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Champion Minerals Inc. provided assay results for ten additional diamond-drill holes completed on the Company's Oil Can Project, located immediately northeast, and contiguous with the Company's flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec.
The ten holes were drilled in the North, Central and South Zones underlying Oil Can on sections spaced approximately 400 metres apart. The drill holes intersected fine- to medium-grained magnetite and hematite-rich mineralization. North Zone Five of the ten drill holes were completed on the North Zone, and represent the first known reported iron formation intervals from this 2,700-metre-long, magnetite-hematite mineralized body, defined by a "J"-shaped magnetic anomaly. Drill hole OC11-11 completed on the "stem" of the J-shaped anomaly, intersected 573.0 metres grading 26.6% Total Iron that included intervals of 155.2 metres grading 32.5% FeT, and a second interval 101.0 metres grading 29.3% FeT, in the lower part of this magnetite-rich interval. Drill hole OC11-04, cored in the "trough" of the J-shaped North Zone, intersected 328.8 metres grading 31.4% FeT that includes 111.1 metres of hematite-magnetite mineralization grading 32.8% FeT and a magnetite-rich iron interval of 137.4 metres grading 27.7% FeT, further down-hole. Central Zone The drill holes testing the 1,300-metre-long Central Zone continue to return significant iron assay values across noteworthy widths. Drill hole OC11-16 intersected 311.4 metres grading 27.6% FeT, including 269.0 metres grading 29.2% FeT. Drill hole OC11-10 intersected 472.2 metres grading 28.0% FeT, including 119.5 metres of magnetite-rich iron formation grading 35.2% FeT. South Zone The South Zone is defined by a 2,700-metre-long, crescent-shaped magnetic anomaly. Drill hole OC11-17 intersected 161.0 metres of magnetite-hematite mineralization grading 29.9% FeT at the eastern end of the zone. Tom Larsen, Champion's President and CEO commented, "The Oil Can Project continues to impress us with the continuity of iron grade and width across each of the three large mineralized zones. The project is being fast-tracked with baseline studies initiated and a Mineral Resource Estimate planned for completion in Q1 2012. Additionally, Champion remains focused on developing its Fire Lake North Project and we are continuing with the Feasibility Program's definition and geo-technical drilling that commenced in December 2011. Champion's National Instrument 43-101 compliant iron ore resources, which currently exceed 2.2 billion tonnes, are expected to increase dramatically in the coming months when the Mineral Resource Estimates for the Oil Can and Moire Lake Projects are published." More information, click here. |
