DGAP-News: Champion Iron Mines Limited: Champion Provides Remaining 2012 Drill Results from the Consolidated Fire Lake North Project received after the Recent Mineral Resource Estimate Update and Preliminary Feasibility Study
(firmenpresse) - DGAP-News: Champion Iron Mines Limited / Key word(s): Drilling Result
Champion Iron Mines Limited: Champion Provides Remaining 2012 Drill
Results from the Consolidated Fire Lake North Project received after
the Recent Mineral Resource Estimate Update and Preliminary
Feasibility Study
20.02.2013 / 13:30
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NEWS RELEASE
Champion Provides Remaining 2012 Drill Results from the Consolidated Fire
Lake North Project received after the Recent Mineral Resource Estimate
Update and Preliminary Feasibility Study
- Drill hole FW12-58 intersected 161.6 meters of Iron Formation grading
34.3% Total Iron at the currently defined northern limits of the West
Deposit
Toronto (Canada), February 20th, 2013 - CHAMPION IRON MINES LIMITED (TSX:
CHM; OTCQX:CPMNF; FSE: P02) ('Champion', or the 'Company') is pleased to
provide results from remaining 2012 drill holes completed in the West
Deposit area of the Consolidated Fire Lake North ('CFLN') Project which
were not available for the recently announced Mineral Resource Estimate
('MRE') Update and Preliminary Feasibility Study ('PFS') (see press
releases dated January 9th and February 6th, 2013).
Drill hole FW12-58, located west of Lac Hippocampe at the north end of the
West Deposit, intersected 161.6 m of high grade specular hematite iron
formation grading 34.3% Total Iron ('FeT') at the north-western limits of
the currently defined in-pit optimized resource. The resource remains open
down-dip to the west and along strike to the north and will potentially add
to all categories of resources while expanding the West Deposit pit shell.
Champion recently announced an updated MRE with combined In-pit Optimized
Measured and Indicated Resources in the West and East Deposits totalling
691.3 Million tonnes ('Mt') grading 31.5% total Iron ('FeT') with
additional Inferred Resources totalling 479.8 Mt grading 30.4% FeT at a 15%
FeT cut-off grade.
Champion's recently completed PFS included 464.6 Mt grading 32.4% FeT of
Proven and Probable Reserves sufficient to produce an average of 9.3 Mt of
iron concentrate annually for an estimated 19.6 year mine life. The PFS
engineered pits recovered 67% of the combined Measured and Indicated
Resources within the optimized resource pit shell and did not include any
portion of the 479.8 Mt of Inferred Resource within the engineered pits
excepting 45.8 Mt treated as 'waste'.
The In-pit Optimized Resource model suggests a much larger tonnage of iron
formation ('IF') that is expected to be exploited if sufficient current
In-pit Optimized Inferred Resources could be converted to Reserves
following the planned 2013 drill program.
Tom Larsen, Champion's President and CEO stated, 'The results from the
remaining holes completed in our 2012 drilling program provide us with
added confidence that we can delineate sufficient additional reserves at
the CFLN Project's West and East Deposits to produce 20 Mt of iron
concentrate annually from 2 concentrator lines over a minimum of 20 years,
for inclusion in our Feasibility Study later this year. These and
additional results from our trenching program that were received subsequent
to the current MRE and PFS move us closer to achieving our Reserve target
goal.'
At the cut-off date for the current MRE, assay results were not received
for holes FW12-57, 58, 59 and 59B, although the logged geological units in
these holes were used to assist with interpretation and modeling of the IF.
Additionally, the drilling of holes FW12-60, 61, 62 and 62B had not yet
been completed. Table 1 provides highlights of composited assay results
for the remaining drill holes completed in 2012 and not included in the
current MRE and PFS.
