IROG

Like a long-forgotten $350-gold bracelet that's now worth $4,500, the long-forgotten Cobalt Canyon gold mine in southeastern Nevada, is now worth between $1.65 $3.33 billion dollars!

Records show that early, pack-mule prospectors took an estimated 1,250 ounces of gold from the District's in the early 1870s. Once the easy pickings were taken, activity more or less ceased.

But, between 1892 and 1895, the area got a second wind when it was surveyed by Rowley, et al.. It's estimated that the Chief Mining district produced another 2,000 ounces of gold between 1907 and 1953.

Then, as recently as 1985, the area was reevaluated by Homestake Mining and Barrick Gold whose more-sophisticated, geochemical and geological exploration indicated the presence of a substantial ore-body. At the time, however, the then-current gold prices did not justify recovery.

In December 2008 Ironwood Mining Corp acquired a privately-commissioned Canadian National Instrument 43-101-compliant report on the Cobalt Canyon, prepared by two experienced geologists, Clyde L. Smith, Ph.D., P.Eng. and David S. Smith M.S., M.B.A.

Both Smiths are what's officially termed as a Qualified Person (QP) as defined by Canadian National Instrument 43-101; both are independent and had no financial interest in the project nor in Ironwood Mining. The purpose of their certified report was to provide a totally independent review of the project. Some of the terms used in the report are technical, but nonetheless, every prospective investor would do well to consider. . .

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The project is located in high desert at an elevation of about 6,000 feet. Access to the project is good by paved highway and 4-wheel-drive gravel road. Outcrop exposures are good, and old mine workings are accessible throughout the project and in relatively good shape.

The Cobalt Canyon project is in a complex structural environment. Three generations of faulting have been identified, and the property is located near a number of large crustal features.

Judging from the era of past production and the oxidized mineralization seen on surface, we surmise that oxide ore would contain free gold and could be cyanide-leached. Sulfide ore could likely be processed in flotation cells that are readily commercially available.

The Cobalt Canyon project presents three types of mineralization for exploration:

High-angle vein mineralization, high-angle/detachment intersections, and disseminated porphyry mineralization.

All three types of mineralization could be potentially suited to bulk-tonnage, open-pit mining, principally for gold; favorable results could also give rise to a higher-grade underground operation in the high-angle or detachment intersection settings.

Although information is limited on this early-stage project and insufficient exploration has been done to define a mineral resource. . .

Cobalt Canyon appears to have potential for 1.5 million ounces of gold—and possibly considerably more—as either an open-pit or underground target.

Given the high grades in some samples—up to 1.16 opt Au, Cobalt Canyon appears to have potential for an underground mine. If this grade of mineralization extended deeper or farther along strike, the resource could approach 3 million ounces of gold.

You can view the complete Technical Report on the Cobalt Canyon at Ironwood's Website (www.ironwoodgold.com). I've gone through it myself, and I think the two geologists who prepared the report are probably leaning to the conservative side with their estimates.

Studies Scheduled for 2010 Could Indicate as
Much as $50.61 Worth of Gold for Each 75-Cent
Share of Ironwood Gold Stock!

In 2010, Ironwood Gold Corp. will begin an exploration program that will include verification of historical drill results by Homestake et. al, along with what miners refer to as "in-fill and step-out reverse-circulation drilling" to prove up the deposit to N.I. 43-101 resource estimate standards.

Additional deep drilling below the oxide levels to determine sulfide grades in the quartzites is also anticipated.

The exploration program of staking, mapping, sampling, and drilling is outlined in detail below.

What will all that work find? My opinion is that, at the very least, the serious exploration work that’s about to begin will confirm the estimate set forth in the Technical Report prepared by Messers Smith, that being that the Cobalt Canyon still has over 1 million ounces of recoverable gold.

Let me remind you that at $1,100 an ounce, a million ounces of gold is worth one billion (that's with a "B") dollars. I don't have to tell you what impact such an official confirmation would have on a stock that's trading around 75-cents!

And, I read with keen interest the section of the report in which the two certified geologists note . . ."the resources could approach 3 million ounces." If that proves the case, all bets are off! Because as I said earlier, 3 million ounces equates to $46 worth of gold per share of Ironwood stock!

And, I read with keen interest the section of the report in which the two certified geologists say that that. . .

If that proves the case, all bets are off! Because as I said earlier, 3 million ounces equates of $50.61 worth of gold per share of Ironwood stock!

My advice is not to wait until the exploration program begins. That, in itself, is going to attract attention and drive up the stock price. I'm urging my readers to buy Ironwood Gold (IROG: OTCBB) now while it's still below 75-cents. You might want to consider selling half when it gets to $2, but hang on to the rest for a significant profit.

Meanwhile, the Cobalt Valley is not Ironwood's only interest. While it wants to keep the exact locations secret, the company is also evaluating two additional promising gold properties in Nevada. Joint-venture agreements are possible whereby Ironwood would acquire 100 percent of these properties or some fraction thereof on an earn-in basis. All properties have documented previous exploration efforts including drilling, surface sampling and geochemical analysis by major precious metals miners.

Property A is also located in Nevada. Sixty federal mining claims are involved covering about 1,110 acres. Gold-bearing quartz veins hosted in granodiorite were discovered in 1914 in the district.

Evidence from historic underground mining of these veins, grading approximately one ounce per ton, attests to the presence of a mineralized system. Surface rock chip samples range up to 23 g/t Au. Other assay highlights include underground data which includes samples up to 130 g/t Au. Based on past sporadic exploration, Property A clearly demonstrates the potential for a significant gold-mineralized system.

The association of gold with quartz veins, their alteration mineralogy, geochemical association, structural controls and wider geologic setting provide evidence for the existence of both Fort Knox-style intrusion-related and epithermal-style mineralization.

Property B is a high-grade epithermal, bonanza-style gold-silver target. Past production in the Property B mining district includes silver, gold, and mercury. The property is within 35 km of the prolific Midas Au-Ag district. Several companies held claims in the area in the 1980’s and 1990s and conducted surface sampling and shallow drilling programs. The 1,640 acres of property consist of 82 unpatented U.S. federal mining claims in Nevada. Given the geologic features, surface-sampling results, and its location in gold-rich north central Nevada (and proximity and similarity to the Midas high-grade epithermal vein discoveries), the Property B has strong potential for the discovery of similar high-grade underground mineable, bonanza Au-Ag vein systems.

Ironwood is a well-run company with the kind of experienced people at the helm to guarantee shareholder value. Check out their backgrounds below and you'll quickly agree that these gentlemen would not be involved were they not convinced that Ironwood will become a hugely profitable company.

The company's geographically diverse management team combines world-class expertise in geology, mining engineering and global finance. All members of the Board are highly regarded by industry peers for their expertise in the engineering, geological and financial components of hard-rock precious metals production.

With a company lineup like that, I hope you can understand why I'm so keen on Ironwood Gold and that you'll give its stock (IROG:OTCBB) some serious consideration.

I also hope that my research on Ironwood will convince you to accept a specially-priced subscription to my newsletter, Intelligent Investor Report. As I said at the start. . .

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And don’t forget the stellar pick I’ve given you today! Ironwood Mining (IROG) could easily become my next big winner, and I urge you to take a position now.

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