Baffinland Iron Mines Corporation (TSX:BIM) today announced further high grade iron assay results from nineteen additional holes drilled at Deposits No. 2, No. 3, No. 4 and No. 5 at the Mary River Project, Baffin Island, Nunavut Territory, Canada.
Twelve of the holes were drilled at Deposit No. 4, with hole MR4-10-192 intersecting four zones which assayed a composited 65.2% iron across the 72 metres of mineralisation. Drilling tested the deposit across almost 3 kilometres of its strike length. The majority of the holes intersected high grade zones of massive specular hematite and magnetite up to 28 metres in width.
Five holes were drilled at Deposit No. 5 and successfully followed the high grade zone in broad (400 metre) step-out drill holes. Highlights include hole MR5-10-207 which cut 69.1% iron across 16 metres. In addition, the drill programme also tested Deposits No. 2 and No. 3. Drilling at Deposit No.2 better defined the edges of the Deposit. Drilling at Deposit No 3 extended the zone to the west where it was previously thought to be cut off by a fault. Hole MR3-10-210 intersected 67% iron across an accumulated width of 34 metres. The high grade zones (60+% iron) are haloed by the banded iron formation (bif) protore (30-50% iron) and enriched banded iron formation (50-60% iron).
With this news release, Baffinland has reported 21 of the 44 holes drilled in its 2010 program. In summary, sixteen holes were drilled at Deposit No. 4; twenty at Deposit No 5, three at Deposit No. 2 two at Deposit No 3and three at Deposit No.1. Some nine holes to date, were abandoned or had no significant results (all assays less than 60% iron) to report. The holes at Deposit No. 1 were specifically drilled to supplement information for Acid Rock Drainage work. It is expected that the remainder of the assays will be received before year end and further results released early in 2011.
"Exploration has extended and provided continuity to mineralisation at Deposits No. 5 and No. 4, while better defining the margins of Deposits No. 2 and No. 3. Unlike drilling at Deposit No. 1, we need additional geophysics to further define our targets. Exploration has successfully followed the high grade zone at Deposits No. 4 and No. 5and our next step will be to define tonnes." commented Michael Zurowski, Baffinland's Executive Vice President.
Baffinland expects to release the results of a definitive feasibility study for a road haulage option that would result in early stage iron ore production, currently being prepared by an independent and internationally recognized engineering firm, and file its Draft Environmental Impact Statement in mid-January 2011.
SGS Lakefield Research Limited performs assay and analytical work under a strict protocol designed for testing lump iron ores. Representative samples will be sent to Studien Gesellschaft für Eisenerz-Aufbereitung (SGA) in Germany, where they are composited for detailed metallurgical testing to ISO standards for iron ore. The analytical testwork is supervised and interpreted by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101.
Source: Baffinland Iron Mines Corporation