DGAP-News: Champion Iron Mines Limited: Assay Results Announced from the Inaugural Drilling Program at Champion's Penguin Lake Project, southern Labrador Trough
(firmenpresse) - DGAP-News: Champion Iron Mines Limited / Key word(s): Drilling Result
Champion Iron Mines Limited: Assay Results Announced from the
Inaugural Drilling Program at Champion's Penguin Lake Project,
southern Labrador Trough
26.04.2013 / 14:35
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NEWS RELEASE
Assay Results Announced from the Inaugural Drilling Program at Champion's
Penguin Lake Project, southern Labrador Trough
- 300 m grading 33% Total Iron intersected in drill-hole PL13-10; part of
a drilling campaign that transected a total of 1600 m of iron formation
having an average grade of 29.5% Total Iron
TORONTO, ONTARIO--(Marketwire - April 25, 2013) - CHAMPION IRON MINES
LIMITED (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ('Champion' or the 'Company')
reports that Cartier Iron Corporation ('Cartier Iron')(CNSX: CFE) issued a
news release earlier today, providing assay results from its inaugural
ten-hole Phase I diamond-drilling programme completed on the Company's
Penguin Lake Project (the 'Project'), located in the southern Labrador
Trough, Quebec.
The ten (10), NQ-diameter drill-holes, totalling 3,315 metres (m), were
designed to intersect magnetite/hematite-rich iron formation, coincident
with a strong magnetic-response anomaly1, in the area of the catalogued
'Lac Pingouin Zone 1' Occurrence2 (http://sigeom.mrnf.gouv.qc.ca/ Cogite #
23C/01-0004), which has an historic mineral resource3 of 46.7 Million
tonnes grading 30% FeT (Total Iron)4, estimated from the results of nine
historic diamond-drill holes.
The Phase I drilling campaign intersected a total of 1600 metres of iron
formation with an average grade of 29.5% FeT. Selected 'best' intervals
include: 242 m grading 25.2% FeT from hole PL13-04; 129 m grading 34.4% FeT
in hole PL13-05; 112 m of 29.4% FeT encountered in hole PL13-07, and; 300 m
grading 33% FeT in hole PL13-10. A list of composite assay results from the
drill programme can be found in Cartier Iron's press release dated April
25, 2013, which is available on their corporate website at
www.cartieriron.com and it will also be posted under Cartier Iron's filings
at www.sedar.com.
Cartier Iron further reported that it has commissioned MRB&Associates of
Val-d'Or, Québec to complete a National Instrument 43-101 compliant Mineral
Resource Estimate for the Penguin Lake Project with results expected by
early Q3 2013. The Penguin Lake Project is currently being explored
pursuant to an option agreement with Cartier Iron, whereby Cartier Iron was
granted the right to earn a 65% interest in the iron-rich mineral
concessions (see the Company's press release dated December 11, 2012).
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. Labec has requested a transfer of a
further 4% to increase Labec's holding to 60% under its option agreement
with Champion. Champion is undertaking its due diligence investigations
with respect to the request.
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 ArcelorMittal'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.
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
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.
1 2008 GPR Geophysics Report&Survey Data: 2008 Airborne Survey, Fermont
Properties, for Champion Iron Mines Limited (GM63919); 2011 Fugro Airborne
Survey, for Champion Iron Mines Limited (GM65900).
2The on-line documented information on the Lac Pingouin Occurrence
describes the rocks hosting the mineralization and the historic resource,
and can be viewed on-line at http://sigeom.mrnf.gouv.qc.ca/ (COGITE
#23C/01-0004).
3All historical Mineral Resource estimates outlined in this disclosure 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.
4 Historical Mineral Resource for the Lac Pingouin occurrence are from
MRNFQ Assessment Files GM12096 and GM13035.
End of Corporate News
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Datum: 26.04.2013 - 14:35 Uhr
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News-ID 253347
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