DGAP-News: Champion Minerals encounters further significantly long intersections of high-grade iron formation at the Oil Can Project, adjacent to its Fire Lake North Project, Fermont, Quebec
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals encounters further significantly long intersections
of high-grade iron formation at the Oil Can Project, adjacent to its
Fire Lake North Project, Fermont, Quebec
23.01.2012 / 14:00
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NEWS RELEASE
Champion Minerals encounters further significantly long intersections of
high-grade iron formation at the Oil Can Project, adjacent to its Fire Lake
North Project, Fermont, Quebec
- Drill hole OC11-04, from the North Zone, intersected 328.8 metres
grading 31.4% Total Iron, including 111.1 metres grading 32.8% Total
Iron, and 137.4 metres grading 27.7% Total Iron.
- Drill hole OC11-10, from the Central Zone, intersected 472.2 metres
grading 28.0% Total Iron, including 119.6 metres grading 35.2% Total
Iron.
- Drill hole OC11-11, from the North Zone, intersected 573.0 metres
grading 26.6% Total Iron, including 155.2 metres grading 32.5% Total
Iron.
- Drill hole OC11-16, from the Central Zone, intersected 311.4 metres
grading 27.6% Total Iron, including 269.0 metres grading 29.2% Total
Iron.
Toronto (Canada), January 23, 2012 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to provide assay results for
ten additional diamond-drill holes completed on the Company's Oil Can
Project ('Oil Can'), located immediately northeast, and contiguous with the
Company's flagship Fire Lake North Project in the Fermont Iron Ore
District, Quebec.
The ten holes were drilled in the North, Central and South Zones underlying
Oil Can on sections spaced approximately 400 metres apart (Figure 1). The
drill holes intersected fine- to medium-grained magnetite and hematite-rich
mineralization. Selected composite assay results from the Project to date
are summarized in Table 1.
North Zone
Five of the ten drill holes were completed on the North Zone, and represent
the first known reported iron formation intervals from this
2,700-metre-long, magnetite-hematite mineralized body, defined by a
'J'-shaped magnetic anomaly.
Drill hole OC11-11 completed on the 'stem' of the J-shaped anomaly,
intersected 573.0 metres grading 26.6% Total Iron ('FeT') that included
intervals of 155.2 metres grading 32.5% FeT, and a second interval 101.0
metres grading 29.3% FeT, in the lower part of this magnetite-rich
interval.
Drill hole OC11-04, cored in the 'trough' of the J-shaped North Zone,
intersected 328.8 metres grading 31.4% FeT that includes 111.1 metres of
hematite-magnetite mineralization grading 32.8% FeT and a magnetite-rich
iron interval of 137.4 metres grading 27.7% FeT, further down-hole.
Central Zone
The drill holes testing the 1,300-metre-long Central Zone continue to
return significant iron assay values across noteworthy widths.
Drill hole OC11-16 intersected 311.4 metres grading 27.6% FeT, including
269.0 metres grading 29.2% FeT. Drill hole OC11-10 intersected 472.2 metres
grading 28.0% FeT, including 119.5 metres of magnetite-rich iron formation
grading 35.2% FeT.
South Zone
The South Zone is defined by a 2,700-metre-long, crescent-shaped magnetic
anomaly. Drill hole OC11-17 intersected 161.0 metres of magnetite-hematite
mineralization grading 29.9% FeT at the eastern end of the zone.
Tom Larsen, Champion's President and CEO commented*, 'The Oil Can Project
continues to impress us with the continuity of iron grade and width across
each of the three large mineralized zones. The project is being
fast-tracked with baseline studies initiated and a Mineral Resource
Estimate planned for completion in Q1 2012. Additionally, Champion remains
focused on developing its Fire Lake North Project and we are continuing
with the Feasibility Program's definition and geo-technical drilling that
commenced in December 2011. Champion's National Instrument 43-101 compliant
iron ore resources, which currently exceed 2.2 billion tonnes, are expected
to increase dramatically in the coming months when the Mineral Resource
Estimates for the Oil Can and Moire Lake Projects are published.'
