New Millennium Iron Corp. Announces the Completion of Drilling of the Lake Perault and Sheps Lake Properties and Partial Dril...
October 03 2012 - 6:00AM
Marketwired Canada
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today
the completion of drilling at its 100% owned Perault Lake property and 80%(i)
owned Sheps Lake Property. 48 holes were drilled in Perault Lake for a total of
3890.8 m. and 22 holes in Sheps Lake for a total of 1918.1 m. The combined total
area of both Sheps Lake and Perault Lake is approximately 17.25 km2 with an
average thickness of 60 m, where the taconite is un-altered giving excellent
Davis Tube concentrate ("DTC") recoveries with very low concentrate silica
values (less than 2.00%) and high Fe values (greater than 70.00%). These results
highlight the potential for the production of direct reduction ("DR") grade
pellet feed from these properties.
Currently drilling is in progress in the Howells Lake area. This area comprises
100% NML owned Howells Lake property and 80%(i) owned Howells River North
property. The taconite occurring in this area is a stratigraphic continuation of
the LabMag deposit and connects to the KeMag deposit in QC. NML in 2006 drilled
one hole in the central part of the region which also confirms the continuity of
the stratigraphic units (refer to NR 11-25). Assay results for certain holes
have been received to date from the Howells Lake area. Two cross sections each
from Perault Lake and Sheps Lake with the average assays are shown below.
Dean Journeaux, President and CEO of NML, said," This year's drilling results
from Sheps Lake and Perault Lake indicate that we now have the potential to
discover new significant deposits that would add to our growing resource base.
The coarse liberating characteristics of the material and expected low SiO2 in
the concentrate would lend itself to lower energy requirements during the
concentrating process to produce DR grade pellets. The results from Howells Lake
and Howells River North indicate a continuity of mineralization between LabMag
and KeMag deposits. When we have the remaining results, we plan to undertake a
resource estimate in order to obtain N143-101 compliant resource estimates."
Drill Results:
Table 1 provides the average drill core analysis and assay results received to
date. (refer to Figure 1 & 2- Drill hole location plan). The Table includes
drill core analysis results from Perault Lake and Sheps Lake and Howells River
North (Howells Lake) areas, using a DTWR cut-off of 18.00%.
Table 1
----------------------------------------------------------------------------
Hole No. Concentrate Concentrate
Section Interval m Total Fe% DTWR% Fe% SiO2%
----------------------------------------------------------------------------
Perault Lake
----------------------------------------------------------------------------
11PL1002D 310 92.5 29.01 20.98 70.54 1.68
----------------------------------------------------------------------------
12PL1039D 310 46.6 30.40 27.22 71.23 1.37
----------------------------------------------------------------------------
12PL1042D 310 64.2 30.83 27.55 70.45 1.70
----------------------------------------------------------------------------
12PL1036D 300 85.5 29.67 26.42 70.78 1.55
----------------------------------------------------------------------------
12PL1037D 300 55.4 30.36 29.29 70.70 1.55
----------------------------------------------------------------------------
12PL1040D 300 32.7 33.59 31.20 70.51 1.77
----------------------------------------------------------------------------
12PL1030D 290 82.0 29.76 26.05 70.65 1.92
----------------------------------------------------------------------------
12PL1027D 280 30.2 33.84 19.67 69.31 1.71
----------------------------------------------------------------------------
12PL1029D 280 28.0 32.82 27.58 70.23 1.72
----------------------------------------------------------------------------
12PL1025A 270 41.0 34.40 33.00 70.45 1.37
----------------------------------------------------------------------------
12PL1020D 250 50.0 29.30 27.10 70.37 1.67
----------------------------------------------------------------------------
12PL1018D 240 81.0 29.69 26.07 71.03 1.16
----------------------------------------------------------------------------
12PL1013D 230 41.9 32.86 21.50 69.32 1.21
----------------------------------------------------------------------------
