🕐15.12.09 - 19:29 Uhr
Champion Minerals News
NEWS RELEASE - Champion Minerals Inc.
TSX-V:CHM
Champion Minerals estimates Conceptual Tonnages at Harvey-Tuttle, including
the 25 km2 iron formation of the Mammoth and Mammoth SW zones, and plans
staged drilling campaign
Toronto (Canada), December 15, 2009 CHAMPION MINERALS INC.
("Champion or
the Company) (TSX-V: CHM; FSE: P2Q) is pleased to announce the planning of
a staged drilling campaign to test the Mammoth Zone, a 25 km2 magnetic
signature representing an extensive sequence of folded and potentially
thickened iron formation within the Harvey-Tuttle Claim Block
(Harvey-Tuttle), one of 16 claim blocks that make up the Fermont Iron
Property (the Property), currently under option from Fancamp Exploration
Ltd.
and the Sheridan Platinum Group Ltd.
Prioritized targeting of iron formations on the Property is progressing on
schedule using Champions 2008 airborne geophysical survey that has outlined
numerous and significant airborne magnetic signatures of iron formations.
The processing uses the zero-contour line of the Second Vertical Derivative
Magnetic Contour (the SVDMC), by calculating the anomalys surface area
and depth, and estimating the total volume in cubic metres (or
Volumetrics) of the iron formations.
The Volumetrics are converted to
Conceptual Tonnages by multiplying the Volumetrics and a specific gravity
(in tonnes per cubic metre) of the iron formation.
The table below outlines
the Volumetrics and Conceptual Tonnages for Harvey Tuttle for each of the
five geographic sectors of the claim block, at vertical depths of -125 m and
-250 m.
The Harvey-Tuttle Conceptual Tonnages range from 2 billion tonnes to
4 billion tonnes which includes the 25 km2 Mammoth Zone.
The Volumetrics and Conceptual Tonnages are helping define the potential of
mega-iron formations, such as the Mammoth Zone, enabling the Company to
focus its exploration efforts.
A Conceptual Tonnage is not a recognized
mineral resource or mineral reserve category.
They are strictly conceptual
in nature; being used by the Company to identify priority mineralized
targets.
Conceptual Tonnages are usually presented as a range of tonnes and
grades.
There has been insufficient exploration to define Conceptual
Tonnages as current National Instrument (NI) 43-101 compliant Mineral
Resources, and it is uncertain if further exploration will result in the
Conceptual Tonnages being defined as Mineral Resources.
Abitibi Geophysics Inc.
(of Val-dOr, Quebec) recently processed the
magnetic data to produce the Volumetrics on Harvey-Tuttles Mammoth Zone,
located in close proximity to the Bellechasse Claim Block (Bellechasse).
At Bellechasse, the estimated Mineral Resources in the Inferred category
tonnage were approximately 65% lower than the Conceptual Tonnages of the
iron formation.
The magnetic anomalies are interpreted (and were previously
documented on the Bellechasse and Fire Lake North Claim Blocks) to host
similar iron mineralization as the Consolidated Thompson Iron Mines (CTIM)
Bloom Lake Deposit (827 million tonnes grading 29.3% Iron) and
Lamle-Pepplar Lake Project (935 million tonnes grading 29.7% Iron)
(www.consolidatedthompson.com).
Champion is planning a major staged drill program divided into three
campaigns: (1) confirmation/validation drilling to determine the extent and
grades of the iron formation from the first two priority targets, the
Mammoth and Mammoth SW zones; (2) in-fill drilling to convert all or part of
the Conceptual Tonnage of the Mammoth and Mammoth SW Zones into NI 43-101
compliant mineral resources; and (3) testing of the three other priority
targets, the Harvey Tuttle East, OKeefe West and OKeefe East Zones.
Details of the campaigns will be made available early in 2010.
Jeff Hussey, VP Exploration for Champion stated Our plan since 2008 for the
Fermont Iron Property was to outline the maximum high quality iron resources
by prioritizing the top 3 to 5 areas of the Property that can be advanced
towards feasibility.
