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Champion Minerals Inc. provided 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.
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-off. Seven of Champion’s remaining fourteen properties contain combined historical Mineral Resource estimates totalling 620 Million Tonnes grading 31% FeT. More information, click here. |
