DGAP-News: Champion Minerals Inc.: Champion Minerals Announces Remaining Assay Results from the 2011 Drilling Program Completed at the Moire Lake Project
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Drilling Result
Champion Minerals Inc.: Champion Minerals Announces Remaining Assay
Results from the 2011 Drilling Program Completed at the Moire Lake
Project
07.12.2011 / 13:30
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NEWS RELEASE
Champion Minerals Announces Remaining Assay Results from the 2011 Drilling
Program Completed at the Moire Lake Project
- Drill hole LM11-021 intersected 336.4 metres of magnetite-hematite rich
iron formation grading 27.7% Total Iron, including an interval of 248.1
metres grading 31.6% Total Iron.
- Drill hole LM11-017 intersected 156.6 metres grading 32.7 % Total Iron
and a second, deeper intersection of 82.5 metres grading 27.7% Total
Iron.
Toronto (Canada), December 7, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to provide the remaining
assay results from the 2011 Moire Lake diamond-drilling program. The Moire
Lake Project, which comprises Cluster 1 of Champion's Fermont Iron Holdings
in north-eastern Quebec, is immediately east of ArcelorMittal's Mont Wright
Mine property, and is 8 kilometres south of existing rail transport
infrastructure.
Twenty-one drill holes totalling 9,347 metres (m) were completed at Moire
Lake in 2011. The initial drill holes tested a newly interpreted geological
model that indicated significant upside potential to the Historic Mineral
Resource Estimate1 for the Lac Moire Occurrence (102 MT grading 31% Total
Iron ('FeT')). Favourable results from this original 5,000 m drilling
program encouraged Champion to increase the drill program metreage.
The last drill hole completed at Moire Lake - LM11-021 - intersected 336.4
m of magnetite-hematite rich iron formation (IF) grading 27.7% FeT that
included an interval of 248.1 m grading 31.6% FeT. Hole LM11-021 was
drilled to cross-cut the IF intersection of 503.4 m grading 31.2% FeT
encountered in drill hole LM11-012 (see Champion's press release dated
October 6, 2011). Holes LM11-012 and LM11-021 were collared over the
southeastern part of the historic Lac Moire Occurrence2, and demonstrate
that the IF around the southern fold closure is substantially thickened.
Table 1 provides a list of highlight composite assay results for drill
holes LM11-017 through LM11-021, inclusive.
TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS DDH's LM11-017 to LM11-021
HOLE AZIMUTH DIP DEPTH FROM TO INTERVAL GRADE **** Selected Composite Assay Results are stated only for results received to
ID degrees degre metres metres metres **metres Total Fe%
es
LM1- 50 -60 602.00 279.85 436.40 156.55 32.7
1-017
and 516.71 599.23 82.52 27.7
LM1- 60 -60 535.00 5.50 69.00 63.50 18.1
1-018
and 262.90 384.75 121.85 24.4
inc- 278.30 336.65 58.35 29.7
lud-
ing
and 451.45 498.90 47.45 30.4
LM1- 80 -55 369.00 123.00 244.75 121.75 18.1
1-019
and 309.50 344.60 35.10 30.7LM1- 30 -45 311.00 122.10 176.40 54.30 22.1
1-020
and 212.53 261.48 48.95 31.0
LM1- 300 -50 526.00 100.20 436.60 336.40 27.7
1-021
inc- 100.20 348.30 248.10 31.6
lud-
ing
date. The Selected Composites are not necessarily representative of the
average grade or true 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.
Drill hole LM11-017 intersected two IF intervals: the first of 156.7 m
grading 32.7% FeT and the second, 80 m further down-hole, of 82.5 m grading
27.7% FeT. The hole was drilled on-section and down-dip of holes LM11-002
and LM11-015, which intersected 119.3 m grading 26.6% FeT and 217.4 m
grading 25.3% FeT, respectively (see Champion press releases dated May 14
and October 6, 2011). These drill holes were completed on the most
northerly section historically drilled at the Lac Moire Occurrence and
extend the mineralized zone several hundred metres down-dip from the
historic interpretation (see Figure 1).
Drill holes LM11-18 to LM11-20, inclusive, intersected iron mineralization
on progressive 150 m to 200 m step-outs along strike, thereby extending the
IF mineralization 500 m to the northwest around the northern fold closure
and up to the western property boundary. The mineralization is interpreted
to continue onto the neighbouring ArcelorMittal Mont Wright Mine property
(see Figure 2).
Drilling of the 4 kilometre, 'Northeast Trend' magnetic anomaly underlying
the eastern part of the Moire Lake Project, has been deferred until 2012 as
the Company focuses on the Feasibility and Development of its flagship Fire
Lake North Project.
Tom Larsen, Champion's President and CEO commented, 'The 2011 Moire Lake
drilling program has proven to be another highly successful campaign for
Champion. We are confident that our drill results will produce a
substantial increase in resources above the Historical Resource Estimate
reported for the Lac Moire Occurrence. We also see additional upside
resource potential for the Project from the Northeast Trend anomaly,
although this prospective zone remains to be drilled.'
Champion has commissioned P&E Mining Consultants Inc. to complete a
National Instrument 43-101 compliant Mineral Resource Estimate for the
Moire Lake Project with results expected in early 2012.
Mr. Larsen further stated, 'Our current interpretation suggests the
bowl-shaped geometry of the Lac Moire Occurrence extends onto
ArcelorMittal's neighbouring Mont Wright property with preliminary
modelling suggesting that Champion has likely identified sufficient
resources to potentially develop the project on a stand-alone basis.'
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-off4.
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 Historical Mineral Resources3 are from Paquet, 1963 (MRNFQ Assessment
File GM 13035).
2 The on-line documented information on the Lac Moire Occurrence (Lac Moire
(Quartz)-Est) describes the rocks hosting the mineralization and the
historic resource2. The description of the occurrence can be viewed on-line
at http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23B/14-0014).
3All 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.
4 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 adopted by CIM Council
adopted by CIM Council December 11, 2005 and subsequently June 30th, 2011.
4 Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. The mineral resource estimate may be
materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
The technical information in this news release was reviewed and approved by
Bruce Mitton, P. Geo., Vice-President Exploration and Chrystal Kennedy, P.
Geo., Exploration Manager of the Company and each 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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148945 07.12.2011
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