Click here to close now.


News Feed Item

Iron Creek Closes Acquisition of Five Exploration Properties in Chile with Minera Fuego Limitada, and Appoints Raymond Jannas to Board of Directors

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/22/14 -- Iron Creek Capital Corp. (TSX VENTURE: IRN) ("Iron Creek" or the "Company") is pleased to announce that it has closed the previously announced acquisition of five exploration properties prospective for gold, silver and copper, located in northern Chile, from Minera Fuego Limitada, ("Fuego"), a privately owned Chilean exploration company. Additionally, and as part of the agreement with Fuego, Raymond Jannas has been appointed to Iron Creek's Board of Directors.

Tim Beale, President of Iron Creek, commented: "We are pleased to have closed the previously announced deal with Minera Fuego that allows Iron Creek to significantly increase its property portfolio in several highly prospective mineral belts of northern Chile. This signifies another milestone for 2014 after the consolidation of the Company's shares and the successfully raising of approximately C$5.6 million in a private placement financing. The important San Guillermo property is complementary to our existing Las Pampas and Magallanes properties, and establishes Iron Creek as a major player in the important Paleocene mineral belt. These properties are low altitude, easily accessed, and are highly prospective for bonanza-style epithermal precious metals veins. Calvario-Mirador, San Valentino and Reina Hija all represent porphyry copper targets with significant untested potential, particularly for deeper hypogene copper centres. Bronce Weste has potential for mineralised veins, as well as a possible deep porphyry copper target.

The company will focus in the short term on reprocessing existing exploration databases in order to refine target models, complemented by limited additional surface exploration, prior to farming out the most attractive targets for third party investment and drill testing.

We are also delighted to welcome Raymond Jannas to our Board of Directors. Raymond will strengthen the board and bring significant knowledge and an important network of contacts to help support our efforts to continue growing Iron Creek."

About the Acquisition

Pursuant to a previously announced binding Letter of Intent (see the Company's news release dated May 6, 2014), a wholly owned Chilean subsidiary of Iron Creek has concluded the purchase and acquisition from Fuego of 100% of five mining concessions in northern Chile known as the San Guillermo, Calvario-Mirador, San Valentino, Reina Hija and Bronce Weste concessions (the "Concessions").

In consideration for the Concessions, Iron Creek has granted to Fuego a 2% Net Smelter Royalty on precious metals and a 1% Net Smelter Royalty on base metals mined from the Concessions (the "NSR Royalties"), and issued to Fuego 3,479,464 common shares, representing 9.9% of the issued and outstanding share capital of the Company. Iron Creek shall have the perpetual right to acquire 50% of each of the NSR Royalties on each property in consideration of a cash payment to Fuego of USD 5.0 million, on a property by property basis.

Additionally, the Company shall issue a further 1 million common shares to Fuego upon completion by Iron Creek of its first feasibility study regarding a project to be developed on any of the Concessions.

About the Concessions

San Guillermo comprises more than 24,000 hectares (Ha) of exploration and mining tenement located about 70 kilometers (km) southeast of Taltal within the Palaeocene Belt of northern Chile, a highly productive mineral belt containing numerous important gold, silver and copper mines and projects, including Yamana Gold's (TSX: YRI) El Penon and Fortuna mines. San Guillermo complements Iron Creek's 50,000 Ha Las Pampas property located some 100 km to the north that was optioned to Kinross Gold's (TSX: K) Chilean subsidiary in April 2014. The San Guillermo property also surrounds Yamana Gold's Amancaya project (currently subject to a sale agreement with Austral Gold Limited (ASX: AGD)), where several precious metals-rich veins have been drill tested. San Guillermo is mainly prospective for low-sulphidation epithermal precious metals veins similar to those found at Amancaya and El Penon. Previous exploration by Fuego, including approximately 46,000 m of drilling, has focused on several targets on the San Guillermo property. Numerous drill intercepts are reported, but much of the property remains unexplored.

