DGAP-News: Champion Minerals Inc.: Champion Minerals' Drilling at Fire Lake North includes three intervals of over 150 m grading 35% Total Iron
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals Inc.: Champion Minerals' Drilling at Fire Lake North
includes three intervals of over 150 m grading 35% Total Iron
27.09.2011 / 13:30
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NEWS RELEASE
Champion Minerals' Drilling at Fire Lake North includes three intervals of
over 150 m grading 35% Total Iron; Updated NI 43-101 Mineral Resource
Estimate to be announced Oct. 3, 2011.
- Remaining assays from the 84 hole, 26,221 m drilling program recently
completed at Fire Lake North Project confirm long intervals of high-
grade iron mineralization.
Toronto (Canada), September 27, 2011 - CHAMPION MINERALS INC. (TSX: CHM;
FSE: P02) ('Champion', or the 'Company') is pleased to provide the final
assay results for remaining drill holes completed in 2011 at the Fire Lake
North Project in Fermont, Quebec. These results complete the current phase
of Champion's 2011 Drill Program at Fire Lake North, and an up-dated
Mineral Resource Estimate ('MRE') for the project is scheduled to be
announced on October 3, 2011.
Significant results from the final drill holes include three intervals* of
over 150 m grading 35% Total Iron ('FeT') in holes FL11-64B, FL11-75 and
FL11-82. Furthermore, holes, FL11-76, FL11-78 and FL11-80, have
intersections ranging from 95 m to 120 m grading 34% to 41% Total Iron.
*Note: Intervals reported herein correspond to core-lengths, not true
widths of the mineral zones.
Tom Larsen, Champion's President and CEO commented, 'Results from our 2011
Drill Program at the Fire Lake North Project confirm the significant size
and continuity of the iron formation deposits. The combined assay results
are particularly significant and we expect that the updated resource
estimate will describe a material upgrade in the quality and quantity of
the iron resources. The next major milestone is the updated Preliminary
Economic Assessment ('PEA'), which we expect to deliver in November.'
A total of 84 drill holes comprising 26,221 total metres have been
completed at the Fire Lake North Project since the last MRE and PEA, which
were completed in Q4-2010. Selected composite assay results not previously
reported from this drilling are tabulated in Table 2.
Champion's November 2010 National Instrument ('NI') 43-101 Inferred
Resource Estimate of 388 Million Tonnes (MT) grading 28.9% Total Iron on
Fire Lake North, was calculated from 31 drill holes completed in 2009 and
2010, totalling 5,869 m. The pending MRE update is expected to describe a
significant increase to the current Inferred Resource Estimate. Also
expected, is a reclassification of some Inferred Resources into the
Indicated category. Preliminary, in-house calculations point to 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.
The updated MRE is scheduled for completion in Q3-2011, followed by an
update of the PEA 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 historicalfacts. 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.
TABLE 2 - SELECTEDa COMPOSITE ASSAY RESULTS for REMAINING 2011 FIRE LAKE
NORTH DDHS
HOLE-ID HOLE AZIMU DIP FROM TO INTERVA GRADEca Selected Composite Assay Results are stated only for results recently
LENGTH TH Lb
metres degre degre metres metres metres Total Fe%
es es
EAST
AREA
FL10-05d 158 50 -55 64.10 93.90 29.80 29.60
FL10-05B 296 50 -55 169.24 181.93 12.69 16.42
and 194.85 213.13 18.28 29.94
FL11-64B 561 270 -50 126.00 282.40 156.40 35.38
and 500.38 537.25 36.87 24.42
FL11-68 480 50 -55 210.00 393.87 183.87 11.61
includ-
ing 346.47 393.87 47.40 35.79
and 430.75 446.32 15.57 25.56
FL11-69 539 50 -50 265.04 475.35 210.31 25.83
and 523.78 539.00 15.22 21.75
WEST
AREA
FL11-72B 321 270 -45 124.00 158.50 34.50 24.64
and 232.10 246.81 14.71 35.42
FL11-73 440 95 -45 251.85 276.70 24.85 24.70
and 336.61 381.01 44.40 25.02
FL11-74 639 270 -45 469.85 639.00 169.15 18.79
includ-
ing 544.61 599.75 55.14 33.81
FL11-75 429 270 -55 33.50 201.74 171.96 35.76
and 270.20 310.16 39.96 32.48
FL11-76 475 270 -45 46.00 165.65 119.65 41.04
and 412.00 447.37 35.37 34.56
FL11-77 377 270 -55 44.00 117.30 73.30 33.39
and 236.85 282.33 45.48 36.17
FL11-78 267 110 -55 54.53 76.34 21.81 26.86
and 123.38 225.49 102.11 36.51
FL11-79 318 270 -45 46.00 96.26 50.26 30.94
and 121.68 168.46 46.78 30.40
FL11-80 336 80 -55 78.00 118.90 40.90 18.31
includ-
ing 90.00 113.68 23.68 28.66
and 186.00 303.41 117.41 29.28
includ-
ing 186.00 281.16 95.16 33.80
FL11-81 315 110 -50 45.00 143.00 96.00 30.83
FL11-82 381 110 -50 57.39 76.69 19.30 19.10
and 117.08 281.00 163.92 34.95
received. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
b Intervals are down-hole lengths and not true widths of the mineral zones.
c Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.
dFL10-05 was completed in early 2010 and the hole deepened in 2011 as
FL10-05B. The original FL10-05 intersection appears as reported in press
release dated May 18, 2010.
The 2011 Fermont Property Holdings exploration drilling program at the
Moire Lake, Bellechasse and Midway projects is nearing completion. Three
drill rigs will continue to operate at the O'Keefe-Purdy and Oil Can
projects for the remainder of the year in order to complete the originally
proposed 10,000 m and 8,000 m respective drilling programs. Other drill
programs originally scheduled for 2011 at the Harvey-Tuttle, Hope Lake and
Claire Lake projects have beendeferred until 2012. These budgeted
expenditures have been re-allocated towards infill drilling and development
at Fire Lake North in connection with the scheduled feasibility study and
also, the drilling program at Moire Lake was increased in order to
delineate the maximum resource potential.
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 higher quality
hematite rich sinter feed. Champion will also continue to further delineate
the magnetite-rich resources at other Cluster 1 and 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-off1. 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 is
investigating six of Champion's Fermont Projects in 2011, completing an
estimated 50,000+ m of drilling. The remaining funds for the additional
10,000 m of drilling are being held in reserve to commence Feasibility
definition-drilling at Fire Lake North as soon as PEA results and drilling
permits are available.
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 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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