DGAP-News: Champion Minerals Inc.: Fire Lake North Project
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Inc.: Fire Lake North Project
07.03.2011 / 13:00
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Champion Minerals drills 123 meters of specular hematite mineralization
grading 34.1% Iron at the Fire Lake North Project
- Hole FLN11-47 intersected 85.65m grading 36.4% Iron at northern limit of
current West Limb designed pit extending zone 200m north.
- Delineation drilling continues to confirm high grade nature of the
specular hematite rich resources.
- Delineation drilling at both the East Limb and West Limb pit areas is
revealing favourable 'bowl-like' fold geometries that could increase in-pit
resources and reduce strip ratios.
Toronto (Canada), March 7, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to announce assay results
from diamond drill holes completed since the Fall 2010 mineral resource
estimate and Preliminary Economic Assessment ('PEA') of the Fire Lake North
Project in the Company's Fermont Property Holdings in northeastern Quebec.
At the West Limb designed pit area, drill hole FLN10-34 intersected 123
meters ('m') of specular hematite rich iron formation grading 34.1% Total
Iron ('Fe'). The drill hole intersection starts from surface and the hole
is located in the centre of the currently defined 1800 m long mineralized
zone. Hole FLN10-40 located 400m south of FLN10-34 contained an
intersection of 58.9m grading 33.4% Fe together with a second intersection
further down hole of 61.75m grading 30.1% Fe. The two intersections are
interpreted as the inclined limbs of a tightly folded and overturned
syncline forming a 'bowl-like' shape. This synformal geometry has the
potential to increase in-pit resources from previous interpretations and
substantially reduce strip ratios of the designed pit.
Hole FLN11-47 was drilled at the current northern limits of the West Limb
designed pit and intersected 85.65m of specular hematite rich iron
formation grading 36.4% Fe, extending the strike-length of the zone 200
meters further north. Additional step-out drilling will be completed in
attempts to extend the zone further.
At the East Limb designed pit area, the geology from the new in-fill
drilling is revealing two horizons of iron formation that are interpreted
in a similar tightly folded and overturned synformal geometry. Hole
FLN10-36 intersected 74.2 m grading 30.2% Fe in the eastern fold limb and
hole FLN10-38, collared at the same location but drilled in the opposite
direction (toward the southwest), intersected 92.81m grading 26.1% Fe near
the interpreted synformal fold closure at a vertical depth of approximately
250m and within the existing limits of the current designed pit.
The in-filling drilling at each of the East and West Limb designed pit
areas is enhancing the geological model, confirming the high grade nature
of the resource and revealing a highly favourable geometry that could
potentially increase resources and significantly reduce strip ratios in the
designed open pits that were used for the initial PEA for the Fire Lake
North Project. The PEA study identified that an increase to the in-pit
resources, mine life and reduction in strip ratios at Fire Lake North could
significantly improve the project economics.
Highlights of assay results to-date from the in-fill and extensional
drilling programs at the East and West Limb designed pit areas are
presented in the following table.
HOLE-ID FROM TO Interval Total FE %In addition to the recently completed drilling at the East and West Limb
East Limb Pit Area Meters Meters Meters
FL10-25 112,35 129,00 16,65 19,32
FL10-33 292,51 329,10 36,59 25,06
including 308,52 329,10 20,58 36,06
and 384,79 435,30 50,51 29,60
FL10-36 47,95 162,33 114,38 23,93
including 47,95 122,15 74,20 30,22
FL10-38 163,69 256,50 92,81 26,07
FL10-39 227,98 239,00 11,02 28,03
and 272,84 296,80 23,96 32,59
and 398,00 432,00 34,00 35,49
FL10-41 97,96 153,00 55,04 29,67
and 183,61 199,04 15,43 37,10
FL10-42 257,46 327,33 69,87 26,79
FL10-43 217,25 240,40 23,15 29,06
and 316,04 345,14 29,10 30,07
FL11-46 244,14 278,03 33,89 28,67
West Limb Pit Area
FL10-34 28,75 152,00 123,25 34,08
FL10-37 67,00 132,83 65,83 21,78
including 90,22 126,00 35,78 31,18
FL10-40 210,50 269,40 58,90 33,40
and 308,25 370,00 61,75 30,10
FL10-44 133,10 165,00 31,90 30,80
FL11-47 100,55 186,20 85,65 36,40
designed pit areas, Champion completed eight exploration diamond drill
holes at the Northeast area of the property to test a series of highly
complicated magnetic responses located 2km northeast of the East Limb
designed pit area. The form of magnetic response is often indicative of
potentially refolded iron formations. The best results from the Northeast
area program included hole FLN10-26 intersecting 35.6m grading 30.4% Fe and
hole FLN10-31 intersecting 21.3m grading 30.4% Fe. Two other holes
contained narrower and/or weaker values while 4 holes contained no
significant values. Champion is planning to detail the Northeast area with
ground gravity surveying in order to assist with interpretation prior to
drilling further in this area.