We are on-track with Bellechasse and Fire Lake North
claim blocks and are setting our sights on Harvey-Tuttle with its billion
tonne stand-alone potential.
The Fermont area is known for its high quality
coarse grained iron ore and it is currently undergoing an economic boom with
the startup of Consolidated Thompson Iron Mines Ltd.s Bloom Lake Mine.
ArcelorMittal is the major producer in the camp and in June 2008 they
announced the company currently meets 46% of iron ore needs with its own
mines, and the plan is to reach 75% to 85% self-sufficiency by 2015,
suggesting the Canadian mining subsidiarys contribution will likely be
crucial to ArcelorMittals overall growth strategy.
The Fermont Iron Property
Champion previously announced an initial Mineral Resources Estimate (MRE)
on the Bellechasse and Fire Lake North Claim Blocks (Bellechasse and Fire
Lake North) under NI 43-101 guidelines (refer to the Company news release
dated November 19, 2009).
The MRE totals 503.3 million tonnes grading 28.0%
Iron in the Inferred* Mineral Resources category.
Bellechasse hosts 215.1
million tonnes grading 28.7% Iron; whereas Fire Lake North hosts 288.2
million tonnes grading 27.5% Iron (all at a 15% Iron cut-off grade).
Inferred Mineral Resources are that part of a Mineral Resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling gathered through appropriate techniques from
drill holes and outcrops, and reasonably assumed, but not verified,
geological and grade continuity.
There has been insufficient exploration to
define any of the resources as Indicated or Measured Mineral Resources and
there is no guarantee that further exploration will upgrade the Inferred
Mineral Resources to Indicated or Measured Mineral Resources.
Mineral
Resources which are not Mineral Reserves do not have demonstrated economic
viability.
Champion has under option a land package of 384.6 km2 in 16 strategic claim
blocks grouped into 3 clusters comprising the Property.
Champion had
previously announced 8 claim blocks with historical Mineral Resources of 694
million tonnes grading 30.4% Iron, but now after 2 of the 8 claim blocks
(Bellechasse and Fire Lake North) host a current MRE, there are 6 remaining
claim blocks that host historical Mineral Resources of 578 million tonnes
grading 30.4% Iron (Paquet, 1963; Ministre des ressources naturelles et de
la faune Qubec Assessment File GM 13035).
The Mineral Resources are
strictly historical in nature and are non-compliant to NI 43-101 Mineral
Resources and Mineral Reserves standards, and should therefore not be relied
upon.
A Qualified Person has not done sufficient work to upgrade or classify
these historical Mineral Resources as current NI 43-101 compliant.
The Company is currently in the second year of an option agreement with
Fancamp Exploration Ltd.
(TSX-V: FNC) and the Sheridan Platinum Group Ltd.
(the Vendors) on the Property.
Champion can earn a 65% interest in all 16
claim blocks within the Property by expending C$6 million in staged
exploration and development work expenditures, making cash payments
totalling C$1 million, and issuing 2.9 million shares, all over a 4-year
period, with the Vendors retaining a 3% Net Smelter Returns royalty, one
third of which may be purchased by Champion for C$3 million.
The agreement
also includes a right of first refusal on the Lamle Lake Claim Block, as
announced by the Company on May 13, 2009.
Once Champion has completed its
earn-in, a 65-35 joint venture would be formed between Champion and the
Vendors.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the provinces
of Quebec and Newfoundland / Labrador.
The Companys projects include the
Attikamagen Iron Property, located in western Labrador and northeastern
Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn
and Gullbridge Base Metal Projects located in central Newfoundland.
The technical information in this news release was prepared, revised and
approved by Jean Lafleur, P.
Geo., Director and Technical Advisor to the
President and CEO of Champion, and Jeff Hussey, P.
Geo., VP Exploration of
the Company.
Both individuals are Qualified Persons under NI 43-101
standards.
For further information please contact Thomas G.
Larsen, President and CEO,
and Jorge Estepa, Vice-President, at (416) 866-2200.
Neither the TSX Venture Exchange nor its regulation services provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
The
statements made in this news release that are not historical facts are
forward-looking statements and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
forward-looking statements.
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