|By Marketwired .||
|January 22, 2014 06:02 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/22/14 -- Pacific Iron Ore Corporation (TSX VENTURE: POC) is pleased to announce the results of recent drilling completed on their Best/Kings Bay and St. Anthony properties in Northwestern Ontario. A total of seven drill holes were completed this past fall, totaling 942 metres.
Five holes were drilled on the St. Anthony Property approximately 500 metres south of the historic Dawson-White shaft, to test the extent of the veining in the area. Each hole drilled tested the mafic volcanic-granodiorite contact, and contained several porphyry and vein intervals, with varying intensities of shearing present across all lithologies. Visible Gold was encountered in three of the five holes with values up to 27.7 g/t over 0.5 meters.
Two holes were also drilled on the Best/Kings Bay Property to test several SP (Self-Polarization) geophysical anomalies. Interstitial pyrrhotite scattered throughout hole AB-01 accounts for the SP anomalies in that area, however, the anomalies that hole AB-02 was designed to test remain unexplained.
Table 1 - Significant Drilling Results
--------------------------------------------------------------------------- Length Hole No. Area Description From (m) To (m) (m)(i) Au g/t --------------------------------------------------------------------------- DW-01 Dawson-White Mafic volcanic with quartz stringers 10 10.7 0.7 1.195 --------------------------------------------------------------------------- DW-02 Dawson-White Patchy white quartz veins in mafic volcanic 12.45 13 0.55 0.702 Thin quartz vein with visible gold 127.65 127.95 0.3 11.05 Thin quartz vein in granodiorite 152.7 153 0.3 2.88 --------------------------------------------------------------------------- DW-04 Dawson-White Opaque white quartz vein in mafic volcanic 60.5 61.5 1.55 0.86 Including 60.5 61.5 1 1.115 Opaque quartz vein in silicified porphyry 65.8 66.8 1 15.58 Including 65.8 66.3 0.5 27.7 And 66.3 66.8 0.5 3.46 Quartz flooding in granodiorite 75.45 75.8 0.35 1.02 --------------------------------------------------------------------------- DW-05 Dawson-White Translucent vein with visible gold 65.3 65.7 0.4 11.05 Several quartz veins in sheared mafic volcanic 70.9 73.3 2.4 7.33 Including 71.25 72 0.75 3.26 And 72 72.4 0.4 17.25 And 72.4 73 0.6 2.6 And 73 73.3 0.3 21.8 ---------------------------------------------------------------------------
(i)Length refers to drilled length; true widths have not been determined.
Pacific Iron Ore's 8,816 hectare (51 mining claims) St. Anthony property includes the St. Anthony mine - historically the largest gold producing mine in Ontario's Kenora - Patricia Mining Division. The St. Anthony claim group is located along the eastern shore of the north arm of Sturgeon Lake within the Sturgeon Lake Greenstone Belt. The Best/Kings Bay Property is comprised of 752 hectares (3 mining claims and 14 leases) and is contiguous to the St. Anthony Property.
The rock samples were provided to ALS Chemex, an ISO 9001 and ISO 17025 accredited facility located in Thunder Bay, Ontario, for analysis and processing. The samples taken were analyzed for 51 elements by aqua regia digestion with induction coupled plasma mass spectroscopy (ICP-AES), and for gold by Trace Level fire assay on a 30 g sample with induction coupled plasma mass spectroscopy (ICP-AES) finish. Samples over the detection limit were re-assayed using a gravimetric finish, and samples containing visible gold were sent for pulp metallic analysis, screened to 100 microns with a gravimetric finish. An independent QA-QC protocol was used on the program consisting of a combination of blanks and standards.
Change of Directors
Pacific Iron Ore Corporation is pleased to announce that Mr. Alexander S. Harvey has been elected to the board of directors effective November 13, 2013. Mr. Harvey is an Edmonton businessman and the President of The ASH Corporation. Mr. Harvey serving as a director remains subject to TSXV approval.
The Company also announces the retirement of Mr. Todd Montgomery and Mr. Brent Walter from the board of Directors. Mr. Montgomery has left the board to pursue other business commitments but remains a significant shareholder and supporter of the company. Mr. Walter has also retired from the board to focus on his law practice but remains a significant shareholder and will remain the Corporation's solicitor.
The Board of Pacific Iron Ore Corporation wishes to thank Mr. Montgomery and Mr. Walter for their contributions and expertize to the board since the company became a public entity and wishes both of them every success in the future.
Neil Pettigrew, M.Sc., P.Geo., Vice President of Fladgate Exploration Consulting Corporation, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
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 Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of his release.
Pacific Iron Ore Corporation
R. A. N. Bonnycastle
(403) 265-2887 (FAX)
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