Champion Minerals Drilling at Harvey-Tuttle and Fire Lake North Claim Blocks on the Fermont Iron Property; Metallurgical Testing
23 Marzo 2010 - 11:01AM
Marketwired Canada
CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX
VENTURE:CHM)(FRANKFURT:P02) is pleased to provide an update on the winter
diamond drilling campaign at the Fermont Iron Property (the "Property") in the
Fermont Iron Ore District of northeastern Quebec. The Property surface area
totals 384.6 km2; consisting of 16 strategically located claim blocks grouped
into three clusters (see Corporate Presentation and Fact Sheet located at
www.championminerals.com).
A total of 6 diamond drills are turning at this time on the Harvey-Tuttle
("Harvey-Tuttle") and Fire Lake North ("Fire Lake North") Claim Blocks. In 2009,
National Instrument ("NI") 43-101 Inferred Mineral Resources were outlined by
Champion on Fire Lake North (refer to Champion's news release dated November 19,
2009). Drilling is progressing rapidly; however, the planned 15,000m drill
program may be downsized depending upon the onset of spring breakup. Champion
has commenced the application process for all season road and gravel permitting
at Fire Lake North and Harvey-Tuttle with road construction contract tenders
being initiated in Q2-2010.
To date 5,000m have been drilled in 27 holes with 6 holes in progress from the
total 15,000m planned campaign. At Fire Lake North, 3 drills are operating on
the multi-kilometric East and Southwest Limb sectors. Up to 133m (in core
length) of iron formation has been intersected in drill hole FL10-06, including
an intersection of 55m of coarse grained quartz specularite-magnetite
mineralization. Samples are being shipped for analysis.
Another 3 drills are turning at Harvey-Tuttle where the Mammoth Zone hosts a 5km
by 5km area of iron formation targets that is one of several untested target
areas on the claim block. Drilling has intersected 180m (in core length) of iron
formation in hole HT10-01 and 140m in HT10-02, these holes are sampled and being
shipped for analysis. The first hole drilled on Turtleback Mountain (HT10-07) in
the heart of the Mammoth Zone has intersected 200m of magnetite iron formation.
Champion believes Harvey-Tuttle has potential to ultimately host resources in
excess of 1 billion tonnes of iron resources (refer to Champion news release
dated December 15, 2009) for which an economic evaluation could eventually
justify a standalone type operation.
The COREM research laboratory (Quebec City, Quebec) has been selected to assay
and perform metallurgical testing on drill core from the 2009 Fire Lake North
and Bellechasse campaigns and the 2010 Fire Lake North and Harvey-Tuttle
campaigns. Major producers in the Fermont and Wabush-Labrador City Iron Ore
Districts use this laboratory that is specialized in iron ore metallurgy. The
metallurgical beneficiation tests will produce concentrates and estimate weight
recovery. Concentrates will be assayed for the typical major elements and total
Iron to compare to end user specification limits. Initial tests will be
performed using a "Wilfley Table" for concentrating by gravity to separate
material based upon differing densities. Magnetic separation tests are also
scheduled following mineralogical tests. Also density tests will be completed
for use in resource estimation.
Champion has shipped an initial six composite samples of specular hematite -
magnetite iron ore from the 2009 Fire Lake North drill core with weighted
average grades of 21% to 32% Iron as summarized in the following table. Assay
results for Iron, Calcium and Magnesium are comparable with Consolidated
Thompson Iron Mines assay results from both the Bloom Lake Deposit and the
Lamelee-Peppler Iron mineralized zone. Assay and metallurgical results from Fire
Lake North, Bellechasse and Harvey-Tuttle will be issued as they become
available.
