Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

September 24, 2009 16:30 ET

Pacific Iron Ore Corporation High Announces High-Grade Gold Channel Sample Results and Plans to Begin Diamond Drilling on the St Anthony's Project

CALGARY, ALBERTA--(Marketwire - Sept. 24, 2009) - Pacific Iron Ore Corporation (TSX VENTURE:POC) announces additional channel sample results with respect to the St. Anthony's Gold project. 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.

Update on St. Anthony Program
The detailed channel sampling and geological mapping of the St. Anthony mine area has been completed with all assays received by the company. The channel sampling was limited by outcrop exposures and was designed to sample at right angles to the quartz veins. A total of 143 channel cuts of variable lengths were completed with a total of 750 individual channel samples taken across a total of 734.5 linear meters. This sampling tested exposures along a strike length of 450 meters and a width of up to 250 meters. This work indicates that gold is far more extensive than narrow veins in the historic #1 zone. The more significant results are summarized below:

Channel Composite #Width (m)Gold (g/t)Rock Unit
Channel #13.00 1.49Sericite altered QFP w/ 5% Quartz Veins
Channel #33.00 1.89Sericite altered QFP w/ 30% Quartz Veins
Channel #63.50 1.22Sericite altered QFP w/ 20% Quartz Veins
Channel #910.80 6.17 Sericite altered QFP w/ 20% Quartz Veins
Channel #127.50 17.94Sericite altered QFP w/ 30% Quartz Veins
Channel#132.00 20.10Sericite altered QFP w/ 5% Quartz Veins
Channel#152.10 3.10Sericite altered QFP w/ 45% Quartz Veins
Channel #1614.90 0.97Sericite altered QFP w/ 50% Quartz Veins
Channel #2030.00 0.91Sericite altered QFP w/ 45% Quartz Veins
Channel #213.80 1.89Sericite altered QFP w/ 55% Quartz Veins
Channel #2211.802.46Sericite altered QFP w/ 30% Quartz Veins
Channel #274.2001.56Sericite altered QFP w/ 25% Quartz Veins
Channel#284.6003.29Sericite altered QFP w/ 20% Quartz Veins
Channel#412.80013.11Ankerite altered Mafic Volcanic w/ 70% Quartz Veins
Channel#42 1.0011.60Ankerite altered Mafic Volcanic w/ 60% Quartz Veins
Channel#607.200.67Sericite altered QFP w/ 10% Quartz Veins
Channel#925.300.78Sericite altered QFP w/ 80% Quartz Veins
Channel#945.7020.00Sericite altered QFP w/ 15% Quartz Veins
Channel#1102.001.14Sericite altered QFP w/ 1% Quartz Veins
Channel#1192.001.67Sericite altered QFP w/ 25% Quartz Veins
Channel#1211.808.31Sericite altered QFP w/ 2% Quartz Veins
Channel#1221.901.45Sericite altered QFP w/ 30% Quartz Veins
Channel#1237.002.16Sericite altered QFP w/ 15% Quartz Veins
Channel#1311.302.84Ankerite altered Mafic Volcanic w/ 75% Quartz Veins
Channel#1321.605.24Ankerite altered Mafic Volcanic w/ 30% Quartz Veins
Channel#1331.608.90Ankerite altered Mafic Volcanic w/ 20% Quartz Veins
Channel#1416.800.47Sericite altered QFP w/ 15% Quartz Veins
Channel#1429.002.88Sericite altered QFP w/ 70% Quartz Veins

These results confirm historic grades from the St. Anthony mine area and demonstrate widespread gold mineralization over a large area. In light of the promising results from the channel sampling, a drill program of 3,000-4,000 meters of NQ diamond drilling is planned to be started by the company in October. Initial mapping of the St. Anthony pluton has also demonstrated the mineralized system continues at least an additional 300 meters to the NE from the present detailed area. A preliminary map of the channel sample results, are available on our website, www.pacificironorecorp.com.

St. Anthony's Gold Project:
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 geological Belt and produced 63,310 oz. gold from 332,720 tons with an average recovered grade of 0.191 ounce gold per ton.

Quality Control of Reported Results
The St Anthony's Gold project, exploration program is being undertaken pursuant to the recommendations contained in the independent NI 43-101 report dated June 12, 2009 entitled "Technical Report on the St. Anthony and Best/King Bay Properties" prepared by Mr. Graeme Evans, P. Geo. of Kamloops, British Columbia. A copy of the 43-101 Technical Report is available under the Corporations profile on SEDAR and can be accessed at www.sedar.com.

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 oversees the completion of the Technical Report and 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.

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.

 

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.

Contact Information

  • Pacific Iron Ore Corporation
    Todd Montgomery
    Chief Executive Officer
    (403) 228-0607
    (403) 262-4860 (FAX)
    or
    Pacific Iron Ore Corporation
    Leonard Cornez
    Chief Financial Officer
    (403) 218-0294 or 1-866-682-5812
    (403) 265-2887 (FAX)
    or
    Pacific Iron Ore Corporation
    Jeffery Austin
    President
    (250) 763-4892
    (403) 265-2887 (FAX)
    www.pacificironorecorp.com