DGAP-News: Champion Minerals Inc.: Champion Minerals' Drillhole LM11-09 Intersects 359m grading 30% Total Iron at the Moire Lake Project in Cluster 1 of the Fermont Holdings
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals Inc.: Champion Minerals' Drillhole LM11-09
Intersects 359m grading 30% Total Iron at the Moire Lake Project in
Cluster 1 of the Fermont Holdings
15.09.2011 / 15:00
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Champion Minerals' Drillhole LM11-09 Intersects 359m grading 30% Total Iron
at the Moire Lake Project in Cluster 1 of the Fermont Holdings
- Drillhole LM11-10 intersects 249.5m grading 22.3% Total Iron including
an interval of 130.7m grading 29.1% Total Iron
Toronto (Canada), September 15, 2011 - CHAMPION MINERALS INC. (TSX: CHM;
FSE: P02) ('Champion', or the 'Company') is pleased to provide an update of
drilling results from the Company's Moire Lake Project in Cluster 1 of the
Fermont Holdings in north-eastern Quebec. The Moire Lake Project is
strategically located adjacent to ArcelorMittal's operating Mont Wright
Mine and Concentrator Complex and 8km south of existing rail transport
infrastructure.
Drillhole LM11-09 intersected 358.9 metres ('m') grading 30.3% Total Iron
('FeT') on the southeast side of the historic Lac Moire Occurrence1,
confirming the continuity of the iron-rich Sokoman Formation around the
southern fold closure. Drillhole LM11-10, located on the southwest side of
the historic Lac Moire Occurrence intersected 249.5m grading 22.3% FeT
including an interval of 130.7m grading 29.1% FeT. Results from hole
LM11-10 successfully validate a historic intersection of 206.1m grading
24.1% FeT including an interval of 143.3m grading 34.1% FeT reported for
drillhole QE612.
Table 1 provides a list of select composite assay results for holes
LM11-06A to LM11-10 inclusive.
TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS (HOLES LM11-06A to LM11-10)
HOLE-ID HOLE AZIMU DIP FROM TO INTERVAL GRADE**** Selected Composite Assay Results are stated only for results recently
LENGTH TH **
metres degre degre metres metres metres Total Fe%
es es
LM11- 352 60 -55 3.0 95.7 92.7 17.4
06A
and 133.0 179.7 46.7 16.8
and 197.9 232.2 34.3 18.2
LM11-07 446 230 -55 164.6 229.4 64.9 19.3
LM11-08 457 60 -70 333.1 434.3 101.2 28.6
inclu- 345.1 434.3 89.2 30.2
des
inclu- 345.1 404.9 59.8 31.5
des
LM11-09 383 90 -55 24.5 383.4 358.9 30.3
inclu- 31.5 133.0 101.5 35.2
des
and 133.0 383.4 250.4 28.2
LM11-10 456 15 -60 135.9 385.4 249.5 22.3
inclu- 135.9 298.6 162.7 27.1
des
inclu- 135.9 266.6 130.7 29.1
des
received. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral
zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.
The diamond-drilling program at Moire Lake initially comprised 5,000 m and
was designed to validate the historic Resource of the Lac Moire Occurrence,
which was estimated at 101 MT grading 31% FeT3. The program was increased
to a projected 10,400 m as a result of favourable results obtained early in
the program. A total of 19 drill holes, totalling 8,500 m, have been
completed in 2011 at Moire Lake, with the final proposed hole for the Lac
Moire Occurrence currently in progress on the north side of the occurrence.
The initial 2011 drill program also included two planned holes to test a
northeast-trending linear magnetic anomaly underlying the eastern part of
the Project. Recent prospecting revealed outcrops containing
specular-hematite and magnetite iron mineralization in zones up to 40 m
wide coincident with this anomaly. As a result, an added 1,800 m of
drilling (permit-pending) is planned to delineate the extent of iron
formation along this trend.
Champion expects to complete a Mineral Resource Estimate for the Moire Lake
Project in Q4-2011 followed by a PEA study in early 2012.
The Fermont Holdings drill program continues to utilize nine drill rigs
including one drill at Moire Lake and eight drills distributed amongst four
Projects within Cluster 2 that are proximal to the Company's flagship Fire
Lake North Project.
Champion's current National Instrument ('NI') 43-101 Inferred Resource
Estimate of 388 Million Tonnes (MT) grading 28.9% FeT on Fire Lake North,
completed in Q4-2010, is expected to realize an increase to the iron
Mineral Resource with the recently completed 26,267m drill program. Also
expected, is a reclassification of some Inferred Resources into the
Indicated category. Early indications suggest an increase of in-pit
resources, reduced strip ratios for the East Area and West Area designed
pits, and to the potential feasibility of an open pit at Don Lake. An
updated Mineral Resource Estimate is scheduled for completion in Q3-2011,
followed by an update of the Preliminary Economic Assessment in Q4-2011.
Champion's statements of expectations for the Fire Lake North Project
including; realizing an increase and re- categorization of the iron
resources, reducing strip ratios for the proposed designed pits and the
potential feasibility of an open pit at Don Lake are 'forward-looking
statements' and not historical facts. Readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results may vary materially from those stated herein.
Champion remains dedicated to exploring the Cluster 2 Projects in 2011
focusing on those with the best potential for coarse grained
specular-hematite mineralization which would supply more highly valued
resources for sinter feed. Champion will continue to further delineate the
magnetite-rich resources at other Cluster 2 projects for potential
development as sinter and pellet mill feed producers.
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle - host combined NI 43-101
compliant Inferred Mineral Resources currently estimated at 1.55 Billion
Tonnes grading 25.4% FeT, at a 15% FeT cut-off. Seven of Champion's
remaining fourteen Fermont properties contain combined Historical Mineral
Resource Estimates* totalling 620 MT grading 31% Total Iron.
An on-going, fully-funded, 60,000+m diamond drilling program will
investigate eight of Champion's Fermont Projects and is scheduled for
completion in 2011-2012.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with
offices in Montreal and Toronto, focused on developing its significant iron
ore resources in the provinces of Quebec and Newfoundland&Labrador. The
Company's projects include: the Fermont Holdings in Quebec, jointly held by
Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest);
and the Attikamagen Iron Property in Quebec and Labrador. Champion's
Fermont Property Holdings, including the flagship Fire Lake North Project,
are located in Canada's major iron ore producing district among three
producing mines. Champion's team and advisory board includes mining and
exploration professionals with substantial iron ore expertise to
effectively advance the Fire Lake North Project into production.
1 The on-line documented information on the Lac Moire Occurrence (Lac Moire
(Quartz)-Est) describes the rocks hosting the mineralization and lists an
historic3 estimate of 101 million tons of probable ore grading 30.75% iron.
The description of the occurrence can be viewed on-line at
http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23B/14-0014).
2 The historic drillhole QE61 intersection grades were calculated using
assay results obtained from (MRNFQ Assessment File GM32289, Nov. 15,
1976.)
3 The historical Mineral Resources estimate for the Lac Moire Occurrence is
from Paquet (1963) as described in MRNFQ Assessment File GM 13035. All
Historical Mineral Resources outlined in this disclosure 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
Bruce Mitton, P.Geo., VP Exploration 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 'forward-looking statements'
are not historical facts. Readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results may vary materially from those stated herein.
End of Corporate News
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139465 15.09.2011
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Datum: 15.09.2011 - 15:00 Uhr
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