Champion Minerals Inc provide the remaining assay results from the 2011 Moire Lake diamond-drilling program. The Moire Lake Project, which comprises Cluster 1 of Champion's Fermont Iron Holdings in north-eastern Quebec, is immediately east of ArcelorMittal's Mont Wright Mine property, and is 8 kilometres south of existing rail transport infrastructure.
Twenty-one drill holes totaling 9,347 metres were completed at Moire Lake in 2011. The initial drill holes tested a newly interpreted geological model that indicated significant upside potential to the Historic Mineral Resource Estimate for the Lac Moire Occurrence. Favourable results from this original 5,000 m drilling program encouraged Champion to increase the drill program metreage.
The last drill hole completed at Moire Lake - LM11-021 - intersected 336.4 m of magnetite-hematite rich iron formation grading 27.7% FeT that included an interval of 248.1 m grading 31.6% FeT. Hole LM11-021 was drilled to cross-cut the IF intersection of 503.4 m grading 31.2% FeT encountered in drill hole LM11-012. Holes LM11-012 and LM11-021 were collared over the southeastern part of the historic Lac Moire Occurrence and demonstrate that the IF around the southern fold closure is substantially thickened.
Mr Tom Larsen president and CEO of Champion commented that "The 2011 Moire Lake drilling program has proven to be another highly successful campaign for Champion. We are confident that our drill results will produce a substantial increase in resources above the Historical Resource Estimate reported for the Lac Moire Occurrence. We also see additional upside resource potential for the Project from the Northeast Trend anomaly, although this prospective zone remains to be drilled."
Champion has commissioned P&E Mining Consultants Inc. to complete a National Instrument 43-101 compliant Mineral Resource Estimate for the Moire Lake Project with results expected in early 2012.
Mr Larsen further stated, "Our current interpretation suggests the bowl-shaped geometry of the Lac Moire Occurrence extends onto ArcelorMittal's neighbouring Mont Wright property with preliminary modelling suggesting that Champion has likely identified sufficient resources to potentially develop the project on a stand-alone basis."
