Attached files
| file | filename |
|---|---|
| 8-K - Ironwood Gold Corp. | v209924_8k.htm |
| EX-10.1 - Ironwood Gold Corp. | v209924_ex10-1.htm |
Exhibit
99.1
Ironwood
Gold Signs Agreement for Falcon Mine Gold Property in Carlin Trend,
Nevada
Exploration
of Falcon Mine Becomes “Top Priority” for 2011
SCOTTSDALE,
AZ--(Marketwire - 02/02/11) - Ironwood Gold Corp. (OTC.BB:
IROG) (the “Company”) is pleased to announce the acquisition of a highly
prospective gold-silver project known as the Falcon Mine Property with the
signing of a 2-year lease agreement which includes an earn-in Joint Venture
agreement option.
The
property consists of 6 patented claims and 60-100 newly staked claims that join
the patented claims on which the mine is situated. The property is located in an
area bordered by claims held by major global mining operators at the northern
end of the Carlin Trend gold belt, the most prolific gold producing area in the
USA and the 2nd most productive gold region in the world.
The
property is an ideal gold-silver exploration target as none of the latest
geophysical and geochemical techniques have been previously used to identify
potential silver-gold mineralized zones beyond those already historically
documented. Very limited drilling has been subsequently undertaken and no deep
holes have been drilled to test for deep seated gold-rich Carlin type
mineralization generally found in the lower plate rocks.
Ironwood’s
initial work plan includes evaluating the high grade 2-5 foot thick silver vein
mineralization to identify if occasional pockets of anomalous gold represent
enough high grade ore reserves for exploitation. However, the main focus will be
to identify deep seated geophysical or structural targets that may reflect
Carlin-type gold mineralization and to test them by drilling core and/or RC
holes. As part of these efforts, Ironwood will undertake to have an independent
43-101 report prepared on the property as soon as possible.
The
property is located near the confluence of Rock Creek and Dry Creek on the west
side of Nevada’s Tuscarora Mountains approximately 15 miles from the mining
town of Midas. The Falcon mine was discovered over 100 years ago and remained
relatively unproductive because gravity or amalgamation separation processes
were never employed and the remote area was far from rail access to a
smelter.
A silver
deposit was discovered in 1876 and initially two 300 foot shafts called the
Falcon and Scorpion were sunk to access the high grade silver vein. By 1901 over
$10 million in gold and silver ore had been produced from the mine. In 1965 the
mine owner at the time produced a 30 lb. vein sample that assayed at 1403 g/t
silver (94.3% recovery) and 0.3 g/t gold. The ore had accessory arsenic and
antimony mineralization commonly associated with gold mineralization. In 1975
Phelps Dodge briefly worked on the property including some drilling. However,
they did not test the Falcon mine at depth.
Dr.
Howard Lahti, Ironwood’s VP of Exploration, stated, “I’m looking forward to
developing a comprehensive exploration program that will include the most modern
and effective geophysical and geochemical surveys and to do detailed geological
mapping that will define the best gold-silver targets. Based on historical data,
known geological trends and information gleaned from published regional efforts,
we believe the Falcon Mine presents all the early signatures of a significant
find, and as such, warrants becoming perhaps the biggest part of our efforts for
2011.”
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)
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. For more information visit: www.ironwoodgold.com.
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 BOARD
Ironwood Gold
Corp.
Behzad
Shayanfar, CEO
Contact:
Investor
Information:
Red Oak
Communications, Inc.
Phone:
1-888-356-4942
Email:
info@ironwoodgold.com
Web:
www.ironwoodgold.com