DGAP-News: Champion Minerals Inc.: Champion Minerals Accelerates Fermont Drilling Program
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Inc.: Champion Minerals Accelerates Fermont Drilling
Program
16.06.2011 / 13:30
---------------------------------------------------------------------
Champion Minerals Accelerates Fermont Drilling Program
- 3 additional drills to start 10,000 m drill program at O'Keefe-Purdy
Project in early July
- 9 drills in total will continue to year's end to complete the 60,000+
metres of scheduled drilling on Fermont properties.
Toronto (Canada), June 16, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to announce that it has
secured 3 diamond-drill rigs from Major Drilling Inc. to be made available
in early July, bringing the total number of drills operating on Champion's
various Fermont Holdings to nine (9). All of the drills are expected to
continue operating through to year's end.
Drilling continues at the Company's flagship Fire Lake North Project with
four drills working to delineate resources at the East Limb and West Limb
proposed open pit areas. Since the last mineral resource estimate completed
in August 2010, close to 19,000 m of drilling has been completed and
approximately 4,000 m remains for this phase of drilling, which is expected
to be completed within the next 30 days. The drill program was increased to
a total of 23,000 m from the originally proposed 17,500 m as a result of
successful exploration that currently requires additional follow-up
drilling to define the full extent of the mineralization in order to fully
delineate and increase resources. Upon receipt of final assay results,
Champion will initiate an update of the current Inferred Mineral Resource
Estimate, calculated at 388 Million Tonnes (MT) grading 28.9% Total Iron
('FeT'), to be followed by an update of the Fire Lake North Preliminary
Economic Assessment ('PEA') that was completed in November 2010. The PEA
update is expected by the end of Q3.
The two drills currently deployed at the Company's Moire Lake Project, are
being used to validate and expand upon the current Historical Mineral
Resources* estimate of 102 million tonnes grading 31% FeT at the Moire Lake
Occurrence (MRNFQ Assessment File GM13035, 1963). The Moire Lake Property
is located 4 km southwest of the town of Fermont (Quebec), and adjoins the
eastern property boundary of ArcelorMittal's Mont Wright Mine and
Concentrator operations.
The three additional drills scheduled to arrive in July will be deployed to
the O'Keefe-Purdy Project to validate and potentially expand upon the
Historical Mineral Resources* estimate of 51 million tonnes grading 37% FeT
at the O'Keefe Lake Iron Occurrence (MRNFQ Assessment File GM31090, 1975).
A total of 10,000 m of drilling is planned at the O'Keefe-Purdy Project and
will include validation and extensional drilling at the O'Keefe Lake Iron
Occurrence at the west end of the Project, and will also explore the
relatively untested 19 kilometre strike length of iron formation that
extends across the Project.
The O'Keefe-Purdy Project consists of 182 claims covering 95.3 km2 located
due north of the Harvey-Tuttle Project and adjoins the north boundary of
the Bellechasse Project. Mineralization at the O'Keefe Lake Iron
Occurrence, originally discovered in 1957, is characterized as
coarse-grained, specular hematite-rich, with lesser magnetite (MRNFQ
Deposit File 23B12-0003).
Four coarse-grained, specular hematite-rich grab samples collected by
Champion in 2010 from mineralized bedrock in close proximity to the O'Keefe
Lake Iron Occurrence, returned grades from 22.9% to 35.5% FeT (see Champion
Press Release dated Dec. 15, 2010).
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle - currently contain combined
NI 43-101 compliant Inferred Mineral Resources totalling 1.55 Billion
Tonnes grading 25.4 % FeT at a 15% cut-off. The Company also recently
announced positive results from drilling at the Moire Lake* Project (May
19, 2011), which is adjacent to the east of ArcelorMittal's Mont Wright
Mine property. A Mineral Resource estimate is scheduled for the Moire Lake*
Project in Q3-2011. Seven of the remaining fourteen properties contain
combined Historical Mineral Resource Estimates* totalling 620 MT grading
31% FeT.
An ongoing, fully-funded, 60,000+ m diamond-drilling program is scheduled
for eight of Champion's Fermont projects in 2011.
Corporate Up-date
Champion is pleased to announce the recent appointment of Chrystal Kennedy,
P. Geo. to the position of Exploration Manager for the Company. Ms. Kennedy
is a qualified Professional Geoscientist with over 14 years of mineral
exploration plus geotechnical, environmental and hydrocarbon exploration
experience. As Champion continues to deploy additional drills to its
Fermont properties, Ms. Kennedy's primary responsibility will be to assist
in exploration project development and management, coordination of field
logistics and maintaining quality control of field activities.
About Champion Minerals Inc.
Champion Minerals 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 Property Holdings in
Quebec, jointly held by Champion (82.5% interest) and Fancamp Exploration
Ltd. (17.5% interest); 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 reviewed and approved by
Jeff Hussey, P. Geo., Executive VP Development of the Company and a
Qualified Person under NI 43-101 standards.
For further information please contact Thomas G. Larsen, President and CEO,
Jorge Estepa, Vice-President, and Salisha Hosein, Director, Investor
Relations 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
---------------------------------------------------------------------
16.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
128786 16.06.2011
Datum: 16.06.2011 - 13:30 Uhr
Sprache: Deutsch
News-ID 34401
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 231 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Champion Minerals Inc.: Champion Minerals Accelerates Fermont Drilling Program"
steht unter der journalistisch-redaktionellen Verantwortung von
Champion Minerals Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