Table 1 - Highlights of Composited Assay Results
West Deposit Area 2012 DDH's FW12-56 to 62B inclusive
Hole Azimuth Dip Length From To Interval Grade* - Hole FW12-59 was abandoned at 30m due to technical difficulties. The
degrees degrees meters meters meters meters FeT%
FW12-56 120 -55.5 452 144.00 167.92 23.92 36.4
and 269.70 329.96 60.26 28.9
FW12-57 270 -58 435 321.00 405.00 84.00 33.6
FW12-58 100 -65 720 415.94 438.61 22.67 37.3
and 548.52 710.13 161.61 34.3
FW12-59B* 090 -88 206 167.98 188.52 20.54 34.4
FW12-60 090 -87 260 80.30 89.06 8.76 36.5
and 101.84 118.70 16.86 34.2
and 188.36 197.80 9.44 26.4
and 208.00 226.65 18.65 25.1
FW12-61 090 -87 255 78.1 98.09 19.99 34.2
FW12-62 100 -86 150 185.1 217.5 32.40 31.3
and 73.96 93.75 19.79 37.3
FW12-62B 100 -86.5 263 68.97 88.53 19.56 36.2
and 181.08 225 43.92 31.8
composite reported for hole FW12-59B is calculated from the weighted length
average of the assays for 18.68m of the 20.54m reported interval. Assays
for seven samples each 20-30cm in length totalling 1.86m remain pending for
this interval. The seven samples were collected for geo-mechanical testing
prior to assaying. The composite grade will be re-calculated when the
remaining assays are available but are not expected to significantly impact
the reported composite grade.
Hole FW12-57 intersected 84.0 m grading 33.6% FeT in the central and deeper
portion of the deposit.
Drill holes FW12-59 to FW12-62B, inclusive were drilled on 100 m spaced
sections from a barge on the northern portion of Lac Hippocampe. The
results are expected to upgrade a portion of the current Inferred
Resources, located beneath the lake at the north end of the West Deposit,
to Measured and Indicated categories. An additional 1,000 m of drilling
will be conducted from the ice shortly over the southern portion of Lac
Hippocampe to upgrade current Inferred Resources to Measured and Indicated
categories.
In addition to the remaining 2012 drill results that became available after
the announcement of the current MRE, Champion also completed and received
results for an extensive surface trenching and channel sampling program
over the East Deposit. An additional 506 channel sample assays are
available to potentially upgrade a portion of current shallow Inferred
Resources in the East Deposit to Measured and Indicated categories.
Additional trenching is currently being planned for the 2013 summer field
season to further define and upgrade near-surface resources underlying the
north-western limit of the East Deposit planned pit.
About Champion Iron Mines Limited
Champion is an iron exploration and development company with offices in
Montreal and Toronto, and is focused on developing its significant iron
resources in the provinces of Québec and Newfoundland&Labrador. Champion
holds a 100% interest in the Fermont Iron Holdings and a 44% interest in
the Attikamagen Iron Project located in both Québec and Labrador. The
Attikamagen Project is under option to Labec Century Iron Ore Inc.
('Labec'), a subsidiary of Century Iron Mines Corporation, under which
Labec can earn up to a 60% interest.
Champion's Fermont Iron Holdings, including its flagship Consolidated Fire
Lake North Project, are located in Canada's major iron ore producing
district, in close proximity to five producing iron mines, existing
transportation and power infrastructure. Consolidated Fire Lake North is
located immediately north of Arcelor Mittal's operating Fire Lake Mine and
60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in
northeastern Québec. Champion's management and advisory board includes
mining and exploration professionals with the mine development and
operations experience to build, commission, and operate the future
Consolidated Fire Lake North mine.
The technical information in this news release was approved by Mr. Bruce
Mitton P. Geo., VP Exploration and Mr. Jean-Luc Chouinard, ing. VP Project
Development for Champion Iron Mines, who are Qualified Persons under NI
43-101 standards.
For further information please contact:
Thomas G. Larsen, President and CEO, or
Jorge Estepa, Vice President at Tel: (416) 866-2200.
For additional information on Champion, please visit our website at
www.championironmines.com.
This news release includes certain information that may constitute
'forward-looking information' under applicable Canadian securities
legislation. Forward-looking information includes, but is not limited to,
statements about planned operations at the Company's projects, including
its Consolidated Fire Lake North Project. Forward-looking information is
necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results and
future events to differ materially from those expressed or implied by such
forward-looking information, including the risks identified in Champion's
annual information forms, management discussion and analysis and other
securities regulatory filings by Champion on SEDAR (including under the
heading 'Risk Factors' therein). There can be no assurance that such
information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such forward-looking
information. Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information contained in
this press release is given as of the date hereof and is based upon the
opinions and estimates of Champion's management and information available
to management as at the date hereof. Champion disclaims any intention or
obligation to update or revise any forward-looking information, whether as
a result of new information, future events or otherwise, except as required
by law.
This press release has been prepared by Champion Iron Mines Limited and no
regulatory authority has approved or disapproved the information contained
herein.
End of Corporate News
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