DGAP-News: Champion Minerals Drills 168.4 meters of 30.3% Iron on their New Discovery at Harvey-Tuttle Claim Blocks
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Drills 168.4 meters of 30.3% Iron on their New
Discovery at Harvey-Tuttle Claim Blocks
14.01.2011 / 13:53
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NEWS RELEASE
Champion Minerals Drills 168.4 meters of 30.3% Iron on their New Discovery
at Harvey-Tuttle Claim Blocks
- NI 43-101 Inferred Resource Estimates For Harvey Tuttle In-Progress and
are to be Released In February, 2011
- Over 12,000 metres of drilling intersects multiple significant iron
formation intervals
- Less than 50% of the kilometric scale magnetic anomalies at Harvey
Tuttle have been drilled tested to date
Toronto (Canada), January 13, 2011 - CHAMPION MINERALS INC. ('Champion' or
the 'Company') (TSX: CHM) (FSE: P02) today released the second series of
assay results from the completed 2010 diamond drill campaign at the
Harvey-Tuttle Claim Block ('Harvey-Tuttle') of the Fermont Iron Property
(the 'Property') in northeastern Quebec. Full assay results have been
received for all 54 drill holes completed at Harvey-Tuttle. Harvey-Tuttle
is immediately to the west and adjacent to Consolidated Thompson Iron Mines
Ltd.'s Lamêlée Property.
Significant assay results include a 168.4m drill hole interval with 30.3%
Total Iron and three other intervals more than 92m long and with over 32%
Total Iron. Among 26 drill holes, there are 10 intervals more than 35m long
and with over 30% Total Iron. A detailed table of the assay results can be
found in appendix A.
With all assay results received, Champion has commenced digital modeling of
the iron formation deposits and engaged P&E Mining Consultants Inc. to
develop a National Instrument 43-101 (NI 43-101)-compliant Mineral Resource
Estimate anticipated for completion in the first quarter of 2011.
The 2010 drill program is the first phase of drilling at Harvey-Tuttle,
where several kilometric scale targets were tested however over 50% of
magnetic anomaly responses at Harvey Tuttle remain to be drilled.
The forthcoming NI 43-101 Mineral Resource Estimate will be in addition to
the previously announced combined NI 43-101-compliant mineral resources*
totaling 603 million tonnes grading 29% Iron at the Bellechasse and Fire
Lake North Projects of the Fermont Iron Property.
Thomas Larsen, President and CEO of Champion, states, 'Positive results
from the Fire Lake North Preliminary Economic Assessment (released November
3, 2010) bode well for the rest of the portfolio of claim blocks in the
area, including Harvey-Tuttle, that generally have not been explored in
several decades. With the addition of NI 43-101 compliant Mineral Resource
Estimates at Harvey-Tuttle in Q1-2011, Champion is in the enviable position
of defining significant Mineral Resources at a time of growing iron ore
demand.'
* The current Mineral Resource estimates stated in the text above are NI
43-101-compliant and 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 and adopted by CIM Council December 11,
2005.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the
provinces of Quebec and Newfoundland and Labrador. The Company's projects
include the Fermont Iron Property in northeastern Quebec, the Attikamagen
Iron Property in northeastern Quebec and western Labrador, and the
Powderhorn/Gullbridge Base Metal Projects in central Newfoundland.
For further information please visit the Champion website at
www.championminerals.com.
The technical information in this news release was prepared, revised and
approved by Alex S. Horvath, P. Eng., Executive VP Exploration of the
Company and Jean Lafleur, P. Geo., Director and Technical Advisor to the
President and CEO of Champion. Both individuals are Qualified Persons under
NI 43-101 standards.
For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at (416) 866-2200.
Statements made in this news release that are not historical facts are
'forward-looking statements' and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
'forward-looking' statements.
