Fancamp Exploration, a Canadian exploration company, reported that Champion Minerals has provided the remaining assay results from the 2011 drill program performed on the company’s O'Keefe-Purdy, Oil Can, Midway and Bellechasse projects in the Fermont Iron Ore District, Quebec. Fancamp has 17.5% stake on these projects.
As part of the Oil Can project, 19 drill holes were completed between August 5 and December 11, 2011. Assay results from 17 holes that comprise OC11-01 to OC11-08, and OC11-10 to OC11-18, were announced on October 20 and December 13, 2011, and also on January 23, 2012. Assay results from the remaining two drill holes, OC11-19 and OC11-09 completed in the East Zone and North Zone respectively, comprise significant intervals of high-grade iron formation. A National Instrument 43-101 Mineral Resource Estimate of the four amalgamated zones, rich in hematite and magnetite mineralization and defined on the Oil Can project, is anticipated in the second quarter of 2012.
At the O'Keefe-Purdy project, the 2011 drill campaign comprised 23 diamond-drill holes from OP11-01 to OP11-22, including OP11-12 and OP11-12A holes. Assay results for 15 drill holes were reported on November 30, 2011. A Mineral Resource Estimate for the O'Keefe-Purdy project will be postponed until further drilling establishes the degree of iron mineralization in the property.
The 2011 drill campaign at the Bellechasse project contained two in-fill drill holes that assessed a fold closure at the south-eastern boundary of the defined iron resource on the property. Prior drilling on the Bellechasse project outlined a National Instrument 43-101 Inferred Mineral Resource of 215 M t grading 29% total iron.
The 2011 exploration program performed on the Midway project included four holes. Drill hole MW11-02 intersected a 136 m interval grading 29% total iron.