Pacific Iron Ore Corporation is providing this update on diamond drilling on a number of advanced geological targets in the Port Renfrew, BC area. The objectives of this summers drilling program is 2 fold to expand the resources of the Bugaboo Creek high rade iron ore deposits and to examine additional targets previously outlined in the 2008 geophysics program.
Mr Jeffery Austin president of Pacific Iron Ore Corporation announced that as of the first of October, the Corporation has completed 13 diamond drill holes within the Bugaboo Creek area and 20 diamond drill holes on additional geological targets.
Mr Austin stated that "the Corporation is eagerly waiting complete assays results on the core samples and preliminary evaluations are very promising.”
The high grade Bugaboo iron deposits contain 7.8 million tonnes of high grade iron resources, as outlined by War drop Engineering Inc of Vancouver British Columbia. This resources estimate was based on drilling completed in 2008. Referring to diamond drill hole 09-05B which intersected 16 meters of virtually continuous massive magnetite mineralization approximately 40 meters south west of the previously modeled Upper Conqueror zone.
Mr Austin said that "The Corporation's internal assessment of the 2009 Program is that the previously identified resource should be increased once assay results are received. The Corporation also believes that diamond drill holes 09-02B, 09-06B, 09-07B, 09-08B, 09-09B and 09-10B have successfully intersected a high grade magnetite zone and identified at least one other mineralized zone in the Bugaboo Creek area. These intersections are outside the resources defined in the War drop resource modeling of the 2008 drill results. Aalthough the limits of this new zone have not yet been well defined, these new drill results, coupled with our regional mapping done earlier this summer will provide good insight to further refine our exploration efforts."
The Corporation announced that the recent drilling of a new geophysics anomaly in the area has encountered a probable layered mafic/ultramafic intrusive which contains disseminated magmatic sulphides consisting of pyrrhotite and chalcopyrite. Float from this area has previously yielded highly anomalous Ni, Cu and PGE values in an area that coincides with a large airborne magnetic high anomaly. This area had also been highlighted by previous soil sampling outlining areas of anomalous PGE values. Management accordingly believes this area may be prospective for nickel, copper and PGE elements. Though assays for 3 holes through this complex are pending, the Corporation believes this area will prove to be of significant interest in its 2010 drilling program.
