DGAP-News: Champion Minerals Inc. to issue updated Mineral Resources Estimates for the Fire Lake North Claim Block
(firmenpresse) - Champion Minerals Inc. / Interim Report
04.08.2010 14:08
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Toronto (Canada), August 4, 2010 - CHAMPION MINERALS INC. (TSX-V: CHM;
Frankfurt: P02) ('Champion' or the 'Company') wishes to announce the new
National Instrument ('NI') 43-101 Mineral Resources Estimates (the 'Mineral
Resources') for the Fire Lake North Property (the 'Property') will be
released prior to the end of September 2010, which will coincide with the
start-up of the next drilling campaign on the Property.
The new Mineral Resources will integrate the 2010 winter drill campaign
results which yielded intersections of 171 metres grading 36.2% Total Iron
(drill hole FL10-21), 134 metres of 38.3% Total Iron (FL10-6), and 198
metres of 38.3% Total Iron (drill hole FL10-24) (refer to the Champion news
releases dated May 4, 2010 and May 18, 2010). The 2010 winter drill
campaign was centered on the East Limb and West Limb target areas which
together with the Don Lake target, have already yielded Inferred Resources*
of 288.2 million tonnes grading 27.5% Total Iron (refer to the Champion
news release dated November 19, 2009).
Jeff Hussey, P. Geo., Champion's VP Exploration, stated, 'Champion's
Technical Team has completed the compilation, synthesis and geological
modeling of the 2009-2010 drill hole database and has forwarded the model
to P&E Mining Consultants (Brampton, Ontario), authors of the 2009 Mineral
Resources Estimates at the Fire Lake North and Bellechasse Claim Blocks, to
calculate the new Mineral Resources. We are of the opinion the widths and
extent of the iron mineralization encountered in the 2010 winter drilling
may have a significant impact on the new Mineral Resources. This iron oxide
mineralization is composed of the Fermont-style of mineralization known as
'Quartz Specularite''. The intersections contain a higher grade central
portion that is generally above 40% and very coarse grained 3 to 5
millimetre crystals, and it is this mineralization being submitted for
metallurgical testing. We look forward to the new estimates.'
Mr. Hussey added, 'Recent fieldwork identified a large quartz specularite
outcrop in the Northeast Zone that will be mapped, sampled and used for a
bulk sample location. The Northeast Zone shows promising upside. Champion
will be drilling again at Fire Lake North and the campaign will consist of
a staged 15,000 metre drill program, designed to delineate the Northeast
Zone and upgrade currently defined Mineral Resources towards Measured and
Indicated Resources* as we advance the Property through the Preliminary
Economic Assessment stage towards Feasibility under the guidance of BBA
Inc., an independent Canadian-based consulting engineering firm with
international operations. Permitting is underway for the camp and drill
hole set-ups.'
Champion continues to explore the other Cluster 2 claim blocks, including
the ongoing 7,000 m drill campaign on Harvey-Tuttle, with the objective of
outlining several 200 to 500 million tonne lenses. The Fire Lake North iron
formations continue on the adjacent Bellechasse Claim Block where Champion
previously outlined Inferred Resources and when combined with the Fire Lake
North estimate total 503.3 million tonnes grading 28.0% Total Iron in
Inferred Resources*, all in close proximity to ArcelorMittal's road-rail
infrastructure and Fire Lake Mine (341 million tonnes grading 33.4% Iron)
that supplies ore to the Mont Wright Mine and Concentrator Complex located
approximately 50 km to the north.
* Inferred Resources are part of a National Instrument 43-101 Mineral
Resource for which the estimated quantity and grade of a deposit, or a part
thereof, that is determined on the basis of limited sampling, but for which
there is sufficient geological information and a reasonable understanding
of the continuity and distribution of metal values to outline a deposit of
potential economic merit. There is no guarantee that further exploration
will upgrade the Inferred Resources to Indicated and/or Measured Resources.
Indicated Resources are part of a National Instrument 43-101 Mineral
Resource for which the estimated quantity and grade of that part of a
deposit for which the continuity of grade, together with the extent and
shape, are so established that a reliable estimate of grade and tonnage can
be made. Measured Resources are that part of a National Instrument 43-101
Mineral Resource for which the estimated quantity and grade of that part of
a deposit for which the size, configuration and grade have been well
established by observation and sampling of outcrops, drill holes, trenches
and mine workings.
The Fermont Iron Property
Champion now has an 82.5% direct interest, with Fancamp Exploration Ltd.
(TSX-V: FNC) holding 17.5%, in the 385 km2 Fermont Property consisting of
16 strategic claim blocks grouped into three clusters, termed Clusters 1, 2
and 3. Champion previously announced 8 claim blocks with historical Mineral
Resources of 694 million tonnes grading 30.4% Iron, but now after 2 of the
8 claim blocks (Bellechasse and Fire Lake North) host current Mineral
Resources, there are 6 remaining claim blocks that host historical Mineral
Resources of 578 million tonnes grading 30.4% Iron (Paquet, 1963; MRNFQ
Assessment File GM 13035). The Mineral Resources are strictly historical in
nature and 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.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the
provinces of Quebec and Newfoundland&Labrador. The Company's projects
include the Attikamagen Iron Property in northeastern Quebec and western
Labrador, the Fermont Iron Property in northeastern Quebec, and the
Powderhorn/Gullbridge Base Metal Projects in central Newfoundland.
Please visit Champion's website at www.championminerals.com
Fully funded, having raised over $C20 million since November 2009, Champion
is aggressively exploring the Fermont Iron Property with the aim of
converting the iron mineralization to fully compliant Mineral Resources.
The technical information in this news release was prepared, revised and
approved by Jeff Hussey, P. Geo., VP Exploration of the Company and Jean
Lafleur, P. Geo., Director and Technical Advisor to the President and CEO
of Champion. Both individuals are Qualified Persons under NI 43-101
standards.
Neither the TSX Venture Exchange nor its regulation services provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Statements made in this news release that are not historical facts are
'forward-looking statements' and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
'forward-looking' statements.
For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at +1 (416) 866-2200
04.08.2010 14:08 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 04.08.2010 - 14:08 Uhr
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