Advanced Explorations Inc. Releases Results of 2012 Surface Sampling Program at Tuktu Iron Project
TORONTO, ONTARIO -- (Marketwire) -- 10/26/12 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the "Company or "AEI") is pleased to announce the results of a general surface sampling and prospecting program recently completed on its Tuktu project area. The 2012 Tuktu East prospecting and mapping program was initiated to continue the evaluation of the direct ship ore potential of the Tuktu 2 area ("T2-A Prospect") as discussed in previous press releases (July 11, 2012) and to further examine the overall potential quality and extent of the Tuktu project. It has resulted in the discovery of a new zone of high-grade specular hematite ("T2-H Prospect"), with surface samples returning values up to 65.67% Fe. The T2 - A and T2 - H Prospects were the focus of drilling conducted by the Company last month, and the drill results will be reported as they become available.
John Gingerich, President & CEO, commented:
"We are very pleased that our sampling program led to the discovery of a second zone of specular hematite material in addition to the first discovery earlier in the summer. The existence of this different type of rock formation, which is characterized by the exceptionally high iron grades that define DSO-type material, in two zones at Tuktu 2 demonstrates that there is significant discovery potential in this area. Furthermore, there is substantial exploration upside for this type of material in the entire 140 km strike of banded iron formation from Roche Bay to Tuktu as we have only explored approximately 10% of the entire magnetic anomaly to date".
A total of 204 rock grab samples have been collected at the Tuktu East area (28 in 2011 and a further 176 in 2012) and are reported in Table 1. The sampling targeted outcrops within aeromagnetic and ground magnetic anomalies considered prospective for Tuktu-style banded iron formation (BIF) to the east of the Tuktu deposit.
Table 1
--------------------------------------------------
2011-2012 Surface Sample Assays
--------------------------------------------------
Number of Samples % Fe Range
--------------------------------------------------
3 60.0-65.67
2 50.0-59.9
34 40.0-49.9
135 30.0-39.9
30 0-29.9
--------------------------------------------------
The majority of the surface samples (81.8 %) have reported Fe values greater than 30%, and are well distributed along the major magnetic anomalies to the east of the Tuktu deposit, confirming the extent of potential resource grade iron formations. A surface sample from 2011, containing 63.85% Fe, led to the discovery of the T2-A Prospect in July of 2012 (see press release - July 11, 2012). A second sample from the 2011 field season, grading 62.26% Fe, and 1.6 km to the south of T2-A, remains anomalous. The Company plans to investigate this anomaly further in 2013. Furthermore, the new T2-H discovery is located at the north end of a large positive magnetic anomaly that is approximately 1.5km in length, but is not well exposed, and so the continued evaluation of this area remains a priority for the Company going forward.
The surface sampling results reported in this press release were prepared by Andrew Turner, P. Geol. of APEX Geoscience Ltd. who has reviewed and verified the contents of this release. Andrew Turner, P.Geol. is a "Qualified Person" as defined by National Instrument 43-101.
All samples were catalogued in the field with GPS coordinates and were sent to the Activation Laboratories ("Actlabs") sample preparation facility in Hall Beach, NU with final analysis being conducted at their main facility in Ancaster, ON. The results for the 2011 and 2012 sample analyses are summarized in Table 1, where the % Fe was calculated from the % Fe2O3 values reported by the laboratory. A map of the sample locations is available on the Company's website at www.advanced-exploration.com.
The Company is also pleased to announce that it will present at today's World Iron Ore Forum held at the Park Hyatt Toronto. Additional details about the event can be found on the Company's website under Events at www.advanced-exploration.com.
ON BEHALF OF THE BOARD
John Gingerich, President & Chief Executive Officer
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. 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