American Creek Resources Ltd (TSX-V: AMK) said it has discovered multiple massive magnetite seams and pods at its Ironmist Project in south central British Columbia. Preliminary drilling intersected broad intervals of magnetite mineralization in all seven drill holes, with three of them ending while still within magnetite-rich mineralized zones.
“It appears as if there is significant potential to greatly expand the size of this discovery and we are actively planning the next step", American Creek President and CEO, Allan Burton commented. "We are thrilled with this latest discovery. Adding an iron deposit to our portfolio wasn't something we expected but we certainly welcome it”.
Following a previous airborne geophysical survey, magnetic surveys and soil sampling revealed three well defined magnetic-high anomalies, which were associated with elevated vanadium and massive magnetite outcrops. Two of those magnetic anomalies, Ironmist measuring 240x300 meters and Iron Ridge measuring 650x250 meters, were drill-tested to determine the continuity of surface mineralization at depth.
Holes IM09-01 and IM09-03 were drilled in the middle part of the Ironmist anomaly. The mineralization in IM09-01 remained open, and included a 19.8m interval with iron ore grading an average of 28.7% iron oxide, 1.84% Titanium oxide and 0.21% Vanadium oxide. Similarly IM09-03 also ended in open mineralisation. On the western side of the Iron Ridge anomaly IM-09-04 to IM09-08 were drilled. IM09-08 was the third hole which ended in open mineralization, it included a 30m interval with 22.52% iron oxide, 1.99% Titanium oxide and 0.18 Vanadium oxide.
According to American Creek, the preliminary drill program not only confirmed significant magnetite mineralization at depth, but also indicates that several additional anomalies identified on the property may have the potential to host iron mineralization. The company now plans to conduct additional drilling to expand the known area of mineralization.
The wholly owned Ironmist Project is subject to an NSR (Net Smelter Royalty).