American Creek assay results confirm promising iron ore targets on Ironmist Projectadmin
American Creek Resources Ltd. is pleased to report assay results from rock samples in preliminary exploration of the Ironmist Project (formerly the Goldmist Project), in south-central British Columbia, resulting in the discovery of several promising iron ore targets.
The program, which focused on a large magnetic anomaly identified in a previous airborne geophysical survey, resulted in the discovery of massive magnetite seams and pods, some of which exceeded 1 meter in width, with up to 15 meters of surface exposure. Magnetite disseminations, seams and rich pods appear to be associated with a skarn mineralization. The iron mineralization occurs as massive replacements and disseminations of magnetite in the contact of a complex gabbro-diorite intrusion and metasediments of the Harper Ranch formation (volcaniclastics and sedimentary rocks).
A ground magnetic survey (portable magnetometer) carried out in May and June, 2008, utilizing 25×25 meter sample intervals combined with soil samples, revealed three well-defined magnetic-high anomalies (see American Creek Resources Ltd., press release August 14, 2008) and a Vanadium anomaly in soil coincident with the main magnetic anomalies.
Two of the magnetic anomalies, Iron Mist (240×300 meters) and Iron Ridge (650×250 meters), were later surveyed with a portable magnetometer in a 5×5 meter spacing grid in order to define continuity of exposed magnetite-rich seams covered with overburden. The third anomaly, Irony (550×250), shows disseminated magnetite in a coarse-grained hornblende-diorite intrusion. Several other anomalies, smaller in size, were identified and have the potential to host iron mineralization.
The samples taken from the Ironmist anomaly (shown in Table 1) confirm production grade iron at surface along with Vanadium associated with the iron. Depending on logistics and other factors, iron can be minable at a 20% grade. Equally important were the relatively low amounts of titanium and phosphorous which can degrade the iron. Darren Blaney, C.O.O., stated: “The assays confirm that the iron content in the magnetite samples is a grade similar to many iron mines in production. The next step in defining an ore body will be to test the continuation of these grades at depth.” The Corporation has submitted a permit application to the Ministry of Mines for a contemplated fall drill program.
The Ironmist Property is located at the southern end of the Quesnel Trough (south-central British Columbia, Canada). This mineral-rich belt has produced more than 10 major past producing lode and placer mining camps totaling some $50 billion worth of metals at today’s prices. This area also has excellent infrastructure: not only is the Ironmist Property only 60 km from a major center (Kamloops, pop: 93,000) but a highway, railway, high transmission power lines, and river run through the property (4.5 km from drill targets). It is also relatively close to Canada’s west coast, with shipping access to world markets.
Raul Sanabria, M.Sc., EurGeol., is the “Qualified Person” for the purposes of National Instrument 43-101 for the Goldmist Project. Mr. Sanabria has reviewed the contents of this news release.
American Creek Resources Ltd. is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.