SCOTTSDALE, AZ--(Marketwire - Feb 13, 2013) - Ironwood Gold Corp. (OTCQB: IROG) ("Ironwood" or the "Company") in the execution of its business plan to develop a high quality portfolio of exploration properties containing known deposits of gold wishes to elaborate on plans for the recently optioned Raquel 3 and 3B mining concessions encompassing 11,050.39 hectares (27,306 acres) located in the Alamos Mining district of Sonora, Mexico and known generally as the "San Bernardo Project."
As part of the agreement, Ironwood has received a previously commissioned (2009) N.I. 43-101 compliant Technical Report plus a separate 3D Induced Polarization ("IP") report (2008/2009) detailing known mineralization and key geologic features of the property. The report identified at least three skarn related mineralization zones with recommendations for a drill program and presented a preliminary list of proposed drill holes.
Ironwood CEO Behzad Shayanfar states: "The information we have received further validates the enormous potential of this recent acquisition by the company. The identification of target mineralization opportunities and recommendations for further exploration offers us a detailed roadmap that could permit us to move rapidly to the next level in the development of this exciting property."
The Induced Polarization ("IP") survey highlighted an anomalous chargeable body on the northern edge of the geophysical survey which includes the areas historically mined by Industrias Peñoles, S.A.B. de C.V ("Peñoles") which operated a portion of this site known as the El Gochico mine. The El Gochico grid indicates two interesting chargeability zones for further exploration detailing: the south-central and the northern zone. The south-central chargeability anomalous zone coincides with the known skarn mineralization associated with the El Gochico Mine workings that were worked by Peñoles.
As previously noted, the reserves at El Gochico in late 1981 were listed as 500,000 tonnes proven with 185 g/t Ag, 9.81% Zn, 0.51% Pb and .73% Cu as well as 301,000 tonnes of probable reserve @ 120 g/t Ag, 8.2% Zn, 0.36% Pb and 0.59% Cu and a Possible Resource of 1,412,000 tonnes was also reported. Mining production ended in mid-1985 when metal prices dropped and the mine closed. Up until then, mill production was recorded at 12,000 tonnes per month with a total production of 540,000 tonnes. The infrastructure includes roads, transmission line, drilling reports and mine development investments by Peñoles amounting to $17,000,000.00. This cost was recovered in the first 2.5 years of production.
As a result of the data from the 2008/2009 reports along with the historic data, the El Gochico zone is the first priority target area for drilling to confirm the known mineralization as well as to investigate a further chargeability feature at depth. Four drill holes were suggested from the geophysical report to test the chargeability anomalies.
Additionally, the northern chargeability zone is clearly an anomalous feature that should warrant further exploration entailing detailed geological work and may include a couple of drill targets into this chargeability feature. Within the same phase of work, geochemical work should be conducted in order to gain a greater grasp of the geological setting. These efforts could yield valuable information that may lead to the discovery of the geological system controlling the mineralization.
Additional geophysical ground work is indicated, including 3D IP to trace the northern anomalous trend to the southwest as it is still open. Geophysical methods such as Ground Magnetometry could aid in the structural setting of the region. It may prove prudent to conduct some downhole IP to provide deeper data to improve the overall investigation of the surface IP results.
Ironwood Gold Corp. reports it is currently assembling a team with the intent to combine and assess the geophysical, geochemical and geological data in order to move forward with the report recommendations towards the timely development of a drill program and other recommended activities.
The 2008/2009 reports cited above will shortly be available on the Company's web site at www.ironwoodgold.com.
Additional details regarding the Company and its agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information visit: www.ironwoodgold.com.
About Ironwood Gold Corp. (OTCQB: IROG)
Ironwood Gold Inc. is building a high quality portfolio of high probability exploration properties principally located in Nevada and Mexico which are historically prospective for gold and silver. For more information visit: www.ironwoodgold.com.
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This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Ironwood Gold Corp.
Behzad Shayanfar, CEO