VANCOUVER, Dec. 4, 2012 /CNW/ - SIERRA IRON ORE CORP (the "Company") is pleased to announce that it will submit two representative samples each comprising of 30 kilos of ore from a new prospective zone. The samples will be comprised of 10 kilo samples that will be collected from 3 holes with a minimum of 10 meters between each sample hole. The samples will be sent to two independent labs for testing at the direction of two major smelters in China. The objective of the metallurgical testing is to determine the polymetallic grade of the two samples.
In addition, as previously announced on September 28th, 2012, the company is collecting samples from the El Veinte Zone for metallurgical testing. The company expects to report an update on the El Veinte sample shortly. The decision to collect a sample and to conduct metallurgical testing on the El Veinte Zone is based on the previous results announced on August 27th, 2012 whereby the Company reported the first assay results from its core drill program. The results of the initial eight drill holes included six holes intersecting significant iron bands grading 30% iron ore or greater. The initial assay results of the six holes are highlighted by more than 66 meters of 30% iron or better including more than 33 meters of 45% iron or better.
"The new prospective zone is believed to host a significant resource of polymetallic grade and this sample and metallurgical testing is the first step to determining the potential for future development," stated Wally Boguski, President and CEO. "The Company is excited to begin sampling and testing on a 2nd prospective zone and we look forward to announcing the results after the samples have been fully processed."
Mr. Ruben Verzosa, P. Eng., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release.
About Sierra Iron Ore
Sierra Iron Ore is a growth focused mineral exploration company creating value through the exploration and development of the El Creston property located in the Sinaloa State of Mexico. The company has a continual fieldwork program at the El Creston Property that is comprised of drilling, mapping, sampling and planning for further property development. Roads have been built and upgraded as well as equipment has been mobilized for further developing the known iron ore mineral zones identified by recent exploration work.
Sierra Iron Ore is currently finalizing an option agreement to acquire up to an 80% interest in a highly prospective iron ore property (the "Mazomique Property") comprising of one concession covering an area of 3,055.27 ha near the northeast boundary of Sinaloa and Chihuahua states. The Mazomique property has excellent infrastructure to transport drill equipment and heavy machinery with an existing 25km partly sealed and all weather gravel road from the city of Choix.
Sierra Iron Ore also is 100% owner of the Tom Cat property which is located 200 kilometres east-northeast of Vancouver and within the historic Aspen Grove copper camp. The property is comprised of eight contiguous mineral claims covering an area of 3,142 hectares. Geologically, the Property predominantly covers the central facies of Triassic volcanic and lesser sedimentary rocks of the Nicola Group.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Sierra Iron Ore Corp. which may cause actual results, performance or achievements of Sierra Iron Ore Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management
SOURCE: Sierra Iron Ore Corporation
For further information:
Corey Safran, Investor Relations, at 609-228-0595, or by email at [email protected].