Snowden completed its 2011 fieldwork and geophysical surveys enabling the completion and delivery of an in-depth preliminary assessment on Ironwood’s Falcon Mine gold prospect.

Snowden recommends that the proposed models be tested with a next phase of exploration drilling.

The exploration work completed to-date suggests that the Falcon mine property has potential to host three types of economic mineralization.

It includes shallow volcanic hosted, low sulphidation, low grade mineralization (open pit); Deeper, volcanic hosted, Midas-type, low sulphidation high grade mineralization (underground); Deeper, sediment hosted, Meikle-type high grade mineralization (underground).

Ironwood’s CEO Bezhad Shayanfar said the company is actively engaging a number of resource-focused potential investors with the view to fund both the current exploration program at the Falcon Mine and potential future acquisitions.

Snowden Mining Industry Consultants P.Eng divisional manager Murray Lytle said the geophysical and sampling efforts undertaken resulted in very strong, coincident anomalies, which support models for three different mineralization styles including potential for sediment-hosted gold mineralization.

"Snowden has identified 18 drill-hole targets and strongly recommend a next phase of exploration to test the subsurface mineralization of the coincident anomalies and is optimistic about the potential for exploration success," said Lytle.