The Victoria property is located approximately midway between the world-class porphyry copper districts at La Escondida and El Salvador.
It is prospective for porphyry copper deposits and epithermal precious metals systems, and contains multiple targets.
Exotic copper mineralization (Picaron Exotic Copper target) has been discovered in a palæo-channel within a gravel-filled basin to the northeast of the Picaron porphyry copper target, tested by a total of 1,512m of reverse circulation drilling in 15 vertical holes.
The company has completed 1,703m of a planned 3,000m of diamond drilling in 4 holes at the Picaron porphyry copper target.
Alteration, mineralization and veinlet vectors seem to indicate increasing copper and molybdenum values at depth, Iron Creek said.
Current activitives at Victoria joint venture includes the additional daimond drilling of the Picaron porphyry target, focusing on alteration and mineralization vectors towards a potential porphyry copper deposit.
Iron Creek president Tim Beale said the detailed work being carried out by Hochschild at Picaron is indicating that the locus of the Picaron porphyry system has not yet been cut and likely occurs at depth.
"This exciting detective work by them, together with drilling currently underway, should help to confirm vectors towards the location of potentially higher grade mineralization,"said Beale.
