Champion Minerals Provides Remaining Assay Results from the 2011 Drilling Programs in the Fermont Iron Ore District, Quebec
TORONTO, ONTARIO -- (Marketwire) -- 04/17/12 -- CHAMPION MINERALS INC. (TSX: CHM)(FRANKFURT: P02) ("Champion", or the "Company") is pleased to provide the remaining unreported assay results from the 2011 drilling campaigns completed on the Company's Oil Can, O'Keefe-Purdy, Bellechasse and Midway Projects located in the Fermont Iron Ore District, Quebec.
Oil Can
Nineteen drill holes, totaling 8,435 metres, were completed on the Oil Can Project between August 5th and December 11th, 2011. Results from 17 holes, including OC11-01 to OC11-08, and OC11-10 to OC11-18, were previously reported in Champion Press Releases dated October 20, 2011; December 13, 2011; and January 23, 2012.
Results from the two remaining holes, OC11-09 and OC11-19, drilled in the North Zone and East Zone respectively, include notable intervals of high-grade iron formation, as presented in Table 1.
Table 1: Select(i) Composite Assays - Oil Can Project
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Length Azimuth Dip From
Hole # (metres) (degrees) (degrees) (metres)
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North Zone
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OC11-09 474.00 325 -45 108.75
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includes 126.00
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East Zone
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OC11-19 311.00 250 -45 144.00
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To Interval(ii) Grade
Hole # (metres) (metres) (Total Fe%)(iii)
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North Zone
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OC11-09 355.50 246.75 26.89
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includes 214.20 88.20 31.54
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East Zone
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OC11-19 298.16 154.16 31.23
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(i) The Select Composites are not necessarily representative of the average
grade or thickness of the mineral zones or potential resource.
(ii) Intervals are down-hole lengths and not true widths of the mineral
zones.
(iii) Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.
The Company expects to provide a National Instrument ("NI") 43-101 Mineral Resource Estimate of the four amalgamated hematite and magnetite-rich zones delineated on the Oil Can Project (North, Central, South, and East zones) in Q2-2012.
O'Keefe-Purdy
The 2011 drilling program at the O'Keefe-Purdy ("OKP") Project included 23 diamond-drill holes (OP11-01 to OP11-22 inclusive; including OP11-12 and OP11-12A) totaling 6,064 metres. Results for fifteen drill holes were previously announced in Champion's Press Release of November 30, 2011.
Select composite assay results for the remaining unreported eight holes completed at OKP are summarized in Table 2.
Table 2: Select(i) Composite Assays - O'Keefe-Purdy Project
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Length Azimuth Dip From
Hole # (metres) (degrees) (degrees) (metres)
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Nord-Ouest Occurrence
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OP11-05 351.30 180 -45 62.70
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and 195.00
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OP11-11 306.00 130 -50 108.85
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To Interval(ii) Grade
Hole # (metres) (metres) (Total Fe%)(iii)
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Nord-Ouest Occurrence
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OP11-05 92.95 30.25 30.99
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and 306.40 111.40 28.37
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OP11-11 157.00 48.15 21.62
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Length Azimuth Dip
Hole # (metres) (degrees) (degrees)
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Nord-Ouest Occurrence
(north extension)
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OP11-19 234.00 10 -50
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OP11-20 279.00 300 -51
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Nord-Est Occurrence
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OP11-07 249.0 360 -50
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Lac Purdy
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OP11-18 247.50 360 -45
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OP11-21 129.00 45 -45
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OP11-22 493.50 170 -51
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and
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From To Interval(ii) Grade
Hole # (metres) (metres) (metres) (Total Fe%)(iii)
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Nord-Ouest Occurrence
(north extension)
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OP11-19 No Mineralization Intersected
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OP11-20 No Significant Mineralization
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Nord-Est Occurrence
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OP11-07 175.45 203.90 28.45 33.80
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Lac Purdy
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OP11-18 31.50 247.50 216.00(1) 35.25
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OP11-21 No Mineralization Intersected
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OP11-22 25.00 259.40 234.40 31.77
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and 427.92 470.60 42.68 35.01
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(i) The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
(ii) Intervals are down-hole lengths and not true widths of the mineral
zones.
