Century Iron Mines announced the second round of results from a phase two drilling program at its Duncan Lake iron ore project in Quebec. Results reported Tuesday are from 8,956 metres of drilling in 26 drill holes located in zones 3, 4 and 6 at the site.
Notable results from zone 3 include hole DUN 11-234B, which intersected 69.55 metres of 30.07 per cent iron; 24.49% iron over 111.5 metres in hole DUN 11-238C; and 29.36% iron over 99.05 metres, including 26.82% iron over 59.35 metres in hole DUN 11-337B.
At zone 4 significant assays included 32.15 and 28.28 per cent iron, while at zone 6, highlights included 33.6 and 24.58 per cent iron.
President and CEO Sandy Chim said that “We are pleased to see that these results continue to show grade and quality consistency with the previous drilling.”
“An NI 43-101 report updating mineral resource estimate is currently in process by Met-Chem Canada Inc and expected to be completed in the third quarter of 2012. A preliminary economic assessment will follow immediately and is targeted to be completed by the end of the year.”
The company said the phase two program is complete, except for outstanding assay results for an additional 19 holes, which will be reported in a third update when they are available.
Century Iron Mines Corp. is Canada's largest holder of iron ore land claims, with interests in several properties in the provinces of Quebec and Newfoundland and Labrador.
The Duncan Lake iron ore property is located about 570 kilometres north of Mattagami, Quebec, and can be accessed via Highway 109, connecting Mattagami to Radisson. The property is located 10 kilometres south of the LG2 regional airport.
Duncan Lake is subdivided into six separate mineralized zones, with claim blocks 1, 2, and 5 located southwest of the highway and claim blocks 3, 4 and 6 to the northeast. The company noted that the property has recently been expanded to 528 exploration claims covering 25,448.8 hectares.
The project is under a joint venture agreement signed back in 2008 between Century, which holds a 51% interest, and Augyva Mining Resources which holds a 49% interest.
Source - Proactive Investors
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