Jan 14 2011
CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) today released the second series of assay results from the completed 2010 diamond drill campaign at the Harvey-Tuttle Claim Block of the Fermont Iron Property in northeastern Quebec.
Full assay results have been received for all 54 drill holes completed at Harvey-Tuttle. Harvey-Tuttle is immediately to the west and adjacent to Consolidated Thompson Iron Mines Ltd.'s Lamêlée Property.
Significant assay results include a 168.4m drill hole interval with 30.3% Total Iron and three other intervals more than 92m long and with over 32% Total Iron. Among 26 drill holes, there are 10 intervals more than 35m long and with over 30% Total Iron.
With all assay results received, Champion has commenced digital modeling of the iron formation deposits and engaged P&E Mining Consultants Inc. to develop a National Instrument 43-101 (NI 43-101)-compliant Mineral Resource Estimate anticipated for completion in the first quarter of 2011.
The 2010 drill program is the first phase of drilling at Harvey-Tuttle, where several kilometric scale targets were tested however over 50% of magnetic anomaly responses at Harvey Tuttle remain to be drilled.
The forthcoming NI 43-101 Mineral Resource Estimate will be in addition to the previously announced combined NI 43-101-compliant mineral resources* totaling 603 million tonnes grading 29% Iron at the Bellechasse and Fire Lake North Projects of the Fermont Iron Property.
Thomas Larsen, President and CEO of Champion, states, "Positive results from the Fire Lake North Preliminary Economic Assessment (released November 3, 2010) bode well for the rest of the portfolio of claim blocks in the area, including Harvey-Tuttle, that generally have not been explored in several decades. With the addition of NI 43-101 compliant Mineral Resource Estimates at Harvey-Tuttle in Q1-2011, Champion is in the enviable position of defining significant Mineral Resources at a time of growing iron ore demand."
Source: CHAMPION MINERALS INC.