Fancamp Exploration has announced that Champion Minerals has reported the new assay results from its Moire Lake project, in which Fancamp has 17.5% interest.
The strategic location of the project is directly to the eastern part of and adjacent to the Mont Wright mine property of ArcelorMittal and is also 8 km to the southern side of the present rail transport infrastructure.
The company has cut 31.2% total iron (FeT) over 503.4 m in the hole LM11-12 at the southeast of the significant Lac Moire. It has intersected 27.6% FeT over 390.1 m and 31.5% FeT over 237.1 m in the hole LM11-16, which is situated around 400 m to the northeast part and along the strike of the hole LM11-12, and 30.3% FeT over 383.4 m in the hole LM11-09, which is situated about 400 m to the northeast of the drill hole LM11-16. The company has outlined these three drill holes for around 1 km of iron structure along the strike, with 383 m to 503 m of down-hole cuts and these holes have validated the iron-rich Sokoman structure continuity that is around the widened southeast fold closure.
The CEO and President of Champion, has stated that the 2011 new drilling results from the Moire Lake have additionally validated the continuity of the high-grade of the iron structures occurring on the property that is well situated in the Labrador trough. The assay results combined with the widths from Moire Lake are extensive and it is anticipated that the latest resource estimate will discover a considerable increase in the past resource.
The operator of the Moire Lake project is Champion Minerals and work is ongoing to additionally develop the project. Fancamp has planned to continue its proportional interest in this project and the additional properties in the Joint Venture.