CALGARY, Jan. 12, 2012 /CNW/ - Pacific Iron Ore Corporation (TSX.V: POC) is pleased to provide an update on the fall 2011 prospecting and
trenching program on the St. Anthony gold property. Results for samples
have been received and are now complete. 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.
Pacific Iron Ore Corporation is actively seeking partners to option the
St. Anthony's project to fund further exploration and earn an equity
position in the St. Anthony's project.
Successful drill campaigns in 2009 and 2010 focused on the historic St.
Anthony mine area but a number of historic occurrences are reported
over a much larger area on this large property and were the target of
the fall 2011 prospecting program. Many of the showings have not been
located since the early 1900's and typically had historic grades
reported of 0.5-2.0 opt Au range. The 2011 prospecting and trenching
program covered a larger portion of the north end of the property and
has located numerous old pits, trenches and shafts, many not previously
reported. At least two main mineralized structural corridors have been
identified with this program, commonly associated with QFP sills and
dykes. Limited trenching demonstrates good continuity to quartz veins
over several hundreds of meters of strike in the structural zones. The
QFP sills and dykes host mineralization at the St. Anthony mine area
and are believed to be regionally significant to gold mineralization.
In 2011, 605 rock samples were collected and of these 152 samples
assayed greater than 0.10 g/t Au, with 14 samples assaying greater than
10.0 g/t Au.
A new mineralized structural corridor named the "Lucky Bones Zone" has
been traced for 6.0+ km's of strike length with widths of 200-400
meters along the mafic volcanic- Lewis Lake batholith contact, and
remains open for testing for an additional 7 km's to the south.
Numerous east dipping shear zones are present and contain mineralized
volcanic rocks and quartz veins commonly over individual 8-10 meter
widths. A large number of historic shafts, trenches and pits were
located along this trend. From north to south sampling demonstrates
good gold grades comparable to historic values such as the Bucksaw area
where sampling and trenching returned values ranging up to 24.1 g/t Au
in grab samples. Higher grades are commonly in quartz veins but altered
and sulphide bearing mafic volcanic commonly carry high gold values up
to 16.2 g/t Au and enhance the target size and continuity. Limited
trenching in the Bucksaw area returned channel samples averaging 4.80
g/t Au over 4.0 m's and 5.67 g/t Au over 3.0 m's. The Bucksaw trend was
clearly traced into the Dawson White area a further 1.4 km's to the
south. A small prospecting program conducted by Emeraldfields (the
predecessor company to Pacific Iron Ore) had returned some high grade
gold values from a number of showings in 2005 including: 399.39 g/t Au
from the Dawson White area and 380.72 g/t Au from the Camp vein.
Prospecting in 2011 located a number of historic trenches an additional
400-600 meters south of the Dawson White with gold grades up to 12.95
g/t Au in grab samples. This corridor is somewhat unusual containing
significant amounts of silver and copper associated with gold
mineralization with values up to 149 g/t Ag and routinely 0.5-1.0% Cu.
Prospecting uncovered additional pits in shear zones a further 2.5 km's
south of Dawson White which returned gold values up to 19.6 g/t Au in
grab samples from an undocumented occurrence.
The main mineralized structural corridor containing the St. Anthony Mine
area is called the "Couture Zone" and in 2011 was intermittently
prospected along Couture Lake, which limits exposure. This series of
north-northeast striking shear zones was prospected along a 10.0 km
strike length and has a total width of close to 1.0 km. An abundance of
altered and mineralized QFP sills and dykes similar to St. Anthony
occur within this structural zone and have not been previously
Several islands 1.0-2.0 km's NE of St. Anthony contain numerous old
workings on several structural zones. These zones returned a number of
gold values including 58.1g/t Au and 73.7 g/t Au in grab samples. A
further 4.0 km's northeast grab sampling returned values up to 6.6 g/t
Au in the North Couture Lake showing area. The presence of widespread
high gold values over large areas of the property demonstrates the
un-tested gold potential of the project, which will require additional
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. Pacific Iron Ore Corporation
is actively seeking partners to option and explore the St. Anthony
project area, with the objective of outlining gold resources.
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.
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 believes 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.
Neither the TSX Venture Exchange nor its Regulation Services Provide (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pacific Iron Ore Corporation
For further information:
For further information please refer to the Corporation's profile on SEDAR which can be accessed at www.sedar.com, visit our website at www.pacificironorecorp.com or contact:
| Todd Montgomery, Chief Executive Officer |
Telephone: (403) 228-0607
Facsimile: (403) 262-4860
| Jeffery Austin, President |
Telephone: (250) 763-4892
Facsimile: (403) 265-2887
| Leonard Cornez, Chief Financial Officer |
Telephone: (403) 218-0294 or 1-866-682-5812
Facsimile: (403) 265-2887