DGAP-News: Champion Minerals initiates 5,000 m diamond drilling campaign on Moire Lake Iron Project in the Fermont Iron Property
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals initiates 5,000 m diamond drilling campaign on Moire
Lake Iron Project in the Fermont Iron Property
15.02.2011 / 14:15
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NEWS RELEASE
Champion Minerals initiates 5,000 m diamond drilling campaign on Moire Lake
Iron Project in the Fermont Iron Property
- Drilling aims to validate Historic Mineral Resources* of 101 million
tonnes grading 31% Iron into Current Mineral Resources and to increase
the size of the occurrence
- Moire Lake campaign is part of an aggressive 60,000 m diamond drilling
program designed to validate and increase the portfolio of Historical
Mineral Resources* totaling 613 million tonnes grading 30% Iron
Toronto (Canada), February 15, 2011 - CHAMPION MINERALS INC. (TSX: CHM;
FSE: P02) ('Champion' or the 'Company') is pleased to announce the start of
a 5,000 m diamond drilling campaign on the Company's Moire Lake iron
project in the Fermont Iron Property in northeastern Quebec.
The 25 claim/11 km2 Moire Lake Project ('Moire Lake' or the 'Project') in
Champion's Fermont Iron Property Cluster 1 is located 4 km southwest of the
town of Fermont (Quebec), and occurs adjacent and contiguous to the east of
ArcelorMittal's Mt. Wright Mine and Concentrator operations.
The Project hosts the Moire Lake Iron Occurrence (MRNFQ Deposit File
23B14-0014). Explored in the 1950's, the occurrence hosts Historic Mineral
Resources* of 101.6 million tonnes grading 30.8% Iron (MRNFQ Assessment
File GM13035, 1963). The iron formation is essentially a massive,
thick-banded quartz-magnetite-hematite rock.
Champion's 5,000 m drill program at Moire Lake will test the deposit in
order to validate the historical numbers as the Company seeks to
potentially significantly increase tonnage while upgrading the Historical
Mineral Resources* into a National Instrument ('NI') 43-101 compliant
Mineral Resource Estimate.
The Fermont Iron Property and the planned 60,000 m Drilling Program
Following the completion of a detailed assessment of the historic work and
mineral resources potential on fourteen (14) individual properties of the
Fermont Iron Property (refer to the Champion news release dated December
15, 2010) and the closing of a recent $30 million bought-deal financing
(refer to the Champion news release dated February 3, 2011), Champion has
outlined an aggressive 60,000 m diamond drilling program designed to
validate and potentially significantly increase and upgrade Historical
Mineral Resources* from the current 613 million tonnes grading 31% Iron.
Of the fourteen (14) properties, seven (7) host a total of 613 million
tonnes grading 31% Iron in Historical Mineral Resources* (Paquet, 1963;
MRNFQ Assessment File GM 13035). Two (2) additional properties, the Fire
Lake North and Bellechasse Projects, host 603 million tonnes in current NI
43-101 Mineral Resources grading 29% Iron representing a near 5-times
increase over the historic estimates. With the planned 60,000 m of
drilling, Champion hopes to achieve similar success at several other
properties with Historic Mineral Resources*. The following table summarizes
the Historic and Current Mineral Resources* from the Fermont Iron Property:
PROPERTY CL- HISTORIC MINERAL CURRENT NI 43-101 CURRENTNotes: Numbers have been rounded following NI 43-101 standards; PEA -
US- RESOURCES* (% GRADE MINERAL RESOURCES (% PROGRAM
TER IRON) GRADE IRON) STATUS
Moire 1 101 Mt (at) 31% n/a DD: 5,000m
Fire Lake 2 41 Mt (at) 31% 388 Mt (at) 29%1 PEA, DD:
North 17,000m
Bellec- 2 91 Mt (at) 30% 215 Mt (at) 29%1 DD: 3,000m
hasse
Harvey- 2 n/a n/a MRE pending
Tuttle
O'Keefe 2 51 Mt (at) 37% n/a DD: 6,000m
-Purdy
Penguin 3 100 Mt (at) 30% n/a n/d
Silica- 3 304 Mt (at) 29% n/a n/d
te-
Brutus
Audrey- 3 23 Mt (at) 33% n/a n/d
Ernie
Big 3 24 Mt (at) 33% n/a n/d
Three
Black 3 10 Mt (at) 32.3% n/a n/d
Dan
TOTAL 613 Mt (at) 31% 603 Mt (at) 29%
Preliminary Economic Assessment Study; DD - Diamond Drilling; n/a - no
estimates; n/d - not determined at this time; MRE - Mineral Resources
Estimates. Historical Mineral Resources* are from Paquet, 1963 (MRNFQ
Assessment File GM 13035). The table contains the Historical Mineral
Resources* at Fire Lake North and Bellechasse but they are not included in
the total Historical Mineral Resources*, since they have been converted and
increased to significantly higher current NI 43-101 Mineral Resources. 1
Grade is quoted at a 15% Iron cut-off.
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 Quebec, jointly
held by Champion, with an 82.5% interest and Fancamp Exploration Ltd.,
holding a 17.5% interest, and the Attikamagen Iron Property in Quebec and
Labrador, and the Powderhorn / Gullbridge Base Metal Projects in central
Newfoundland.
* All Historical Mineral Resources outlined in the text 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. The current Mineral Resource
estimates were calculated 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 Alex S. Horvath, P. Eng., Executive VP Exploration and Jeff
Hussey, P. Geo., VP Exploration of the Company. 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 (416) 866-2200.
Please visit Champion's website at www.championminerals.com
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.
End of Corporate News
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112277 15.02.2011Unternehmensinformation / Kurzprofil:
Datum: 15.02.2011 - 14:15 Uhr
Sprache: Deutsch
News-ID 33211
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