DGAP-News: Champion Minerals' drilling at Fire Lake North nears completion and continues to delineate high-grade zones of coarse-grained, specular hematite-rich mineralization
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals' drilling at Fire Lake North nears completion and
continues to delineate high-grade zones of coarse-grained, specular
hematite-rich mineralization
03.08.2011 / 14:30
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NEWS RELEASE
Champion Minerals' drilling at Fire Lake North nears completion and
continues to delineate high-grade zones of coarse-grained, specular
hematite-rich mineralization.
Toronto (Canada), August 3, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to announce assay results
recently received for diamond-drill holes completed at the Fire Lake North
Project. Highlights of assay results from nineteen new holes are detailed
in Table 1, including eight holes drilled in the proposed East Pit area
('East Area'), five holes drilled in the proposed West Pit area ('West
Area'), and six holes drilled in the Don Lake area ('Don Lake').
The definition drilling at both the East and West designed pit areas
continues to intersect wide intervals of iron formation containing distinct
zones of high-grade, coarse-grained, specular hematite-rich mineralization.
Drilling at the East Area is complete with 27 holes added since the last
Mineral Resource Estimate and Preliminary Economic Assessment (PEA) Report,
published in 2010. Drillhole FLN11-61 intersected 262.8 m grading 32.4%
Total Iron (FeT) and is interpreted to have been drilled partially down-dip
into the upper (western) limb, and subsequently passed through the
thickened fold hinge, of a westward dipping, overturned synform, cored by
iron formation. Further south, Drillhole FLN11-57 intersected 65.5 m
grading 26.3% FeT in the upper (western) limb of the same synform.
Drillhole FLN11-56, located on the same section, intersected 52.0 m grading
32.1% FeT in the lower (eastern) limb of the overturned synform. Geological
modelling of the East Area has commenced, with assay results pending for
three remaining drill holes in this area.
At the West Area, the latest phase of drilling is nearing completion, with
4 drill rigs completing their current holes. Drillhole FLN11-60 intersected
120.70 m grading 26.3% FeT, including an interval of 87.8 m grading 34.6%
FeT, in the eastern limb of the synform. Geological logging of drill hole
FL11-76, completed on the same section, intersected both the upper
(eastern) and lower (western) limbs indicating that the synform is
overturned to the east. Sampling and assay results are pending for
drillhole FL11-76.
Drilling at Don Lake is complete, with 16 holes drilled during 2011.
Geological modelling of the Don Lake zone is complete and resource
modelling has commenced. The drilling at Don Lake was designed to outline
additional iron resources with the objective of establishing a third
potential open pit on the Fire Lake North Property.
The re-interpreted fold geometry and additional potential resources
generated from the results of the 2010-11 definition drilling at the East
and West Areas are expected to produce significantly differing pit shells
and final pit designs from the 2010 model. The new pit designs will likely
contain increased in-pit resources and reduced strip ratios, which in turn
will positively impact the Project Economics that are expected in the
forthcoming PEA update, scheduled for completion by the end of Q3-2011.
