Advanced Explorations Inc. Intercepts 264 Metres of 33% Iron at Tuktu Project-Includes 9 Metres of 50% Iron
TORONTO, ONTARIO -- (Marketwire) -- 07/27/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) is pleased to announce the latest drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Drill-hole 11TT008 intercepted 9.04 metres of quality banded iron formation ('BIF') grading 50.19% Fe within a broader 283.07 metre interval of BIF grading 32.36% Fe (see table below).
John Gingerich, President and CEO, commented:
'The Tuktu assay results continue to impress us. We are reporting very long intercepts of 32% to 33% iron, and now we have found a high grade lens that grades over 50% iron in drill-hole 11TT008. This is a very significant discovery and represents some of the highest grade iron we have found on the Melville Peninsula. Unfortunately, this hole terminated within high grade BIF and thus, the full extent is not known. Defining the surface exposure along with strike and width of the high grade lens is an important next step to defining the potential of direct ship ore ('DSO') at Tuktu'.
Presented in the table below are the results for drill holes 11TT008 & 11TT009, both collared on the same section, which were drilled approximately 400 metres south east of the previously announced drill holes 11TT003 and 11TT004. Drill-hole 11TT008 was planned to go to a depth of 325 metres but stopped short due to technical reasons.
Summary Table
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From To Interval(i) % %
Drill hole (m)(i) (m)(i) (m) Fe2O3 Fe
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11TT008 11.97 295.04 283.07 46.27 32.36(ii)
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including 30.47 295.04 264.57 47.16 32.98
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including 286.0 295.04 9.04 71.76 50.19
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11TT009 2.65 161.79 159.14 45.63 31.91
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(i) down-hole length, not true width
(ii) includes 5.52 m of granite from 24.95m - 30.47m
To date, the Company has received only partial results from holes 11TT005A, 11TT006. These holes and others will be released once complete data is obtained and reviewed by the geologic team responsible for the drilling.
All holes are drilled at -45 degrees and at 40 to 45 degrees azimuth. All samples were prepared from sawn NQ-sized half-core sections on site in Nunavut. Split drill core samples are then sent to Activation Laboratories Inc. of Ancaster, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program. AEI's Tuktu program is supervised by Steve Roebuck, P.Geo., the Vice President, Exploration for AEI and a Qualified Person as defined by NI 43-101. Mr. Roebuck has reviewed and verified the technical information contained in this news release.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226