APPENDIX A
Table of Assay Results: Mammoth Zone on the Harvey-Tuttle Claim Block, at
Champion Minerals' Fermont Iron Property
The following table contains final assay results from the 2010 diamond
drill campaign completed at the Harvey-Tuttle Claim Block of Champion
Minerals Inc.'s Fermont Iron Property in northeastern Quebec. A total of 54
drill holes totaling 12,396m have been completed at Harvey-Tuttle. Full
assay results have been received for all drill holes. The table highlights
new and previously released assay results of core intervals greater than
20% Total Iron over 25.0 m:
DDH# FROM TO LENGTH % TOTAL IRONNotes:
(m) (m) (m)
HT10-01 269.0 314.0 45.0 28.7
HT10-02 94.7 130.2 35.5 30.4
HT10-04B 56.8 128.8 72.0 25.4
258.6 302.5 43.9 28.2
HT10-06 41.6 121.6 80.0 22.4
237.9 273.7 35.9 32.6
HT10-07 43.0 277.0 234.0 26.7
incl. 43.0 211.4 168.4 30.3
incl. 74.2 167.4 93.2 35.6
incl. 107.4 135.4 28.0 40.7
HT10-08 22.0 57.0 35.0 24.5
HT10-09 12.5 48.6 36.1 32.8
74.7 101.9 27.2 31.0
HT10-12 89.9 111.6 21.8 22.4
HT10-13 3.45 227.50 224.05 21.6
incl. 23.30 70.04 46.74 27.0
HT10-14 51.90 79.50 27.60 22.4
HT10-15 1.24 121.0 119.76 28.4
incl. 35.26 113.00 77.74 31.0
HT10-17 1.50 38.40 36.90 20.8
HT10-18 6.53 98.68 92.15 22.9
HT10-19 39.3 132.0 92.7 34.4
HT10-21 2.0 142.73 140.73 29.5
incl. 42.00 138.00 96.00 32.2
incl. 42.00 118.00 76.00 34.1
HT10-23 38.80 85.65 46.85 27.8
117.90 164.26 46.36 21.8
incl. 117.90 150.20 32.30 25.1
HT10-25 179.00 260.50 81.50 26.7
incl. 179.00 239.00 60.00 30.8
HT10-28 0.75 31.00 30.25 22.5
HT10-32 82.35 131.50 49.15 30.7
HT10-33 101.0 133.36 32.36 29.3
HT10-36 62.3 92.0 29.7 28.7
HT10-38 183.5 211.0 27.5 23.3
HT10-39 25.5 375.75 321.45 20.6
incl 144.0 217.3 73.3 25.9
incl 277.6 365.0 87.4 23.1
HT10-41 1.2 168.0 166.8 28.6
HT10-42 0.3 165.37 165.07 23.6
incl 44.0 112.0 68.0 27.9
HT10-44 70.0 174.2 104.2 21.5
HT10-46 51.0 177.0 126.0 20.7
incl 51.0 143.0 92.0 23.5
HT10-48 221.0 255.25 34.25 24.6
HT10-50 27.25 121.08 93.83 21.9
incl 51.0 107.0 56.0 23.9
HT10-51 14.5 40.22 25.72 20.5
170.0 196.95 26.95 24.7
HT10-53 3.26 29.15 25.89 20.1
HT10-54 95.72 148.0 52.28 24.3
- Drill holes HT10-3, 5, 10, 29, 30 and 47 were abandoned in overburden
before intersecting the iron formations
- HT10-11, 16, 24B, 26, 27, 31, 34, 35, 37, 40, 43, 45 49 and 52 did not
intersect any significant intervals greater than 20% Total Iron over 20
m.
- Drill holes HT10-7 and 9 (shaded above) were previously released in May
2010.
- Core lengths are approximately equal to true width.
- Quality Assurance and Quality Control protocols are summarized below.
- Refer to the Champion website at www.championminerals.com for a
complete listing of the individual sample assay results.
Quality Assurance and Quality Control
All drill core logging and sample preparation was conducted by qualified
Company personnel under NI 43-101 standards at the Company's core logging
facilities located at the Company field camp south of Fermont (Quebec). The
NQ-sized drill core was split in half. One-half of the drill core was kept
in the core tray for reference purposes and the other half core was
individually bagged, tagged, sealed and packed in large nylon bags which
were then securely closed and sent by commercial ground transportation for
analysis to COREM laboratories in Quebec City (Quebec). Quality Assurance
samples including standards of certified reference material, coarse
duplicates, field duplicates, pulp duplicates and blank samples were
routinely inserted with the samples to monitor results. COREM also inserted
blank samples, standards and duplicates for Quality Control purposes.
End of Corporate News
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