Iron Creek provides an exploration update at its Victoria joint venture project, and agrees dilution with Hochschild mining
Monday, Dec 24, 2012
VANCOUVER, Dec. 21, 2012 /PRNewswire/ - Iron Creek Capital Corp. (TSXV: IRN - "Iron Creek") is pleased to provide an exploration update on recent work completed by Hochschild Mining Holdings Limited (HOC.L: "Hochschild"), the operators of the Victoria Joint Venture project. As a result of a recent cash call by the operators to Iron Creek, Iron Creek has declined the opportunity to contribute, and consequently will be diluted from its previously held 40% interest in the project, to 33.88%.
The Victoria Property - an outstanding 37km long land package along the Domeyko Fault Zone in northern Chile, located approximately midway between the world-class porphyry copper districts at La Escondida and El Salvador - is prospective for porphyry copper deposits and epithermal precious metals systems, and contains multiple targets.
Tim Beale, President of Iron Creek, comments: "Although the Victoria property remains highly prospective for both porphyry copper mineralization and precious metals mineralization, with a number of targets subject to ongoing exploration, and several other targets requiring future exploration investment, current market conditions dictate that Iron Creek must reduce its interest in the project in order to bring future financing commitments to a more manageable level."
SOURCE Iron Creek Capital Corp.