Northern Iron Completes Infill Drill Program on the Karas Property
and Completion of the Perimeter Drill Program on the Griffith Pit
- 11 holes on Griffith
property, totalling 3,731.59 metres, focussed on delineation of the
iron formation below the former pit.
- 14 infill holes on Karas Property, totalling 4,498 metres
grading up to 36.08% Fe2O3 and completes
Karas drill program.
VANCOUVER,
Dec. 4, 2012 /CNW/ - Northern Iron
Corp. ("Northern" or the "Company") (TSX-V: NFE) (OTCQX- NHRIF)
(FRANKFURT: N8I) today reported on the progress of exploration
and development on its Griffith
and Karas projects, Ear Falls,
northern Ontario.
To date, the northern and south-eastern portions
of the Griffith magnetite
mineralized zone have been tested with eleven holes totaling
3,731.59 metres. The current drilling was carried out to delineate
the Algoma type magnetite iron formation below the former pit prior
to the commencement of the dewatering program. Dewatering will
allow drill crews to access the lower benches of the former mine
and enable the company to evaluate the extent of the remaining
minable magnetite mineralization.
A total of 14 holes were also drilled on the
Karas property for a total of 4,498 metres as part of the program
aimed at infill drilling and the testing of additional targets for
a final mineral resource estimation on the property.
Basil Botha,
President and CEO of Northern said; "We now have sufficient data to
produce a mineral resource estimation for the Karas property. The
dewatering process for the Griffith pit is proceeding as planned and in
the spring we will begin drilling from the benches. This will
enable us to complete mineral resource estimates for both our core
properties by the end of the summer of 2013 and to begin our
PEA."
Highlights of the drill programs on the Griffith and Karas properties
| GRIFFITH |
From (m) |
To (m) |
Width (m) |
Fe2O3
(%) |
| GR 12-01 |
94.0 |
204.0 |
110.0 |
30.26 |
| including |
94.0 |
146.0 |
52.0 |
34.0 |
| GR-12-03 |
109.0 |
229.6 |
120.6 |
25.03 |
| GR-12-05 |
118.0 |
241.2 |
122.4 |
27.90 |
| GR-12-09 |
265.2 |
396.3 |
131.10 |
23.41 |
| GR-12-11 |
244.0 |
290.3 |
46.3 |
31.6 |
| KARAS |
From |
To |
Width |
Fe2O3 |
| KA-12-37 |
68.45 |
109.05 |
40.6 |
33.65 |
| KA-12-39 |
45.0 |
226.0 |
181.0 |
19.07 |
| KA-12-41 |
85.0 |
188.0 |
103.0 |
28.16 |
| KA-12-42 |
173.8 |
248.2 |
74.4 |
25.56 |
| KA-12-43 |
0 |
79.5 |
79.5 |
36.08 |
| KA-12-44 |
28.93 |
158.95 |
130.02 |
33.53 |
| KA-12-45 |
142.6 |
205.5 |
62.9 |
34.96 |
*True thickness to be determined.
Additional results are still pending.
A feasibility study has not been completed and
there is no certainty the proposed operation will be economically
viable and successful in fulfilling the orders.
The geological information in the news release has been verified
by Raul Sanabria, P.Geo., who is the
Qualified Person for Northern Iron Corp. under NI 43-101.
About Northern Iron Corp.
The Company is a 100% owner of five iron ore
properties in the Red Lake
district containing over 500 million tonnes of historical resources
with grades ranging from 22% to 31% Fe. The Red Lake district is situated in an
established mining area in Ontario, where the company has two near term
development projects, the past producing Griffith mine and the Karas property.
A qualified person has not done sufficient work
to classify the historical estimate as current mineral resources,
the issuer is not treating the historical estimate as current
mineral resources.
The Company is currently working towards the
production of HBI, a transportable form of direct reduced
iron. HBI is complementary and a viable metallic alternative
to scrap steel. Quality scrap is a critical raw material in the
steel making process. With the diminishing supply of quality scrap
steel and ever increasing market demand, steel producers around the
world will be looking to secure alternative supplies of metallic
products.
As part of the business plan, the Company
acquired the past producing Griffith mine, which produced pellets and
sponge iron (Direct Reduced Iron/DRI) from 1968 to 1986. The
mine was owned and operated by STELCO and supplied pellets and
sponge iron to the Hamilton and
Nanticoke steel mills in
Ontario. The metallurgy of the
deposit has been proven over eighteen years of production.
Almost the entire transportation infrastructure
is currently in place to both produce HBI and to ship produced HBI
into the North American market via rail and lake barges and into
Asian markets via rail through the port of Prince Rupert. Existing infrastructure
includes all weather roads, 115kV power line, natural gas line,
rail bed and port facilities.
The Company is focusing on de-risking the
project by seeking out potential joint venture partners, off-take
agreements or a combination thereof.
Cautionary Statement
The foregoing information may contain
forward-looking statements relating to the future performance of
the Company. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially from the
Company's plans and expectations. These plans, expectations, risks
and uncertainties are detailed herein and from time to time in the
filings made by the Company with the TSX Venture Exchange and
securities regulators. The Company does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
SOURCE Northern Iron Corp.