Table 1. Significant Results from Recent Diamond-Drilling at the Fire Lake
North Project
Area HOLE-ID AZIMUTH DIP TOTAL DEPTH FROM
metres metres
East Pit FLN11-56 50 -65 335 103.25
FLN11-57 50 -60 350 259.70
FL11-59 45 -75 281 169.93
FL11-61 230 -55 473 125.00
FL11-63 50 -70 428 360.97
FL11-65 50 -60 485 287.97
and 417.39
FL11-70 50 -55 471 222.32
and 333.52
FL11-71 50 -65 551 476.41
West Pit FLN11-58 230 -45 261 178.70
FL11-60 255 -50 327 196.20
includes 229.12
FL11-62D 105 -46 349 160.75
and 248.27
including 266.32
FL11-64 270 -55 183 138.40
FL11-66B 95 -45 327 185.68
Don Lake DL11-15 200 -47 349 196.17
and 281.60
DL11-16 215 -60 301 122.55
DL11-17 215 -60 293 114.47
DL11-18 210 -75 389 221.34
and 356.40
DL11-19 210 -80 272 208.76
DL11-20 35 -70 176 62.0
Area HOLE-ID TO INTERVAL Fe_TotalAssays pending for Holes FL11-64B, FL11-67, FL11-68 and FL11-69
metres metres Fe%
East Pit FLN11-56 155.20 51.95 32.1
FLN11-57 325.23 65.53 26.3
FL11-59 205.32 35.39 29.6
FL11-61 387.79 262.79 32.4
FL11-63 391.62 30.62 30.9
FL11-65 333.53 45.56 31.9
and 456.81 39.42 26.7
FL11-70 244.00 21.68 31.8
and 374.61 41.09 29.3
FL11-71 542.23 65.82 29.0
West Pit FLN11-58 213.10 34.40 25.6
FL11-60 316.90 120.70 26.3
includes 316.90 87.78 34.6
FL11-62D 180.51 19.76 35.1
and 308.70 60.43 26.3
including 308.70 42.38 31.5
FL11-64 183.00 44.60 27.3
FL11-66B 208.59 22.91 29.5
Don Lake DL11-15 231.00 34.83 25.8
and 299.55 17.95 22.6
DL11-16 156.00 33.45 21.1
DL11-17 140.80 26.33 26.3
DL11-18262.88 41.54 27.8
and 369.99 13.59 26.3
DL11-19 244.16 35.40 30.9
DL11-20 126.0 64.00 20.6
Intervals are down-hole core lengths and not true widths.
In Q4-2010, Champion initiated a proposed 17,500 m program of infill
definition drilling at Fire Lake North following positive results published
in the November 2010 NI 43-101 Mineral Resource Estimate and PEA report. By
2010 year end, 5,500 m of drilling had been completed and the proposed
program was increased to 20,000 m. As of the end of July, 2011 a total of
24,885 m had been drilled at Fire Lake North and the total proposed program
increased to 26,300 m. The additional metres of drilling were required to
delimit the maximum resources and favourable fold geometry of the
mineralization for open pit mine design.
Once all drilling is completed and assay results are available, Champion
will update the current Inferred Mineral Resource Estimate, which was
calculated in the November 2010 PEA as 388 Million Tonnes (MT) grading
28.9% FeT.
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle - host combined NI 43-101
compliant Inferred Mineral Resources currently estimated at 1.55 Billion
Tonnes grading 25.4 % FeT, at a 15% cut-off. The Company recently announced
positive results from drilling at the Lac Moire Project adjacent to the
east of ArcelorMittal's Mont Wright Mine property. A Mineral Resource
estimate for the Lac Moire Project is anticipated in Q3-2011. Seven of
Champion's remaining fourteen Fermont properties contain combined
Historical Mineral Resource Estimates* totalling 620 MT grading 31% Total
Iron.
An ongoing, fully-funded, 60,000+ m diamond-drilling program that will
investigate nine of Champion's Fermont properties is scheduled for
completion in 2011-2012.
About Champion Minerals Inc.
Champion Minerals is an exploration and development company focused on
discovering and developing significant iron ore resources, particularly 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); the Attikamagen
Iron Property in Quebec and Labrador, and the Powderhorn / Gullbridge
base-metal Project in central Newfoundland.
* Historical Mineral Resources are from Paquet, 1963 (MRNFQ Assessment File
GM 13035) (see press release date February 15, 2011). All Historical
Mineral Resources outlined in the text are non-compliant to NI 43-101
Mineral Resources and Mineral Reserves standards, and should therefore not
be relied upon. A Qualified Person has not done sufficient work to upgrade
or classify these Historical Mineral Resources as current NI 43-101
compliant Mineral resources. 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
and adopted by CIM Council December 11, 2005.
The technical information in this news release was reviewed and approved by
Bruce Mitton, P. Geo., VP Exploration of the Company and a Qualified Person
under NI 43-101 standards.
For further information please contact Thomas G. Larsen, President and CEO,
Jorge Estepa, Vice-President, and Salisha Hosein, Director, Investor
Relations at (416) 866-2200.
Please visit Champion's website at www.championminerals.com
Statements made in this news release that are 'forward-looking statements'
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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