Advanced Explorations Inc. Intersects 126 Metres of High Grade Iron at Tuktu Project
TORONTO, ONTARIO -- (Marketwire) -- 10/05/11 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') today announces further drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Results show that drill hole 11TT016 contained an interval of 126 m of 33% iron. Similarly broad intervals of greater than 32% Fe have been previously reported by the Company, with some holes (11TT008, 11TT011) intersecting very high grades of 50.2% Fe over 9 m and 46.3% Fe over 14 m respectively. A plan map showing drill-hole locations and a complete table of all released drill results to date can be found on the company website at www.advanced-exploration.com.
John Gingerich, President and CEO, commented:
'The consistent high quality results from Tuktu 1 continue to demonstrate its potential to become another large tonnage iron ore deposit on the Melville Peninsula, where the Company has secured all of the available banded iron formation within 50 km of the coast. Our 4,000 metre 20 drill-hole program has only tested one magnetic anomaly within the Tuktu claim block; there are many more untested magnetic anomalies, and mapping this summer has confirmed that they are in fact Banded Iron Formations. We are now working on a NI 43-101 resource statement for Tuktu 1 and expect to release the results within this quarter'.
Presented in the table below are the results for drill holes 11TT015, 11TT016 & 11TT017.
Summary Table
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Drill-hole From (m) To (m) Interval (m) % Fe2O3 % Fe
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11TT015 33.67 209.94 176.27 39.36 27.53
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Including 134.00 205.00 71.00 44.00 30.78
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11TT016 35.74 65.72 29.98 43.38 30.34
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And 100.15 226.00 125.85 47.27 33.06
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11TT017 3.00 77.63 74.63 42.44 29.68
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Including 24.00 77.63 53.63 46.31 32.39
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All holes are drilled at -45 degrees and at 40 to 45 degrees azimuth, perpendicular to the strike direction. The true width of the mineralized zone has not been determined at this time. 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 preparation and 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. and 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226
www.advanced-exploration.com