CHAMPION MINERALS INC provide assay results for three additional drill holes completed on the Company's Oil Can Project located northeast of, and contiguous with, the Company's flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec.
The four drill holes completed on the South Zone at Oil Can were drilled on sections spaced approximately 400 metres apart, along the estimated 1300 m strike length of a crescent-shaped magnetic anomaly. To help determine the true width of the targeted iron formation, hole OC11-08 was drilled towards the bearing of holes OC11-02 and OC11-05.
In the central and widest part of the anomaly, drill hole OC11-08 intersected 545.7 m of magnetite-hematite-rich iron formation grading 33.7% Total Iron that includes an interval of 442.3 m grading 36.4% FeT. Drill hole OC11-05 intersected 303.4 m grading 34.7% FeT that includes 130.8 m grading 36.5% FeT whereas drill hole OC11-02, located at the eastern end of the anomaly, intersected 401.5 m grading 30.7% FeT that includes a 213.5 m interval grading 33.1% FeT (see Champion press release dated October 20, 2011). Drill hole OC11-07, located at the western end of the anomaly, intersected 197.2 m grading 26.8% FeT.
Mr Tom Larsen champion's president and CEO commented that "The Oil Can Project is shaping up to be a significant satellite asset to our Fire Lake North Project, with results indicating the potential for a large iron resource. We foresee the Oil Can Project potentially providing supplemental ore feed to a process plant at our Fire Lake North Project. Clearly, the projects would benefit from key operating synergies, such as rail transport and port infrastructure. Champion remains focused on developing the Fire Lake North Project and continues to systematically delineate complimentary resources on its nearby projects. Our National Instrument (NI) 43-101 compliant iron ore resources, which currently exceed 2.2 billion tonnes, are expected to grow significantly in the coming months and will place the Company's iron holdings among the top deposits in the Labrador Trough."
The four drill holes that evaluated the South Zone's underlying magnetic anomaly have delineated a magnetite-hematite-rich iron formation over approximately 1.3 kilometres of strike-length, with an indicated true width up to 250 m and similar or greater depth.