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MAGNESIUM (%
COMPOSITE SAMPLE # IRON (%) CALCIUM (% CAO) MGO)
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DL-09-01 25.00 0.04 0.12
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DL-09-02 32.40 0.16 0.20
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DL-09-04-1 27.30 0.01 0.06
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DL-09-04-2 26.40 0.08 0.13
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FL-09-01 28.75 1.28 0.96
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FL-09-02 21.63 0.70 0.36
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Consolidated Thompson Iron Mines Ltd. (TSX:CLM)
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Bloom Lake(i)
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Measured+Indicated Resources 29.35 1.81 1.69
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Inferred Resources 30.03 0.39 0.38
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Lamelee-Peppler Iron Property(ii)
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Indicated Resources 30.30 2.39 1.69
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Inferred Resources 30.30 2.78 2.36
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(i) taken from NI 43-101 Technical Report on the Feasibility Study for the
Bloom Lake Project, 8-million tonnes per year of Iron Concentrate,
Consolidated Thompson Iron Mines Ltd. And BBA inc.; prepared by A. Allaire,
P. Eng., E. Palumbo, P. Eng., P. Live, P. Eng., and R. Scherrer, P. Eng.;
dated November, 2008
(ii) taken from NI 43-101 Technical Report on the Diamond Drilling and
Resource Estimation on the Lamelee-Peppler Iron Property for Quinto Mining
Corporation a wholly owned subsidiary of Consolidated Thompson Iron Mines
Limited; prepared by E. Lyons, P. Geo., N. Rioux, P. Geo., and M. Robert, P.
Eng.; dated August 2009
Champion's current exploration goals aim to increase the quantity and quality of
iron resources for the Property, in addition to acquiring more sample material
for the metallurgical test work mentioned above, particularly at Fire Lake North
that is adjacent to the north of ArcelorMittal's Fire Lake Mine (341 million
tonnes grading 33.4% Iron), a seasonal operation that supplies ore to the Mont
Wright Mine and Concentrator Complex situated approximately 50 km to the north
(www.arcelormittal.com; MRNFQ Files).
The Fermont Iron Property
Champion previously announced an initial Mineral Resources Estimate ("MRE") on
the Bellechasse and Fire Lake North Claim Blocks ("Bellechasse" and "Fire Lake
North") under NI 43-101 guidelines (refer to the Company news release dated
November 18, 2009). The MRE totals 503.3 million tonnes grading 28.0% Iron in
the Inferred Mineral Resources category. Bellechasse hosts 215.1 million tonnes
grading 28.7% Iron; whereas Fire Lake North hosts 288.2 million tonnes grading
27.5% Iron (all at a 15% Iron cut-off grade). Inferred Mineral Resources are
that part of a Mineral Resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling gathered
through appropriate techniques from drill holes and outcrops, and reasonably
assumed, but not verified, geological and grade continuity. There has been
insufficient exploration to define any of the resources as Indicated or Measured
Mineral Resources and there is no guarantee that further exploration will
upgrade the Inferred Mineral Resources to Indicated or Measured Mineral
Resources.
Champion has under option a land package of 384.6 km2 in 16 strategic claim
blocks grouped into 3 clusters comprising the Property. Champion had previously
announced 8 claim blocks with historical Mineral Resources of 694 million tonnes
grading 30.4% Iron, but now after 2 of the 8 claim blocks (Bellechasse and Fire
Lake North) host a current MRE, there are 6 remaining claim blocks that host
historical Mineral Resources of 578 million tonnes grading 30.4% Iron (Paquet,
1963; Ministere des ressources naturelles et de la faune Quebec Assessment File
GM 13035). The Mineral Resources are strictly historical in nature and 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.
The Company is currently in the second year of an option agreement (the
"Agreement") with Fancamp Exploration Ltd. (TSX VENTURE:FNC) and the Sheridan
Platinum Group Ltd. (the "Vendors") on the Property. Pursuant to the Agreement,
Champion can earn a 65% interest in all 16 claim blocks within the Property by
expending C$6 million in staged exploration and development work expenditures,
making cash payments totalling C$1 million, and issuing 2.9 million shares, all
over a 4-year period, with the Vendors retaining a 3% Net Smelter Returns
royalty, one third of which may be purchased by Champion for C$3 million. The
Agreement also includes a right of first refusal on the Lamelee Lake Claim
Block. Once Champion has completed its earn-in, a 65-35 joint venture would be
formed between Champion and the Vendors.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the provinces of
Quebec and Newfoundland & Labrador. The Company's projects include the
Attikamagen Iron Property in northeastern Quebec and western Labrador, the
Fermont Iron Property in northeastern Quebec, and the Powderhorn/Gullbridge Base
Metal Projects in central Newfoundland. Please visit Champion's website at
www.championminerals.com.
The technical information in this news release was prepared, revised and
approved by Jeff Hussey, P. Geo., VP Exploration of the Company and Jean
Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of
Champion. Both individuals are Qualified Persons under NI 43-101 standards.
The statements made in this news release that are not historical facts are
"forward-looking statements" and readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results, may vary materially from those in these "forward-looking" statements.
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