DGAP-News: Champion Minerals Inc.: Champion Minerals Completes Phase 1 Feasibility Definition Drilling Program at Fire Lake North Project
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals Inc.: Champion Minerals Completes Phase 1
Feasibility Definition Drilling Program at Fire Lake North Project
22.06.2012 / 09:51
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NEWS RELEASE
Champion Minerals Completes Phase 1 Feasibility Definition Drilling Program
at Fire Lake North Project
Toronto (Canada), June 21, 2012 - CHAMPION MINERALS INC. (TSX: CHM; OTCQX:
CPMNF; FSE: P02) ('Champion', or the 'Company') is pleased to announce the
completion of the Phase I Feasibility Definition Drilling program on its
wholly-owned flagship Fire Lake North Project, in the Fermont Iron Ore
Mining District of Quebec. Over 22,000 metres (m) of definition drilling
has been completed since early January 2012 in the East and West pit areas.
The 2012 drilling was focused within the proposed West area designed pit
limits and the East area starter pit as outlined by the November 2011
Preliminary Economic Assessment (PEA).
In the West pit area, over 17,000 m of definition drilling has been
completed since the PEA and defines the underlying iron resource within a
tight, overturned synform. The synform is gently east-dipping at the south
end of the deposit and rotates from east-dipping through a vertical
position and into a moderately west-dipping orientation at the north end of
the deposit. With the exception of one cross-section, the limbs and fold
closure hosting the specular hematite mineralization remains open down-dip
along the deposit's entire 3,500 m strike length.
The feasibility drilling program has outlined specular hematite iron
mineralization in the West pit area with approximate true widths varying
from 100 to 200+ m and beyond the limits of the PEA designed pit. Drill
holes FW12-24 (section 9800N) and FW12-15 (section 9700N) each contained
substantial near true width intersections ranging from 30.3% Total Iron
(FeT) over 167 m to 34.2% FeT over 226 m, respectively. The near true width
intersections indicate the iron formation dips are shallowing in this area
at vertical depths of less than 350 meters and remain open down-dip
extending beyond the west wall of the PEA designed pit (see Table 1 and
Figures 1 and 2).
Table 1: Fire Lake North 2012 Selected1 Composite Assay Results
Secti Leng Interv1 Selected Composite Assay Results are stated only for selected results
Hole # on th Azimuth Dip From To al2 Grade3
metr degrees degre metr metr
es TN es es es metres FeT%
FW12- Pendi
42B 9500N 724.5 95 -58 142.3 155.9 13.6 ng
208. Pendi
and4 76 724.5 515.74 ng
FW12- 203. 805.
21B4 9600N 805 100 -60 15 00 601.85 40.54
103.
FW12-15 9700N 440 110 -65 82.36 80 21.44 20.60
145. 371.
and 70 70 226.00 34.19
161.
FW12-22 9800N194 85 -55 66.54 82 95.28 33.69
113. 137.
FW12-24 9800N 402 100 -70 28 38 24.10 26.59
185. 352.
and 50 50 167.00 30.32
recently received. The Selected Composites are not necessarily
representative of the average grade or thickness of the mineral zones or
potential resource.
2 Intervals are down-hole lengths and not true widths of the mineral zones.
3Grades are calculated from Total Fe% sample assays completed by ALS Chemex
Laboratories using the 'High Grade/Ores Method' and XRF analysis.
4 Lower portions of these intersections may be drilling partially down-dip.
Drill hole FW12-21B (section 9600N) cored a 601 m long intersection grading
40.5% FeT that ended in high grade Specular Hematite mineralization at 805
m approximately 650 m vertical below surface and 300 m vertical below the
PEA designed pit limits. Drill hole FW12-42B (section 9500N) intersected
515 m of specular hematite with assay results pending. The lower half of
the mineralized intervals in each of these two holes displays low core
angles indicating the holes may have passed through a folded and thickened
portion of the mineralized zone. The lower mineralized intervals are
located entirely outside the PEA designed pit limits. Champion is currently
drilling a cross-cut hole in this area to clarify the geometry and true
width of the zones.
Tom Larsen, CEO and President commented, 'These new intersections of
Specular Hematite mineralization encountered beyond the PEA designed pit
limits, indicate a possible substantial increase to our current 1 billion
tonne resource and necessitate an expansion of the West Pit for the
Feasibility Study. We see the possibility that sufficient resources might
eventually be delineated to support a second concentrate production line
and total annual production up to 18 to 20 million tonnes of sinter-feed
concentrate from Fire Lake North alone.'
In the East Pit area, 4,900 m of drilling was completed in late April, 2012
further delineating the near-surface iron resources of the Fire Lake North
Project's currently designed starter pit. The geometry of the iron
formation in this planned pit area is a steep to gently south-west dipping,
tightly-folded synform. For the majority of its 2,400 m strike length, the
synform fold hinge has not been completely defined and the continuation of
the Specular Hematite mineralization remains open down-dip.
Three additional, widely spaced step-out drill holes are in-progress in the
West pit area, and two additional holes are planned for the East pit area
to help determine both the extents of mineralization beyond the current
resource (and PEA designed pit limits), plus the number of additional holes
that may be required to further delineate this potential resource in a
second phase of Feasibility drilling.
The Fire Lake North Project
The Fire Lake North Project is located immediately adjacent north of
Arcelor Mittal's operating Fire Lake Mine and 60 km to the south of Cliffs
Natural Resources Inc.'s Bloom Lake Mine property in northeastern Quebec.
Fire Lake North is situated within the Grenville geological Province at the
southern end of the Labrador Trough.
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
current estimates of Measured and Indicated Iron Mineral Resources
totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling
2.2 Billion Tonnes1. The Fermont Holdings, including the flagship Fire Lake
North Project, are located in Canada's major iron ore producing district,
proximal to five producing iron 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 into a
producing mine.
About Champion Minerals Inc.
With offices in Montreal and Toronto, Champion Minerals is an iron ore
exploration and development company focused on developing its significant
iron ore resources in the provinces of Quebec and Newfoundland&Labrador.
Champion holds a 100% interest in the Fermont Iron Holdings, following the
recent acquisition of the 17.5% interest from its former joint venture
partner Fancamp Exploration Ltd. (see May 18, 2012 News Release). Champion
also holds a 44% interest in the Attikamagen Iron Property in Quebec and
Labrador.
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., Vice-President Exploration of the Company, who is 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
Figure 1
Figure 2
End of Corporate News
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