Island.
Analysis of sample material from the drilling program on the Bugaboo Creek
project was completed by ALS Chemex of North Vancouver, B.C., with high grade
iron samples(greater than 20 percent Fe) being analyzed by the University of
British Columbia for magnetically recoverable iron content.
Pacific Iron Ore Corporation has initiated baseline environmental studies to
ensure that permit timelines are not compromised. This work is currently being
managed by Allnorth Consultants of Vancouver, and includes surface water quality
evaluation, meteorological and hydrological data collection as well as site
planning.
Preliminary grinding test work has been completed by G&T Metallurgical Services
of Kamloops, B.C., evaluating four mineralized zones for work index
determination.
Corporate Direction and Strategy
Pacific Iron Ore Corporation is dedicated to the development of its strategic
mineral deposits, located in the Port Renfrew area of Vancouver Island, British
Columbia, as well as, in the Kenora area of Ontario.
Jeffrey B. Austin, P.Eng. is the qualified person for Pacific Iron Ore
Corporation and responsible for the content of this news release.
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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