Champion Intersects 168.4 Metres of 30.3% Iron at the Turtleback Mountain Target as Part of the Mammoth Zone on the Harvey-Tuttl
11 Maggio 2010 - 2:15PM
Marketwired Canada
CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX
VENTURE:CHM)(FRANKFURT:P02) is pleased to announce assay results for the first
two drill holes, HT10-07 and HT10-09 from the completed winter 2010 diamond
drill campaign at the Harvey-Tuttle Claim Block ("Harvey-Tuttle") of the Fermont
Iron Property (the "Property"). The table below highlights results from the two
holes with complete results to-date. HT10-07 intersected 234.0m of sub-massive
to massive magnetite iron formation with an average grade of 26.7% Iron,
including 168.4m grading 30.3% Iron that also included 93.2m of 35.6% Iron, on
the Turtleback Mountain Target of the 25km2 Mammoth Iron Zone.
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IRON ASSAY
CORE Fe total
DDH# FROM (m) TO (m) LENGTH (m) (%)
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HT10-07 43.0 277.0 234.0 26.7
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incl. 43.0 211.4 168.4 30.3
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incl. 74.2 167.4 93.2 35.6
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incl. 81.5 95.5 14.0 39.1
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and 107.4 135.4 28.0 40.7
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12.5 48.6 36.1 32.8
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HT10-09 74.7 101.9 27.2 31.0
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(1) Core length is approximately equal to true width.
Note - refer to the Champion website at www.championminerals.com for a
complete listing of the individual sample assay results.
Thomas Larsen, President and CEO of Champion, stated, "Champion believes
Harvey-Tuttle hosts a Conceptual Tonnage of 1 billion to2.5 billion tonnes of
iron formation (refer to the Champion news release dated December 15, 2009).
With the upcoming drilling and planned preliminary assessment studies in Q3/Q4,
the objective is to determine the lower specification limit of the iron
mineralization that would justify a standalone operation."
Jean Lafleur, P. Geo., Fermont Iron Property Project Manager and a Director of
Champion, added "The early spring forced us to cut the winter drilling program
short; however we accomplished our goals. The significant results from drill
hole HT10-07 have clearly identified Turtleback Mountain as a high priority
target for immediate delineation drilling. If these widths persist, we should
build volume rapidly at Harvey-Tuttle. Efforts are currently underway to
re-commence drilling with a 7,000m program in the coming weeks. The drill
program will include several follow up holes to delineate the HT10-07
intersection and the high priority magnetic targets on Turtleback Mountain in
the heart of the Mammoth Zone. The program will also target areas along strike
from the specularite-rich iron formation in drill hole HT10-09 in the area
better known as the Western Synform located south of Turtleback Mountain (refer
to the appended location map)."
Previous assessment work and reports on Harvey-Tuttle have documented iron
occurrences, and in particular the current Mammoth Zone, composed of coarse
grained specular hematite and magnetite-rich iron formations, typical of the
deposits and other occurrences in the Fermont Iron Ore District (the "FIOD").
Only two short drill holes were drilled in 1957 in the northern part of
Harvey-Tuttle and both returned intersections of quartz specularite, the first
containing 26.7% iron over 26 m and the second 32.7% iron over 20m (MRNFQ
Deposit File 23B/12-0010). The Star Lake Iron Occurrence is located
approximately 5km north of the Harvey-Tuttle northern claim boundary (within a
provincial park) and hosts a historical resource of 234.7 million tonnes grading
32.4% iron (MRNFQ Deposit File 23B/12-0002); whereas the Lamelee-Peppler
Deposits are located 15 km to the southeast and contain a current Indicated
Mineral Resource of 935 million tonnes grading 29.72% iron (Consolidated
Thompson Iron Mines Ltd., 2009).