*Readers are cautioned that these comments contain forward-looking
statements that are not guarantees of future performance, and that actual
developments or results may vary materially from those stated herein.
Table 1 provides specifications for drill holes OC11-04, 06 and OC11-10 to
17, inclusive, with selected composite assay results included for holes
drilled on the three Oil Can mineralized zones.
TABLE 1 - SELECTED* COMPOSITE ASSAY RSULTS FROM OC11-04, 06 AND OC11-10 TO
17
HOLE-ID HOLE LENGTH AZIMUTH DIP
meters degrees degrees
North Zone
OC11-04 543,0 360 -45
includes
and
OC11-06 520,0 290 -45
OC11-09 474,0 325 -45
OC11-11 630,0 110 -45
includes
includes
OC11-12 320,0 310 -45
includes
OC11-13 480,0 140 -45
includes
OC11-15 399,0 180 -45
and
Central Zone
OC11-10 564,0 240 -45
includes
OC11-14 246,0 230 -45
OC11-16 249,0 50 -45
includes
OC11-18 180,0 60 -45
South Zone
OC11-17 288,0 225 -45
OC11-19 311,0 250 -45
HOLE-ID FROM TO INTERVAL** GRADE**** Selected Composite Assay Results are stated only for results recently
meters meters meters Total Fe%
North Zone
OC11-04 36,90 365,75 328,85 31,5
includes 36,90 148,00 111,10 32,9
and 389,76 527,21 137,45 27,7
OC11-06 268,61 455,50 186,89 25,4
OC11-09 no assays received
OC11-11 39,00 612,00 573,00 26,7
includes 146,48 301,69 155,21 32,6
includes 511,00 612,00 101,00 29,4
OC11-12 25,30 246,52 221,22 25,0
includes 107,20 236,08 128,88 28,7
OC11-13 22,87 437,00 414,13 25,1
includes 87,00 226,00 139,00 29,5
OC11-15 40,40 181,88 141,48 29,2
and 219,47 399,00 179,53 32,8
Central
Zone
OC11-10 60,00 532,21 472,21 28,0
includes 124,00 243,56 119,56 35,2
OC11-14 3,97 195,69 191,72 28,2
OC11-16 4,60 316,00 311,40 27,6
includes 17,00 286,00 269,00 29,2
No Assays. Hole abandoned in
OC11-18 Fault
South Zone
OC11-17 240,00 401,00 161,00 29,9
OC11-19
received. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral
zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.
Nineteen drill holes, comprising 8,435 total metres, were completed between
August 5th and December 11th, 2011 at Oil Can. Based on this, the Company
expects to deliver a National Instrument ('NI') 43-101 Mineral Resource
Estimate for Oil Can in Q1 2012.
Champion completed a total of 47,235 metres through drill programs at the
Oil Can, Fire Lake North, Moire Lake, O'Keefe-Purdy, Midway and Bellechasse
Projects in 2011 by utilizing up to nine drill rigs. The Company also
expects to deliver a NI 43-101 Mineral Resource Estimate for the Moire Lake
Project in Q1-2012.
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, Measured and Indicated mineral resources estimated at 400
Million Tonnes grading 30.6% FeT and Inferred mineral resources estimated
at 1.82 Billion Tonnes grading 25.4% FeT, at a 15% FeT cut-off1.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with
offices in Montreal and Toronto, 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 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, proximal to four
producing mines. Champion's team and advisory board includes mining and
exploration professionals with substantial iron ore expertise, needed to
effectively advance the Fire Lake North Project into production.
1 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 and subsequently June 30th, 2011. 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 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 (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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153636 23.01.2012
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champion-minerals-encounters-further-significantly-long-intersections-of-high
grade-iron-formation-at-the-oil-can-project
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fermont
quebec
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