SCOTTSDALE, AZ--(Marketwire - 10/04/10) - Ironwood Gold Corp. (OTC.BB:IROG - News) (the "Company") today announced preliminary details regarding the encouraging completion of its initial exploratory drill program at the Cobalt Canyon gold property in Nevada.As previously reported September 13th, the Company set out to conduct exploratory drilling on the Cobalt Canyon property located in the Chief Mining District of Lincoln County, Nevada. The proposed drill program was originally planned to consist of six drill holes at a number of previously identified, and in some instances historically productive locations known as the Gold Chief, Soa, Contact, Old Democrat, Advance and Gold Stake Mines all located within the property boundaries.The Company is pleased to report that an actual total of 7 Reverse Circulation ("RC") drill holes totaling 3500 feet have been successfully completed at the property. From a preliminary perspective, Ironwood is encouraged with the overall results. All of the drill holes contained disseminated sulphides of pyrite, arsenopyrite, tetrahedrite, tennantite, rare native silver and sphalerite. All notable samples of interest have been shipped to the American Assay Laboratory in Elko, Nevada for a thorough analysis. As soon as the definitive assay results have been received they will be announced by the Company.Ironwood's VP of Exploration, Dr. Howard Lahti PH D., P. Geo., stated, "The RC drilling proceeded smoothly with over 3500 feet drilled. All the holes intersected strong mineralization and all targeted mineralized structures were tested. I am very satisfied by the preliminary results of the assays from the core drilling which indicate we intersected several silver mineralized fault zones in drill holes CC-10-01 and CC-10-02. The final depth for CC-10-01 was 500 feet. At 108 feet an eight foot section assayed up to 27.6 g/t silver. The hole cut long stretches of sulphide mineralization and intersected the main Soa Mine fault. At CC-10-02 the final depth reached 750 feet and was drilled to the west of the target. The best intersection was from 202.3 to 250 feet with 16.9 g/t silver and from 205 to 219 feet that assayed 39.5 g/t of silver. The RC drill hole reached the targeted fault. Drill hole CC-10-07 drilled the same target to the east to try to reach the rich gold mineralization that was historically mined at the Gold Chief Mine which produced an ounce per tonne of gold." Dr. Lahti went on to say, "I believe that the assays will contain economic concentrations of gold and silver."A brief summary of drill results are as follows.CC-10-03 was drilled to 555 feet in quartzite and is expected to show intersected gold from the upper part down to the target fault zone. Three composite rock chip samples taken near this hole assayed up to 23 g/t gold. The mineralized rock was also anomalous in arsenic, antimony, barite, cadmium, bismuth, copper, lead zinc and iron which suggests widespread movement of hydrothermal solutions that deposited economic grade gold and silver in the nearby Contact Mine.Drill holes CC-10-04, CC-10-05 and CC-10-06 were each drilled to a depth of 355 feet. The drill program was designed to test the mineralized structures found at the Old Democrat Mine and Advanced Mines as well as two structures south of the Lucky Hobo Mine and north of the Old Democrat Mine. In each instance variable amounts of disseminated sulphides of arsenopyrite and sphalerite were encountered. Both mines produced gold grades of between 0.50 and 0.75 ounces gold per tonne. The assay results will determine the concentration of gold and silver found in these locations.CC-10-07 -- The final depth was 495 ft. This hole was placed to intersect the main fault zone that was mined at the Gold Chief Mine. Near the bottom of the hole 3-5% arsenopyrite was encountered which is considered very encouraging as the mineral can indicate anomalous gold concentration. Although the target was intersected, Ironwood will determine if one or more additional holes will be drilled at a later date after the assay results have been received.The Company is satisfied that the preliminary findings to-date are so far consistent with the wealth of historical data including the independently authored 2009 N.I. 43-101 compliant report which ventured the opinion that Cobalt Canyon appears to offer the potential for 1.5 million ounces of gold -- and possibly considerably more. Ultimately, the Company's efforts are aimed at validating the project's ability to support the establishment of a viable commercial mining operation by accurately assessing gold/silver tonnages and grades across the claims.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. (OTC.BB:IROG - News)
Ironwood Gold Corp. is a mineral exploration and development company building a portfolio of prospective properties containing known deposits of strategic precious metals in politically stable, mining-friendly North American districts with recognized production histories.Notice Regarding Forward-Looking Statements
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 BOARDIronwood Gold Corp.
Behzad Shayanfar, CEO
- Ironwood Gold Corp.
- Ironwood Gold Corp.