(iii) Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis
1 Drill hole OP11-18 drilled down-dip to bedding/banding and was stopped in
iron mineralization at 247 meters.
The OKP Project's 215 claims cover approximately 19 kilometres of cumulative strike length of magnetic anomaly which is interpreted to define tightly folded specularite, specular hematite and magnetite iron formation. The drilling program was focused mainly on the areas around the three (3) chronicled mineral showings on the project; namely Lac O'Keefe Nord-Est (COGITE # 23B/12-006), Lac O'Keefe Nord-Ouest (COGITE # 23B/12-0003) and Lac Purdy (COGITE # 23B/12-0008) (see http://sigeom.mrnf.gouv.qc.ca/ for COGITE references). No drilling was completed in the eastern part of the property.
Champion will defer a Mineral Resource Estimate for the OKP Project until additional suggested drilling more thoroughly establishes the full extent of iron mineralization underlying the property.
Bellechasse
The 2011 Bellechasse drilling program included two in-fill drill holes, totaling 872 metres, that evaluated an interpreted fold closure at the south-eastern limit of the outlined iron resource on the property. Results are presented in Table 3.
Table 3: Select(i) Composite Assays - Bellechasse Project
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Length Azimuth Dip From
Hole # (metres) (degrees) (degrees) (metres)
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BC11-01 454.00 240 -50 145.10
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includes 176.00
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BC11-02 418.00 210 -45 189.80
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includes 232.00
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To Interval(ii) Grade
Hole # (metres) (metres) (Total Fe%)(iii)
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BC11-01 454.00 313.00 27.60
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includes 313.00 137.00 33.20
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BC11-02 394.70 204.90 27.83
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includes 394.70 162.70 30.73
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(i) Selected Composite Assay Results are stated only for results recently
received. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
(ii) Intervals are down-hole lengths and not true widths of the mineral
zones.
(iii) Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.
Previous drilling by Champion on the Bellechasse Project defined an NI 43-101 Inferred Mineral Resource of 215 million tonnes grading 29% Total Iron (see Champion Press Release, November 19, 2009).
The high-grade iron formation intersected in the recent drilling substantiates the current interpretation with no material impact to the current Mineral Resource Estimate. As a result, Champion will defer any up-date to the current Mineral Resource Estimate for the Bellechasse Project.
The current Mineral Resource estimates were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.
Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The quantity and grade of estimated Inferred Resource reported herein are uncertain and there has been insufficient exploration to categorize them as an Indicated or Measured Resource. It is uncertain if further exploration will result in reclassification of Inferred Mineral Resources to the Indicated or Measured Mineral Resource categories.
Midway
The 2011 diamond-drilling program, the first ground-based exploration carried out by Champion on the Midway Project, comprised four holes totaling 1,096 metres. The best result was intersected in drill hole MW11-02 and includes a 136.0 metre interval (89.0-225.0 m) grading 29.0% Total Iron. Other select composite assays for Midway will be made available on Champion's website.
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, four of which - Fire Lake North, Bellechasse, Harvey-Tuttle and Moire Lake - host combined estimates of current Measured and Indicated Iron Mineral Resources totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling 2.2 Billion Tonnes.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with offices in Montreal and Toronto, and is focused on developing its significant iron ore resources in the provinces of Quebec and Newfoundland & Labrador. The Company's projects include: the Fermont Holdings in Quebec, jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest); and a 49% interest in the Attikamagen Iron Property in Quebec and Labrador. Champion's Fermont Holdings, including the flagship Fire Lake North Project, are located in Canada's major iron ore producing district, proximal to three producing mines. Champion's team and advisory board includes mining and exploration professionals with the mine operations experience to build and commission the Fire Lake North Project and bring it into production.
The technical information in this news release was reviewed and approved by Bruce Mitton, P. Geo., Vice-President Exploration of the Company, who is a Qualified Person under NI 43-101 standards.
Please visit Champion's website at www.championminerals.com.
Statements made in this news release that are "forward-looking statements" are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein.
Contacts:
Champion Minerals Inc.
Thomas G. Larsen
President and CEO
(416) 866-2200
Champion Minerals Inc.
Jorge Estepa
Vice-President
(416) 866-2200
www.championminerals.com