Advanced Explorations Inc report assay results from the recently discovered Tuktu magnetite deposit on the Melville Peninsula, Nunavut. The project is located only 45 kilometers from the ocean and approximately 60 kilometres northwest of the Company's flagship Roche Bay project.
Results from the representative sampling of the Tuktu banded iron formation were exceptionally consistent and averaged 34.0% iron with low contaminant levels. Moving spatially away from the geologic contacts and fault zone sulfur content notably decreases with a very large portion of the banded iron formation grading 0.04% sulfur and less. The low contaminant levels are important as iron ore can be processed easier making it highly sought after by the steel making industry.
The Tuktu deposit is approximately 2,700 metres in length, up to 700 meters in width and stands 60 meters high with massive magnetite mineralization exposed extensively at surface. The down-dip extent of the mineralization is unknown but field mapping has shown that the BIF beds are dipping at approximately 70 degrees to the southwest.
A total of 75 rock samples from various lithologies were collected from the discovery area. BIF samples were analyzed for iron and other elements using whole rock analysis and Satmagan testing procedures. The results above are an average of the 41 representative samples that were taken during the recent field exploration program that included sampling, mapping and staking. Samples near geologic contacts or the gossan are not included. Having recognized the potential of the discovery, the Company invited Golder Associates Limited Golder Associates Limited, authors to the Roche Bay NI 43-101 report, to participate in the Tuktu field program.
The results clearly demonstrate that the Tuktu deposit has low contaminate levels and a very consistent iron grade of 34%. The samples have been sent for metallurgical testing to determine if a high grade +63% Fe product can be produced through a simple on site process (dry magnetic separation). There is potential for higher grade zones at Tuktu, similar to intersections of 53% Fe and 63% Fe in C-Zone, which will also be a factor in assessing the metallurgical results.
Mr John Gingerich president & CEO of Advanced Explorations said that "We are confident that the Tuktu discovery will add flexibility to the development scenarios of the Roche Bay project. With consistent 20% higher iron grades when compared to the C-Zone and no contaminant issues, it is certainly also worth following up on the prospect of developing subzones amenable to producing sinter feed. The results from the metallurgical testing will guide the next phase of exploration (drilling) as to whether the deposit will be evaluated from a large scale standalone operation or a smaller high grade operation as a satellite operation to the Roche Bay project."
