DGAP-News: Champion Minerals Drilling at Lac Moire Property Identifies Significant New Iron Mineralization
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Drilling at Lac Moire Property Identifies
Significant New Iron Mineralization
19.05.2011 / 14:00
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NEWS RELEASE
Champion Minerals Drilling at Lac Moire Property Identifies Significant New
Iron Mineralization
- New zone of iron mineralization discovered with drillhole LM11-04
intersecting 130.2 m grading 30.5% Total Iron and drillhole LM11-05
intersecting 133.5 m grading 28.9% Total Iron.
- Twin drillhole LM11-01 intersects 154.1 m grading 30.7% Total Iron
which confirms the result from historic drillhole QE43 of 154.2 m
grading 29.9% Total Iron2.
- 2011 Lac Moire drill program increased to 7,000 m with the aim to
validate and expand upon Historic Mineral Resources1 of 101.6 million
tonnes grading 30.8% Iron using re-interpreted geological model.
Toronto (Canada), May 19, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to announce assay results
from the first five drill holes completed at the Lac Moire Project, one of
seventeen properties in the Company's Fermont Property Holdings in
northeastern Quebec. The Lac Moire Project is located 4 km southwest of
the town of Fermont (Quebec), adjoining the east property boundary 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 and again in the mid 1970's, the occurrence hosts
Historic Mineral Resources1 of 101.6 million tonnes grading 30.8% Iron
(MRNFQ Assessment File GM13035, 1963).
A summary of drillhole intersections and assay results is provided in the
following table:
Hole Number FromFollowing a review of the historical data, Champion re-interpreted the
meters To
meters Length
meters Fe% Total
LM11-001 72.0 226.1 154.1 30.67
includes 120.0 226.1 106.1 32.32
LM11-002 11.6 130.9 119.3 26.61
includes 23.0 124.9 101.9 28.38
LM11-003 78.6 247.0 168.4 17.80
includes 78.6 138.0 59.4 26.96
and 167.6 239.0 71.4 15.30
LM11-004 110.7 144.7 34.0 17.93
LM11-004 308.5 466.7 158.2 27.93
includes 336.5 466.7 130.2 30.54
LM11-005 159.5 326.9 167.4 24.95
includes 171.5 305.0 133.5 28.89
historic geological model for the deposit and identified areas with
favourable magnetic responses where there was no previous drilling. Drill
holes LML11-04 and LM11-05 were targeted at these areas and intersected
130.2 metres (m) grading 30.5% Total Iron ('FeT') and 133.5 m grading 28.9%
FeT, respectively.
The re-interpreted geological model developed by Champion indicates the
iron units defined by historic drilling around the perimeter of a
semi-circular ring shaped magnetic anomaly converge inward to be within
potential mining depths in a much larger 'bowl'-like synform. Drill holes
LM11-04 and LM11-05 successfully intersected the iron units in the
interpreted synform in the centre of the semi-circular ring shaped magnetic
anomaly. These positive results to-date suggest potential to significantly
expand on the Lac Moire Historic Mineral Resource estimate1.
Based on these highly encouraging results, Champion has increased the total
proposed metres of drilling at Lac Moire from 5,000 to 7,000 m in order to
outline the full extent of the newly discovered mineral zone.
Drill hole LM11-01 intersected 154.1 m grading 30.7% FeT including an
interval of 106.1 m grading 32.2% FeT. The hole was designed to 'twin'
historic diamond drill hole QE43 and confirms the historic intersection
which returned 154.2 m grading 29.9% FeT2. The holes are collared 5 m apart
on the eastern side of a large semi-circular ring shaped magnetic anomaly
that correlates well with iron formation units projected to surface from
historic diamond drill holes.
Hole LM11-02 was drilled down-dip from historic drill hole QL14 also
located on the eastern side of the magnetic anomaly and intersected 101.9 m
grading 28.4% FeT.
Hole LM11-03 was drilled approximately 100 m along strike of historic holes
QE55 and QE56 on the western side of the ring shaped magnetic anomaly and
intersected a wide zone of lower grade iron mineralization that contained a
higher grade interval of 59.4 m grading 27.0% FeT.
Champion's 7,000 m drill program at Lac Moire will test the deposit in
order to validate the historic drilling data as the Company seeks to
potentially significantly increase tonnage while upgrading the Historical
Mineral Resources1 into a National Instrument ('NI') 43-101 compliant
Mineral Resource Estimate.
Mr. Tom Larsen, President and CEO of Champion commented, 'The latest
drilling results at Lac Moire look very promising and could potentially
enable the Company to meet its short-term goal of increasing its NI 43-101
compliant Inferred Mineral Resources to two billion tonnes. These drilling
results further demonstrate the potential for Champion to develop
additional mining operations, along side Fire Lake North in the Fermont
district of the south Labrador Trough.'
The Fermont Iron Property and on-going 60,000 m Drilling Program
Champion is continuing with an aggressive 60,000 m diamond drilling program
designed to validate and potentially significantly increase and upgrade
Historical Mineral Resources1. Of the seventeen (17) properties in the
Fermont Property Holdings, seven (7) host a total of 620 million tonnes
grading 31% Iron in Historical Mineral Resources* (Paquet, 1963; MRNFQ
Assessment File GM 13035). Three (3) additional properties, the Fire Lake
North, Bellechasse and Harvey-Tuttle Projects, host 1.55 billion tonnes in
current NI 43-101 compliant Inferred Mineral Resources grading 25.4% Iron
at a 15% cutoff, representing a near 5-times increase over the historic
estimates. With the on-going 60,000 m of drilling, Champion hopes to
achieve similar success at its other properties with Historic Mineral
Resources1.
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.
1 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.
2 Results for Historic Drill Hole QE43 were calculated from sample grades
obtained from the MRNFQ Assessment File records (GM32289 pages 58 to 60).
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 both of the Company. Both individuals are
Qualified Persons under NI 43-101 standards.
For further information please contact Thomas G. Larsen, President and CEO,
Salisha Hosein, Director, Investor Relations 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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Datum: 19.05.2011 - 14:00 Uhr
Sprache: Deutsch
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