Canadian Orebodies has released the first set of results from their ongoing drilling exploratory program at the Haig Inlet Iron Ore Project. The iron ore project is situated on the Belcher islands in Nunavut in Canada.
The first 14 drilled holes have had good assay results with an average iron grade of 29.2%. The mineralization of the iron ore is delineated over an area of roughly 9 square kilometers and remains open to the north and south. The infill drilling is now proceeding for the preparation of the NI 43 – 101 compliant resource estimates. They hope that the resource estimate and technical report is complete by the first quarter of 2012.
Gordon McKinnon, President & CEO of Canadian Orebodies said that it was exciting to see such positive results from Phase 1 of their drill program. The first set of assay results clearly demonstrates the potential of Haig Inlet to be a large-tonnage iron ore project, he added.
The Chief Executive officer said that these results covered a small area of a very large and continuous iron formation of the Superior type, which he believed would allow them to confirm and potentially expand the historical resource estimate.
Canadian Orebodies has now completed 50 drill holes on the Haig Inlet Iron Ore Project covering 7,430 meters. All of these holes have been dealing with the Kipalu Formation of iron bearing rocks. The Kipalu Iron Formation is a Paleoproterozoic Superior-type banded iron formation that was deposited between an extensive shallow marine carbonate succession and deep marine turbidites inter-bedded with mafic volcanics and gabbro sills, which covers a vast area around the Haig Inlet area.