DGAP-News: Champion Minerals Inc.: Champion Minerals Provides Activity Update - Nine Diamond Drills Currently Delineating Resources at Fermont Iron Ore Holdings
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals Inc.: Champion Minerals Provides Activity Update -
Nine Diamond Drills Currently Delineating Resources at Fermont Iron
Ore Holdings
11.08.2011 / 13:44
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Champion Minerals Provides Activity Update - Nine Diamond Drills Currently
Delineating Resources at Fermont Iron Ore Holdings
- Fire Lake North - drilling final hole of 26,000 m program initiated
after the last Mineral Resource Estimate (Nov 2010);
- O'Keefe-Purdy - 3 drills added in mid-July to commence a Phase 1
program totalling 10,000 m;
- Oil Can - 2 drills recently commenced an 8,000 m Phase 1 program;
- Midway - 1 drill recently started a Phase 1 program set for 3,000 m,
2nd drill to commence after finishing at Fire Lake North
- Moire Lake - 2 drills working to complete an expanded program totalling
9,600 m;
Toronto (Canada), August 11, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to provide shareholders with
an update of drilling activities at the Company's Fermont Property Holdings
in northeastern Quebec.
Fire Lake North
Champion has a total of nine drill rigs operating on its Fermont Projects.
At the flagship Fire Lake North Project, the final drillhole of the current
program is in-progress. The program comprised 57 holes, totalling 26,000 m
and has been ongoing since the November 2010 Mineral Resource Estimate and
Preliminary Economic Assessment (PEA). Resource modelling and estimation is
in-progress for the 'Don Lake' and 'East' areas, while the Company awaits
remaining assay results from the recently completed 'West Area' drillholes.
Based on preliminary in-house modelling of the new drilling results from
Fire Lake North, Champion expects to realize a significant increase to the
Project's National Instrument ('NI') 43-101 Inferred Mineral Resource
Estimate, currently estimated as 388 Million Tonnes (MT) grading 28.9%
Total Iron (FeT), as well as a reclassification of some Inferred resources
to the Indicated category. Early best-estimates point to increased in-pit
resources, reduced strip ratios for the East Area and West Area designed
pits, and to the potential feasibility of an open pit at Don Lake. An
updated Mineral Resource Estimate is scheduled for completion in Q3 to be
followed shortly thereafter by an update of the PEA.
O'Keefe-Purdy
In July, three additional drills were commissioned to start a 10,000 metre
diamond-drilling program at the Company's O'Keefe-Purdy Project. This Phase
1 drilling program is designed to validate and expand upon the Historical
Mineral Resource* estimate of 51 MT grading 37% FeT (MRNFQ Assessment File
GM31090, 1975). Results from Champion's airborne magnetic and gravimetric
surveys, rare bedrock exposures, and historic drilling results, indicate
that the O'Keefe-Purdy property is underlain by a convoluted, locally
thickened iron formation having an overall strike length of nearly 20 km.
Two drills have commenced validation-drilling on the historic O'Keefe Lake
Iron Occurrence while the third drill has begun exploration elsewhere on
the property. Iron formation intersections in the new drill core have been
dominantly specular hematite-rich, with lesser amounts of magnetite. Should
NI 43-101 compliant iron resources be identified at O'Keefe-Purdy, it could
provide suitable satellite feed to the Fire Lake North Project and
potentially enhance the economics of development.
Oil Can
Three of four drills originally at Fire Lake North have completed their
scheduled drilling. Two of these drills were deployed to the Oil Can
Project to commence a Phase 1 drill program totalling 8,000 m. Drill logs
from four historic drill holes on the property document iron formation
comprised of specular-hematite and magnetite (see Assessment Report
GM005486-B: http://sigeom.mrnf.gouv.qc.ca). Magnetic responses, outlined by
the Company's two recent airborne geophysical surveys, show the iron
formation to be complexly folded with structurally thickened zones having
potentially favourable geometries for open pit exploitation. The initial
5,000 m of drilling will evaluate the Project's mineral potential at widely
spaced intervals, and will be followed by 3,000 m of in-fill and down-dip
drilling to provide a better understanding of geometry.
Midway
The third drill from Fire Lake North was most recently deployed to the
Midway Project, as will be the fourth drill upon completion of the final
hole at the Fire Lake North West Area. The Phase 1 diamond-drilling program
at Midway is scheduled for 3,000 m; however, as at Oil Can, the initial
holes totalling 1,800 m, will be widely spaced and will be followed by
1,200 m of in-fill and down-dip drilling to provide a better understanding
of the sub-surface geometry.
All of Champion's Fermont Cluster 2 properties - namely, Fire Lake North,
Bellechasse, Harvey-Tuttle, O'Keefe-Purdy, Midway, Oil Can, Hope Lake,
Claire Lake and CasséLake - are within a reasonable distance to the Fire
Lake North Project to enable potential development of satellite resources
that might be conveyed to a centralized production complex developed at
Fire Lake North. It is for this reason that Champion remains dedicated to
exploring the Cluster 2 properties in order to identify which of them have
the potential for coarse grained specular-hematite mineralization and
prioritize the delineation of these more valued resources for sinter feed.
Champion will continue to further delineate the magnetite-rich resources at
other Cluster 2 projects for potential development as sinter / pellet feed
source.
Moire Lake (Cluster 1)
At the Company's Moire Lake Project, two drills are working towards
completing an increased drill program totalling 9,600 m. The initial 5,000
m program was increased to 7,600 m as a result of favourable results
obtained while validating the Historic Mineral Resources* (102 MT grading
31% FeT).at the Moire Lake Occurrence (MRNFQ Assessment File GM13035,
1963). The initial drill program included 2 holes to test a separate zone
of iron formation on the east side of the property, where recent
prospecting encountered outcrops containing specular-hematite and magnetite
iron formation in zones up to 40 m wide. An additional 2,000 m of drilling
has been scheduled to delineate the extent of iron formation along this
Eastern Trend at Moire Lake. The Company expects to provide an update of
assay results for recently completed drill holes at Moire Lake shortly.
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle - host a 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 Moire Lake Project adjacent to the
east of ArcelorMittal's Mont Wright Mine property. A Mineral Resource
estimate for the Moire Lake 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 forcompletion 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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Datum: 11.08.2011 - 13:44 Uhr
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