Calvario-Mirador represents two targets separated by about 10 km of strike located about 83 km northeast of La Serena, along the southern extensions of the highly productive and prospective north Chilean porphyry copper belt. The northern Calvario porphyry Cu-Mo target (2,200 Ha) is situated along trend and approximately 100 km to the south of Teck's (TSX: TCK.A)(TSX: TCK.B) Relincho porphyry copper and molybdenum project. The Mirador porphyry Cu-Mo target (3,300 Ha) is centred about 10 km to the south of Calvario. Approximately 4,300 m of drilling at Calvario has cut weak secondary enrichment to date. No drilling has been carried out at Mirador.

San Valentino comprises 1,200 Ha of tenement and lies within the Central Chilean porphyry copper province, located in the region of Santiago, which hosts some of the most important copper deposits in the country. San Valentino is situated approximately 48 km south-southwest of Antofagasta Minerals' (LSE: ANTO) giant copper mine at Los Pelambres, and about 38 km northwest of Los Andes Copper Ltd.'s (TSX VENTURE: LA) Vizcachitas project. San Valentino represents a poorly eroded porphyry copper system, where a buried hypogene core is the main target. Peripheral auriferous silica ledges have been tested by approximately 1,600 m of drilling carried out by Fuego.

Reina Hija comprises 1,800 Ha of tenement located around the southern margins of the Queen Elizabeth porphyry copper exploration project of Anglo American (LSE: AAL), and along the northern extensions of the Domeyko Cordillera porphyry copper belt in northern Chile. Evidence for both low-sulphidation epithermal precious metals (Cerro Vilacollo) and hypogene porphyry copper (Diana) mineralisation exists on the property. The property is situated along trend and 120 km north-northwest of the giant Collahuasi copper mining district of Anglo American and Glencore (LSE: GLEN).

Bronce Weste totals 4,344 Ha and is located southeast of Los Vilos and immediately to the west of the El Bronce de Petorca Au-Ag-Cu mines (Cia. Minera Can-Can S.A.). A limited number of structural targets anomalous in Cu, Au and other elements have been tested by Fuego by almost 5,000 m of drilling. A very large, structurally controlled alteration zone on the property remains to be fully explored.

Appointment to the Board of Directors of Iron Creek - Raymond Jannas

As part of the agreement with Fuego, Iron Creek has appointed Raymond Jannas to Iron Creek's Board of Directors with immediate effect. Raymond, a Chilean national, brings a wealth of knowledge and experience to Iron Creek's board with over 33 years' experience in mining geology, exploration and business development with companies such as Hochschild Mining, Gold Fields, Metallica Resources and LAC Minerals. During his career, Raymond has headed discovery teams that led to the discovery of deposits such as Pascua-Lama and El Morro in Chile, and Choco 10 in Venezuela, as well as the acquisition of Cerro Corona in Peru. Raymond is currently a consultant to Fuego, President of his own consulting company, and is a director of Southern Legacy Minerals Inc. (TSX VENTURE: LCY). Fuego shall have the right to designate a member of the Company's Board so long as Fuego owns more than 5% of the Company's common shares.

Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent consultant, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.

About Iron Creek

Iron Creek Capital Corp. is a Vancouver-based exploration company focused on the acquisition and exploration of world-class mineral systems in Chile. The Company has assembled a portfolio of exploration projects prospective for gold, silver and copper mineralization.


Timothy J. Beale, President

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Iron Creek Capital Corp. Actual results may differ materially from those currently anticipated in such statement.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, foc...
The cloud has reached mainstream IT. Those 18.7 million data centers out there (server closets to corporate data centers to colocation deployments) are moving to the cloud. In his session at 17th Cloud Expo, Achim Weiss, CEO & co-founder of ProfitBricks, will share how two companies – one in the U.S. and one in Germany – are achieving their goals with cloud infrastructure. More than a case study, he will share the details of how they prioritized their cloud computing infrastructure deployments ...
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Data loss happens, even in the cloud. In fact, if your company has adopted a cloud application in the past three years, data loss has probably happened, whether you know it or not. In his session at 17th Cloud Expo, Bryan Forrester, Senior Vice President of Sales at eFolder, will present how common and costly cloud application data loss is and what measures you can take to protect your organization from data loss.
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, will provide an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet condit...
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
SYS-CON Events announced today that Spirent Communications, the leader in testing navigation and positioning systems, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Spirent Communications enables innovations in communications technologies that help connect people. Whether it is service provider, data centers, enterprise IT networks, mobile communications, connected vehicles or the Inte...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.