Champion is exploring the Property using a two-pronged approach. Harvey-Tuttle
is considered to have standalone 1 billion to 2.5 billion tonnes of Conceptual
Potential and is the first priority area for the next drill campaign. Other high
priority targets areas in the eastern and northern portions of Harvey-Tuttle
will also be tested by drilling. One in particular consists of a 3km by 2km
magnetic anomaly located in the eastern portion of the Property known as the
"Figure 8 Zone". The feature is interpreted to be an area with an interference
pattern between two major phases of folding that has good potential for
structural thickening of the iron formation. The interference geometry can
ultimately develop a synformal geometry which is generally favorable to open pit
mining methods.
Other claim blocks within Cluster 2 of the Property demonstrate tonnage
potential in the 200 million to 500 million tonnes range and could be proximal
to Harvey-Tuttle as well as ArcelorMittal's Fire Lake Mine (341 million tonnes
grading 33.4% Iron), currently a seasonal operation that supplies ore to the
ArcelorMittal Mont Wright Mine and Concentrator Complex located 50km to the
north.
National Instrument 43-101 Technical Report
Champion had mandated John Langton, M.Sc., P. Geo., and Doug Clark, P. Geo., to
provide a National Instrument ("NI") 43-101 Technical Report (the "Report") on
the Harvey-Tuttle (Lakes) Claim Block, which was completed on April 28, 2010,
will be filed and available under the Company's filings on SEDAR at
www.sedar.com. The Report summarizes the geology, historical work, describes
Champion's 2008-2009 airborne geophysical survey and Conceptual Tonnages
estimates of the iron formations, and recommended a significant drilling program
to focus on volumetrically-significant, tectonically thickened, synclinal-hinge
areas cored by iron formation, which were readily outlined by the 2008 airborne
geophysical survey.
Quality Assurance and Quality Control
All drill core logging and sample preparation was conducted by qualified Company
personnel under National Instrument ("NI") NI 43-101 standards at the Company's
core logging facilities in Wabush (Newfoundland). The NQ-sized drill core was
split in half. One-half of the drill cores was kept in the core tray for
reference purposes and the other half core was individually bagged, tagged,
sealed and packed in large nylon bags which were then securely closed and sent
by commercial ground transportation for analysis to COREM laboratories in Quebec
City (Quebec). Quality Assurance samples including standards of certified
reference material, field duplicates, pulp duplicates and blank samples were
inserted every 5 samples. COREM also inserted blank samples, standards and
duplicates for Quality Control purposes.
Mineral Resources
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. Historical 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.
Conceptual Potential and Conceptual Tonnages are not a recognized mineral
resource or mineral reserve category. They are strictly conceptual in nature;
being used by the Company to identify priority mineralized targets. They are
usually presented as a range of tonnes and grades. There has been insufficient
exploration to define as current NI 43-101 compliant Mineral Resources, and it
is uncertain if further exploration will result in the Conceptual Potential and
Conceptual Tonnages being defined as Mineral Resources.
The Fermont Iron Property
The Property is located 250km north of the St. Lawrence River port town of
Port-Cartier in the Fermont Iron Ore District ("FIOD") of northeastern Quebec.
The Harvey-Tuttle Claim Block contains the Mammoth Zone which is a target area
of 25 km2 heavily concentrated with strong magnetic anomalies. HT10-07 was the
first hole completed in Turtleback Mountain located in the centre of the Mammoth
Zone. The significant width of iron mineralization encountered in HT10-07
confirms the potential for structural thickening and bodes well for the
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). The iron mineralization on the
Property is believed to be similar to Consolidated Thompson Iron Mines Bloom
Lake Deposit (827 million tonnes grading 29.3% Iron) located 40km northeast of
Harvey-Tuttle (refer to the CTIM website at www.consolidatedthompson.com).
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 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
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., the Fermont Iron Property Project Manager, 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.
To view the High Resolution Airborne Magnetic survey map showing the location of
the Winter 2010 diamond drill holes for the Harvey-Tuttle Claim Block, Fermont
Iron Property, please visit the following link:
http://media3.marketwire.com/docs/chm_05_11_Map.pdf
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