DGAP-News: Champion Minerals intersects 401.5 m grading 30.7% Total Iron at the Oil Can Project
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals intersects 401.5 m grading 30.7% Total Iron at the
Oil Can Project
20.10.2011 / 13:30
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NEWS RELEASE
Champion Minerals intersects 401.5 m grading 30.7% Total Iron at the Oil
Can Project, adjacent to its flagship Fire Lake North Project near Fermont,
Quebec
- First three drill holes of 8,000 m planned program intersect
magnetite-hematite iron formation from 191 m to 402 m in length.
- Drill hole OC11-02 intersects 401.5 m grading 30.7% Total Iron
including a 213.5 m interval grading 33.1% Total Iron
Toronto (Canada), October 20, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to provide assay results
from the first three drill holes completed on the Company's Oil Can
Project, located immediately northeast of and contiguous with the Company's
flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec.
Table 1 provides a list of selected composite assay results from the first
three drill holes.
TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS (HOLES OC11-01 to OC11-03)
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
es es Fe%
OC11-01 396 260 -45 185.42 376.31 190.89 30.6
OC11-02 594 310 -45 188.53 590.03 401.50 30.7
includ-
ing 246.86 460.40 213.54 33.1
OC11-03 372 250 -45 40.58 264.60 224.02 28.1
includ-
ing 76.58 216.58 140.00 30.0
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 initial 5,000 m drill program of 800 m spaced holes at the Oil Can
Project is nearing completion and has tested approximately five kilometres
of a total six kilometre strike length of favourable magnetic and
gravimetric responses on the property. The distribution of
magnetic/gravimetric anomalies and broad intersections of iron formation
indicate a complex deformation history resulting in structurally thickened
zones of iron formation.
Tom Larsen, Champion's President and CEO commented, 'The long intersections
from the initial drill holes at Oil Can are very promising and could lead
to the delineation of a large tonnage of magnetite-hematite iron resources
for potential 'pellet-feed' and/or 'sinter-feed' production. This
prospective resource is located only seven kilometres from the proposed
location of our Fire Lake North Mine and Concentrator Complex that is
currently undergoing a Preliminary Economic Assessment study that will be
followed by a Feasibility study planned for mid-2012. Champion remains
focused on developing the Fire Lake North Project and continues to
systematically delineate resources on nearby projects. Our iron ore
resource base, which currently exceeds 2.2 billion tonnes, is expected to
grow significantly in the coming months and will provide support for the
large capital requirements needed to develop the Fire Lake North and other
projects.'
Champion will continue to operate three drills at the Oil Can Project until
pending drilling permits are received for Fire Lake North Feasibility
definition-drilling at which time, the drill-rigs will be re-allocated
accordingly. Champion expects to complete the entire 8,000 m proposed drill
program at the Oil Can Project in Q4-2011. Upon completion of drilling and
receipt of all assay results, a National Instrument 43-101 Mineral Resource
Estimate will be completed for the Oil Can Project with results expected in
early Q1-2012.
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, Measured and Indicated Mineral Resources estimated at 400
Million Tonnes grading 30.6% FeT and Inferred Mineral Resources estimated
at 1.82 Billion Tonnes grading 25.4% FeT, at a 15% FeT cut-off1. Seven of
Champion's remaining fourteen properties contain combined historical
Mineral Resource estimates2 totalling 620 Million Tonnes grading 31% FeT.
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 Holdings, including the flagship Fire Lake North Project, are
located in Canada's major iron ore producing district, in close proximity
to 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.
2 All historical Mineral Resource estimates 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 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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