DGAP-News: Champion Minerals intersects 124 m of specular hematite-rich Iron Formation grading 34.1% Total Iron at the O'Keefe-Purdy Project, near Fermont, Quebec
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals intersects 124 m of specular hematite-rich Iron
Formation grading 34.1% Total Iron at the O'Keefe-Purdy Project, near
Fermont, Quebec
30.11.2011 / 13:58
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NEWS RELEASE
Champion Minerals intersects 124 m of specular hematite-rich Iron Formation
grading 34.1% Total Iron at the O'Keefe-Purdy Project, near Fermont, Quebec
Toronto (Canada), November 30, 2011 - CHAMPION MINERALS INC. (TSX: CHM;
FSE: P02) ('Champion', or the 'Company') is pleased to provide assay
results from fifteen of twenty-three drill holes completed on the Company's
O'Keefe-Purdy Project, located approximately 20 km northwest of the
Company's flagship Fire Lake North Project in the Fermont Iron Ore
District, Quebec.
Drill hole OP11-06, located at the historic Nord-ouest Occurrence
intersected 124 metres of specular hematite-rich iron formation grading
34.1% Total Iron ('FeT') and includes a 109 m interval grading 37% FeT.
Drill Hole OP11-08, located 200m along-strike of hole OP11-06, intersected
155.6 m grading 29.7% FeT including an 87.4 m interval grading 37.1% FeT.
Table 1 provides a list of selected composite assay results received
to-date.
TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS HOLES OP11-01-TO OP11-17
HOLE ID AZIMUTH DIP DEPTH FROM- TO INTERVAL** GRADE**** Selected Composite Assay Results are stated only for results received to
degrees degrees metres metres metres metres Total Fe%
Nord-ouest
Occurrence
OP11-02 180 -45 291 No Significant Results
OP11-03 180 -45 282 158.60 243.32 84.72 33.04
OP11-05 180 -45 351 Assay Results Pending
OP11-06 180 -85 216 24.00 148.00 124.00 34.13
including 39.00 148.00 109.00 37.04
OP11-08 180 -50 360 125.24 280.8 155.56 29.65
including 125.24 159.69 34.45 31.84
and 193.40 280.8 87.40 37.12
OP11-09 180 -50 183 43.00 92.00 49.00 28.78
OP11-11 130 -50 306 Assay Results Pending
OP11-12 230 -55 125 48.00 84.00 36.00 29.71
OP11-12A 230 -60 106.5 49.87 87.14 37.27 32.03
OP11-13 160 -50 223 No Significant Results
OP11-14 90 -60 165 No Significant Results
Nord-est
Occurrence
OP11-01 45 -45 255 64.94 180.24 115.30 31.73
OP11-04 20 -45 306 202.45 292.22 89.77 33.03
OP11-07 360 -50 249 Assay Results Pending
OP11-10 45 -50 468 No Significant Results
OP11-17 225 -55 273 No Significant Results
Central
Area
OP11-15 225 -50 243 93.80 156.00 62.20 23.95
including 93.80 116.71 22.91 32.71
and 131.88 156.00 24.12 27.13
OP11-16 225 -75 282 No Significant Results
date. 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.
Champion's O'Keefe-Purdy Project comprises 182 mineral claims (95.3 km2)
and covers three historic iron occurrences, including the Lac O'Keefe
Nord-ouest Iron Occurrence (MRNFQ Deposit File 23B12-0003), discovered in
1957. The claims cover approximately 19 kilometres cumulative strike length
of magnetic anomaly, interpreted to define tightly folded specularite,
specular hematite, and magnetite iron formation.
Twenty-three drill holes totalling 5,901 m were completed on the
O'Keefe-Purdy Project during 2011 from the original 10,000 m proposed
program with assay results pending for eight of the holes. With the
Company's focus of advancing the flagship Fire Lake North Project to
feasibility, the remaining 4,100 m of drilling originally proposed for
O'Keefe-Purdy was deferred.
The twenty three completed drill holes focused primarily on validating and
expanding historic resources. Eight of the twelve holes collared on the Lac
O'Keefe Nord-ouest Occurrence confirmed this historic resource plus
extended it down-dip, where it remains open at depth. The five holes
completed in the Lac O'Keefe Nord-est Occurrence tested less than half of
its underlying magnetic response. Drill holes OP11-01, OP11-04 and OP11-07
confirm the Nord-est Occurrence is greater than 1000 m in length. The six
holes completed in the central area of the property tested less than an
estimated 20% of the favourable magnetic response underlying the central
and eastern portions of the property. An estimated 65% of the O'Keefe-Purdy
Project's favourable magnetic responses remain to be drilled. The Company
will defer a Mineral Resource Estimate until additional drilling is
completed to allow for better estimates of total potential resources for
the O'Keefe-Purdy Project.
Tom Larsen, Champion's President and CEO commented, 'We've only scratched
the surface of what is required to identify the full resource potential at
our expansive O'Keefe-Purdy Project. Of particular interest however, is the
similarity of the coarser grained mineralization we've encountered to our
Fire Lake North Project. With over 900MT of in-pit resources at Fire Lake
North and suggested potential to produce over 16MT of high quality sinter
feed concentrate annually for over 20 years, our decision to divert our
exploration efforts from O'Keefe-Purdy and other projects and fast-track
Fire Lake North to feasibility was necessary. Clearly the O'Keefe-Purdy
Project has significant resource potential with characteristically
favourable qualities to further enhance the Company's future growth
potential. We will complete the remaining required drilling at
O'Keefe-Purdy at our earliest opportunity in 2012.'
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle - host combined, National
Instrument 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-off2. Seven of Champion's remaining fourteen properties contain
combined historical Mineral Resource estimates1 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, and is 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 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.
2 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
Chrystal Kennedy, P.Geo. Exploration Manager 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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