DGAP-News: Champion Minerals Inc.: Champion Minerals Announces Resource Estimate of High-Grade Specular Hematite/Magnetite-rich Iron Zones at Moire Lake Project
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Inc.: Champion Minerals Announces Resource Estimate
of High-Grade Specular Hematite/Magnetite-rich Iron Zones at Moire
Lake Project
30.03.2012 / 10:09
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NEWS RELEASE
Champion Minerals Announces Resource Estimate of High-Grade Specular
Hematite/Magnetite-rich Iron Zones at Moire Lake Project
Indicated Resources -164 million tonnes grading 30.5% Total Iron
Inferred Resources - 417 million tonnes grading 29.4% Total Iron
Toronto (Canada), March 29, 2012 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to announce results of a
Mineral Resource Estimate completed on its Moire Lake Project ('Moire Lake'
or 'the Property') located in Cluster 1 of Champion's Fermont Iron Holdings
in north-eastern Quebec. The Property is situated immediately east of
ArcelorMittal's Mont Wright Mine, and is 8 kilometres south of existing
railway and other infrastructure.
Results from twenty-one (21) diamond drill holes completed by Champion in
2011 were used to model the iron formation deposit and calculate the
current Mineral Resource Estimate for a zone historically referenced as the
'Lac Moire Occurrence' (COGITE Occurrence # 23B/14-0014; GM-28079). The
iron mineralization at Moire Lake is specular hematite and magnetite-rich
with distinct lower-grade zones defined along the wall rock contacts. The
deposit has a bowl-shaped geometry and has been delineated to the western
limits of the Property. Geological and geophysical evidence indicates that
the mineralization continues westward onto ArcelorMittal's Mont Wright
property.
The current Mineral Resource Estimate for the Moire Lake Project (Table 1)
was completed by P&E Mining Consultants Inc. of Brampton, ON.
Table 1 - Mineral Resource Estimate*Total Iron
High Grade Zones (at) 15% cut-off Tonnes '000s FeT%*
Indicated Resources 164,000 30.53
Inferred Resources 417,127 29.35
Low Grade Zones (at) 10% cut-off
Indicated Resources 20,889 18.42
Inferred Resources 119,711 17.68
The current Mineral Resource estimates were calculated using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions.
Mineral resources, which are not mineral reserves, do not have demonstrated
economic viability. The mineral resource estimate may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
The quantity and grade of estimated Inferred Resource reported herein are
uncertain and there has been insufficient exploration to categorize them as
an Indicated or Measured Resource. It is uncertain if further exploration
will result in reclassification of Inferred Mineral Resources to the
Indicated or Measured Mineral Resource categories.
P&E utilized a $1.00 Cdn/US exchange rate, a mining cost of $1.85/Tonne and
$9.21/Tonne for the processing, G&A, and freight costs. The process
recovery, estimated to be 82%, and an Iron ore price of $1.85/dmtu were
used to complete the Whittle pit optimization with 49 degree overall slopes
to estimate the in-situ Mineral Resources. Table 2 presents the results of
the In-Pit Optimized Mineral Resource Estimate at the same cut-off grades
for the High and Lower Grade zones and demonstrates the economic
sensitivity of the resource estimates by indicating the quantity of the
mineral resources that may be potentially economically exploited within the
optimized pit shell.
Table 2 - In-Pit Optimized Mineral Resource EstimateResults of the In-Pit Optimization demonstrate that nearly 100% of the
High Grade Zone (at) 15% cut-off Tonnes '000s FeT%
Indicated Resources 163,926 30.53
Inferred Resources 416,892 29.35
Low Grade Zones (at) 10% cut-off
Indicated Resources 20,889 18.42
Inferred Resources 119,517 17.68
mineral resources might be potentially economically exploited.
The Global Mineral Resource Estimate and In-pit Optimized Mineral Resource
Estimate presented in each of Table 1 and Table 2 respectively, include
Mineral Resources only within the limits of the Property. The Optimized Pit
Shell that was generated, however, extends beyond the current western
Property boundary and includes only overburden and waste rock in this
extension.
For comparison purposes, a second In-Pit Optimization was completed
constraining not only the resources but the limits of the entire Pit Shell
to within the limits of the Property. Table 3 presents results of the
In-Pit Optimized Mineral Resource Estimate at the same cut-off grades for
the High and Lower Grade Zones within a Pit Shell constrained to the
Property limits.
Table 3 - Constrained In-Pit Optimized Resource EstimateThe results in Table 3 indicate that a portion of the resource would likely
High Grade Zone (at) 15% cut-off Tonnes '000s FeT%
Indicated Resources 128,408 30.40
Inferred Resources 305,153 29.07
Low Grade Zones (at) 10% cut-off
Indicated Resources 17,595 18.59
Inferred Resources 95,549 17.78
not be exploited if the pit shell is constrained to the Property limits.
The High Grade Zone resource would be reduced from the 164 MT Indicated and
417 MT Inferred to 128 Mt Indicated and 305 MT Inferred.
Champion did not complete any drilling in 2011 on the 4 kilometre,
'Northeast Trend' magnetic anomaly underlying the eastern part of the Moire
Lake Project. Outcrops of specular hematite-rich iron formation in
exposures up to 40 m across were identified along the Northeast Trend and
provide a significant exploration target to potentially delineate
additional iron resources.
Tom Larsen, Champion's President and CEO commented, 'The highly successful
2011 Moire Lake drilling program has delineated Mineral Resources for the
Project over 5 times greater than historical estimates and potentially
sufficient to support a stand-alone operation. The results warrant a
Preliminary Economic Assessment anticipated to be commissioned in the near
future. Moire Lake's close proximity to existing rail and other
infrastructure may offer a unique opportunity to fast-track development of
this Project'.
Tom Larsen further stated, 'Current Mineral Resource Estimates on 4 of our
17 Projects in the Fermont Holdings now total 2.8 Billion Tonnes. The
initial Mineral Resource Estimate for the Oil Can Project is expected in
Q2-2012 and will potentially increase the total resource base
significantly. Clearly this underscores the future growth potential for the
Company. We continue to focus our efforts in 2012 on completing the
Feasibility Study at our flagship FireLake North development project. '
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, four of which -
Fire Lake North, Bellechasse, Harvey-Tuttle and Moire Lake - host combined
estimates of current Measured and Indicated Iron Mineral Resources
totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling
2.2 Billion Tonnes.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with
offices in Montreal and Toronto, and is focused on developing its
significant iron ore resources in the provinces of Quebec and Newfoundland&Labrador. The Company's projects include: the Fermont Holdings in Quebec,
jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd.
(17.5% interest); and a 49% interest in the Attikamagen Iron Property in
Quebec and Labrador. Champion's Fermont Holdings, including the flagship
Fire Lake North Project, are located in Canada's major iron ore producing
district, in close proximity to three producing mines. Champion's team and
advisory board includes mining and exploration professionals with the mine
operations experience to build and commission the Fire Lake North Project
and bring it into production.
The technical information in this news release was reviewed and approved by
Bruce Mitton, P. Geo., Vice-President Exploration of the Company and Tracy
Armstrong, P. Geo. of P&E Mining Consultants, each a Qualified Person under
NI 43-101 standards.
For further information please contact Thomas G. Larsen, President and CEO,
Jorge Estepa, Vice-President at (416) 866-2200.
Please visit Champion's website at www.championminerals.com
Statements made in this news release that are 'forward-looking statements'
are not historical facts. Readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results may vary materially from those stated herein.
End of Corporate News
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Datum: 30.03.2012 - 10:09 Uhr
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News-ID 130253
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