Champion has completed nearly 50% of the planned 17,500m of in-fill and
exploration drilling at Fire Lake North for 2011. Four drills are presently
turning on the property including one drill at each of the East Limb and
West Limb designed pit areas and two drills at the Don Lake occurrence
located 5km north of the West Limb pit. Drilling at the Don Lake occurrence
is targeting to expand the resource in efforts to establish a third
potential open pit within the Fire Lake North Project.
When all drilling is completed and assay results are available for Fire
Lake North, Champion will complete an up-date of both its Inferred Mineral
Resource Estimate, which is currently calculated at 388 Million Tonnes (MT)
grading 28.9% Fe, and also, the PEA for the Project. The PEA update will
study the possibilities of integrating the current Bellechasse Project
Inferred Mineral Resources of 215 MT grading 28.7% Fe, located 10km
northwest of Don Lake, as well as the 717 MT grading 25.0% Fe of Inferred
Mineral Resources recently identified at the Harvey-Tuttle Project, located
20km west of Fire Lake North.
The O'Keefe-Purdy Project will also be evaluated for inclusion into the
scope of the PEA study following the 10,000m of drilling scheduled to start
later this year. This project hosts 51MT of historical resources grading
37% Fe and the O'Keefe NW occurrence has a coarse grained specular hematite
showing at surface that is similar to the material at Fire Lake North. The
objective is to increase the resource base in the Cluster 2 Projects for a
larger centralized concentrator concept to further enhance Champion's
growth profile.
The Fermont Iron Holdings
Champion's Fermont Property Holdings are comprised of seventeen Projects.
Three of the seventeen Projects drilled by Champion to-date, namely; Fire
Lake North, Bellechasse and Harvey-Tuttle, contain current combined
National Instrument 43-101 compliant Inferred Mineral Resources totaling
1.55 Billion Tonnes grading 25.4 % Total Iron at a 15% cut-off.
Seven (7) other Projects within the Fermont Property Holdings contain
combined Historical Mineral Resource Estimates* totaling 613 MT grading 31%
Total Iron.
A fully-funded 60,000m drilling program is scheduled on nine Projects
within the Fermont Property Holdings in 2011.
Corporate Up-date
Champion is pleased to announce appointments to its executive management
team. Mr. Jeff Hussey, P. Geo., has been appointed Executive VP
Development. Mr. Hussey previously held the position of VP Exploration and
in his new position will manage development projects and advance them
towards feasibility. Mr. Hussey brings over 25 years of international
mining operations and exploration experience with Noranda and Falconbridge
to Champion.
Champion is also pleased to announce the appointment of Mr. Bruce Mitton,
P. Geo., to the position of VP Exploration. Mr. Mitton previously held the
position of Senior Project Manager and will assume duties previously
performed by Mr. Hussey. Mr. Mitton brings over 25 years of mineral
exploration experience to Champion, having worked for Noranda among others,
and the Company welcomes him to the management team.
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.
* Historical Mineral Resources* are from Paquet, 1963 (MRNFQ Assessment
File GM 13035) (see press release date February 15, 2011). 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 Bruce
Mitton, 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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114623 07.03.2011Unternehmensinformation / Kurzprofil:
Datum: 07.03.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 33396
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