DGAP-News: Champion Minerals Inc.:
(firmenpresse) - Champion Minerals Inc. / Miscellaneous
24.08.2010 15:00
Dissemination of a Corporate News, transmitted by
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Champion Minerals reports favourable iron recoveries from metallurgical
tests at Fire Lake North with no significant contaminants reporting to
concentrate
Toronto (Canada), August 24, 2010 - CHAMPION MINERALS INC. (TSX-V: CHM;
FSE: P02) ('Champion' or the 'Company') is pleased to announce that initial
orientation metallurgical tests from the 2009 Fire Lake North drill core
samples are producing excellent recoveries using gravity separation at a
standard grind size to produce concentrate grading 65% Iron. Furthermore
and significantly, no contaminants report to the iron oxide concentrate
outside of market specifications. The Fire Lake North Claims are located
within the Fermont Iron Property in the Fermont Iron Ore District of
northern Quebec.
Test recoveries range from 83.6% to 89.2% Total Iron at a standard grind
size of -20 mesh or 850 microns, typical for the Fermont Iron Ore District.
Binocular microscope examination of the samples did not identify any
minerals that would lead to contamination and is supported by the
analytical test results.
Champion is advancing metallurgical test work on drill core samples
collected from the 24 holes completed in Q1-2010. The samples include
coarse grained massive specular hematite intersections that returned higher
grades such as 38.3% Total Iron over 197.8 meters in drill hole FL-10-24,
including an interval of 43.6% Total Iron over 43.0 meters (refer to the
Champion news release dated May 18, 2010).
Champion is also preparing three sites on the Fire Lake North Claims for
bulk sample collection for metallurgical test work. The sites are located
along the East Limb zone where outcrops of both typical and the higher
grade coarser grained specular hematite mineralization occur. A large
outcrop in the newly discovered and unexplored North East zone is also
planned for sample collection.
BBA Inc. ('BBA') of Montreal (Quebec) has reviewed the preliminary
metallurgical test results completed by COREM of Quebec City (Quebec) and
are overseeing the upcoming metallurgical test program for Fire Lake North
as part of the commissioned preliminary assessment study. BBA has
significant experience and expertise with iron ore deposits in the Fermont
Iron Ore District. BBA has recommended the upcoming tests be performed at
the typical grind size of -20 mesh (0.85 mm) as a base case, with
additional tests to be performed at various grind sizes for optimizing
recoveries, grinding energy consumption and cost benefit analysis.
Champion recently reported updated Inferred* Mineral Resource Estimates for
the Fire Lake North Claims of 388 million tonnes grading 29% Total Iron at
a 15% Total Iron cutoff that contains an estimated 185MT grading 36% Total
Iron at a 30% Total Iron cutoff (refer to the Champion news release dated
August 18, 2010). The higher grade resources reported at the 30% Total Iron
cutoff are directly associated with the zones of higher grade massive
coarse grained specular hematite that core the lower grade wider zones in
the southern half of the mineralized lens.
Potential to schedule these high grade resources during initial years of
mine production could significantly enhance project economics and will be
evaluated by BBA as part of the preliminary assessment study.
In addition to the metallurgical recovery results, point density
determinations on the Fire Lake North metallurgical composite samples
indicate specific gravities ranging from 3.2 to 3.65 with an average of
3.49. The current Mineral Resource Estimates are determined using a global
density of 3.30 for all mineralized iron formation. Test results from an
additional 241 point density tests have been received and are being
evaluated for construction of a variable density model to produce more
accurate mineral resource tonnage and grade estimates. Some additional 60
core samples are being collected for bulk density test measurements to
validate and refine the variable density model.
These metallurgical results follow the newly released resource update of
the combined Fire Lake North and Bellechasse mineralization of Inferred*
Mineral Resource estimates that total 603 million tonnes grading 29% Total
Iron, 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 kilometers to the north.
Thomas Larsen, Champion's President and CEO, stated, 'These metallurgical
results are very positive at Fire Lake North and are key to unlocking the
property's value. We are very pleased to be working with BBA to help us do
just that during these positive iron ore market conditions.'
Quality Assurance and Quality Control
All metallurgical sample collection was conducted by qualified Company
personnel under NI 43-101 guidelines at the Company's core logging
facilities in Val-d'Or, Quebec. Assay sample rejects were split and a
sample was sent to the COREM laboratory in Quebec City. COREM combined the
split samples into composite samples for metallurgical testing. Certified
reference standards, duplicates, and blank samples are used as part of
Quality Control and Quality Insurance ('QA/QC') protocol for assays.
* The Mineral Resources for Fire Lake North were estimated 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.
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.
For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at 1 (877) 448 2201 or (416) 866-2200.
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.
24.08.2010 15:00 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 24.08.2010 - 15:00 Uhr
Sprache: Deutsch
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