DGAP-News: Champion Minerals Acquires Strategic Iron Properties in the Fermont Iron Ore District, Labrador Trough, Quebec
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Acquires Strategic Iron Properties in the Fermont
Iron Ore District, Labrador Trough, Quebec
10.01.2011 / 14:00
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NEWS RELEASE
Champion Minerals Acquires Strategic Iron Properties in the Fermont Iron
Ore District, Labrador Trough, Quebec
Toronto (Canada), January 10, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to announce the addition of
two strategically located claim blocks to its extensive holdings in the
Fermont Iron Ore District of northeastern Quebec.
The newly acquired claim blocks, known as the 'Black Dan' and 'East Inlet'
Properties, border the Company's Penguin Lake and Audrey-Ernie Lakes claim
blocks in the southern 'Cluster 3' part of Champion's Fermont Iron
Property , which contains historical iron-ore resources* of over 350
million tonnes .
The Black Dan Property
The Black Dan Property covers 6.9 km2 in 13 claims and contains historic
mineral resources* of 10 million tonnes grading 32.3% Iron2. The claims
overlie a strong, sharply defined, 4,000 m by 200 m, crescent-shaped,
vertical-gradient magnetic anomaly that is coincident with locally exposed
iron formation. In 1961, Quebec Cartier Mining Co. ('QCM') completed two
diamond-drill holes that intersected 91 m and 113 m of iron formation
containing 30% to 35% Iron . Notably, the second hole was terminated while
still in iron formation.
A 1961 Report by QCM3 documented that, '. a single limb of a synclinal
structure flanked by a parallel anticline exposes 3,000 ft of iron
formation with an average width of 300 ft. (from which) an estimated 10
million tons (9 million tonnes) of ore could be mined.' An airborne survey
commissioned by QCM and flown in 2000 shows that the geophysical anomaly
associated with the described exposure is 5.5 km in length and extends onto
Champion's Penguin Lake claims.
With the addition of the Black Dan Property, Champion has enhanced the
southern portion of the Penguin Lake claim group, which now forms a
contiguous block of claims, 15 km in length.
The East Inlet Property
The East Inlet Property consists of 28 claims covering 14.8 km2 and hosts
historical mineral resources* of 7.1 million tonnes grading 30% Iron2. The
claims occupy the area between Champion's Audrey-Ernie Lakes and the
northern Penguin Lake claims, which will now comprise a contiguous block
underlain by over 40 km of iron formation.
The East Inlet Property hosts the Thémines 4 and East Inlet occurrences.
According to 1961 published Reports2, , 18 m of iron formation grading 33%
Iron is exposed in a cliff face at Thémines 4 ; whereas at East Inlet, iron
formation between 15 m and 45 m thick is exposed over a surface area of
1,850 m by 925 m, with historic mineral resources* estimated at 7.1 million
tonnes grading 30% Iron.
The addition of the East Inlet claims will allow Champion to access iron
mineralization in close proximity to the former boundaries of its
Audrey-Ernie Lakes and Penguin Lake claims, which may otherwise have proven
logistically problematic.
The Acquisition Agreement
Under the terms of the acquisition agreement executed between Champion and
an arm's length individual (the 'Vendor'), Champion is acquiring a 100%
interest in theBlack Dan and East Inlet Properties through the payment of
$60,000 and the issuance of 80,000 Champion common shares to the Vendor.
The issuance of the 80,000 common shares is subject to regulatory approval
and a resale restriction of four months plus one day from the closing date.
Thomas Larsen, Champion's President and CEO, remarked, 'Although the
Company is prioritizing its ongoing drill program to delineate additional
iron-ore resources in the Cluster 2 area, it will continue to be proactive
with other strategic and prospective areas of its substantial iron
portfolio in the Labrador Trough. The acquisition of the Black Dan and East
Inlet Properties is a positive step towards enhancing the value of
Champion's iron portfolio from both a potential resource size and strategic
land position standpoint.'
About Champion Minerals Inc.
Champion is an exploration and development Company focused on discovering
and developing significant iron ore resources in eastern Canada,
particularly in the provinces of Quebec and Newfoundland&Labrador. The
Company's projects include the Fermont Iron Property in northeastern
Quebec, the Attikamagen Iron Property in northeastern Quebec and western
Labrador, and the Powderhorn/Gullbridge Base Metal Projects in central
Newfoundland.
*Note: All historical mineral resources are non-compliant to NI 43-101
Mineral Resources and Mineral Reserves standards. The historical estimates
should therefore not be relied upon. A Qualified Person has not done
sufficient work to classify the historical estimate as current mineral
resources or mineral reserves.
End of Corporate News
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108490 10.01.2011
Datum: 10.01.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 32973
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