Jan 18 2011
Advanced Explorations Inc. (TSX VENTURE:AXI) (FRANKFURT:AE6) has announced plans for a 2011 drilling campaign for its Nunavut projects. The Company forecasts that completion of its 2011 feasibility study will involve up to 15,000 metres of infill drilling for its Roche Bay project located on the Eastern coast of the Melville Peninsula. Furthermore, AEI will look at additional drilling along strike with the objective of increasing its NI 43-101 compliant resource estimate to beyond 750 million tonnes.
In order to further enhance shareholder value, AEI is engaging additional resources to accelerate drilling of up to 6,000 metres or more on its Tuktu project. Systematic surface sampling at Tuktu undertaken in 2008 returned average values of 34% Fe (press released November 12, 2009), which indicates potential for a high grade resource. The Tuktu mineralization is an outcropping zone of banded iron formation that defines a visible hill up to 60 m in elevation. With a surface exposure of over 1 square kilometer (strike of approximately 2.6 km and width up to 700 meters), the Company's drilling program of Tuktu will be aimed towards revealing a potential iron ore resource comparable to its Roche Bay legacy project.
In addition to expanding the iron ore resource on the Melville Peninsula, the Company will conduct further follow-up on its previously identified high grade silver (1956 ppm Ag), copper (2.5% Cu, plus 0.14 opt Au) and molybdenum (11.6% Mo) prospects (press released September 21, 2010). The work will include drill testing on targets of merit, and AEI believes any one of these prospects could add significant shareholder value.
John Gingerich, President and CEO, commented:
"Given the recent M&A activities in the Canadian iron ore sector and the increasing demand for iron products worldwide, we are focusing our Melville programs on expanding the Company's resource base. With additional drilling on Roche Bay and Tuktu, we are confident there is potential to increase the Melville resource base and expand the scope and scale of the potential Roche Bay development. Aligning the production capacity of the Melville district with international (Chinese) iron ore needs is expected to enhance the Company's growth potential. Despite all the upside potential of this year's program, it is still but a small step to evaluating the over 140 km of banded iron formation strike located within the eastern portions of the Melville Peninsula."
Source: Advanced Explorations Inc.