12PL1044D 220 89.1 28.49 24.74 69.87 1.54
----------------------------------------------------------------------------
12PL1045D 220 39.2 30.24 25.40 70.75 1.21
----------------------------------------------------------------------------
12PL1015D 215 41.2 28.80 20.47 70.57 1.61
----------------------------------------------------------------------------
12PL1011D 215 64.5 30.82 22.62 70.91 1.33
----------------------------------------------------------------------------
12PL1012D 215 66.7 29.37 29.27 70.47 1.53
----------------------------------------------------------------------------
12PL1033D 210 66.7 32.11 28.25 70.11 1.21
----------------------------------------------------------------------------
12PL1043D 210 48.0 29.11 22.60 70.85 1.06
----------------------------------------------------------------------------
12PL1032D 205 64.8 28.83 27.46 70.72 1.61
----------------------------------------------------------------------------
12PL1038D 205 45.1 30.88 26.69 71.04 1.46
----------------------------------------------------------------------------
12PL1035D 200 52.3 29.49 23.53 70.50 1.94
----------------------------------------------------------------------------
12PL1041D 200 77.5 29.48 26.41 70.39 1.56
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sheps Lake
----------------------------------------------------------------------------
12SL1002D 320 45.2 29.67 26.10 70.79 1.61
----------------------------------------------------------------------------
12SL1003D 320 53.0 29.37 28.10 70.90 1.37
----------------------------------------------------------------------------
12SL1005D 320 82.8 28.03 25.40 70.73 1.34
----------------------------------------------------------------------------
12SL1001D 330 88.0 29.19 25.67 70.55 1.59
----------------------------------------------------------------------------
12SL1004D 330 76.7 30.66 27.51 70.81 1.28
----------------------------------------------------------------------------
12SL1007D 330 45.0 31.32 26.52 70.95 1.43
----------------------------------------------------------------------------
12SL1008D 330 79.9 31.28 26.20 70.88 1.34
----------------------------------------------------------------------------
12SL1009D 340 64.5 31.17 32.40 70.57 1.86
----------------------------------------------------------------------------
12SL1011D 340 81.7 29.29 26.60 70.71 1.67
----------------------------------------------------------------------------
12SL1012D 350 48.7 32.42 28.40 70.88 1.47
----------------------------------------------------------------------------
12SL1017D 360 57.8 31.78 29.40 70.31 1.60
----------------------------------------------------------------------------
12SL1014D 370 78.0 32.42 27.70 70.99 1.56
----------------------------------------------------------------------------
12SL1016D 370 62.0 32.25 28.33 70.58 1.42
----------------------------------------------------------------------------
12SL1018D 370 83.6 30.67 27.60 70.76 1.39
----------------------------------------------------------------------------
12SL1019D 390 50.0 33.11 24.61 70.24 1.10
----------------------------------------------------------------------------
12SL1020D 420 75.6 30.94 24.90 70.60 1.15
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Howells River North
----------------------------------------------------------------------------
12HR1283D 01 40.0 30.19 29.26 70.43 2.20
----------------------------------------------------------------------------
12HR1285D 01 64.0 32.60 30.10 70.36 2.16
----------------------------------------------------------------------------
12HR1286D 01 103.4 31.07 23.70 70.12 1.75
----------------------------------------------------------------------------
12HR1287D 09 21.8 28.09 27.40 70.44 1.97
----------------------------------------------------------------------------
12HR1288D 09 47.4 32.41 32.80 68.81 3.16
----------------------------------------------------------------------------
12HR1289D 09 109.1 30.65 32.74 69.70 2.27
----------------------------------------------------------------------------
(i) Naskapi Labmag Trust through Labmag Limited Partnership (LLP) owns the other
20%.
The half drill core samples, on average 6 meters in length were sent to Midland
Research Center ("MRC"), an Independent Laboratory at Nashwauk, Minnesota, USA
for testing and analysis. The core is assayed for total iron. The magnetite
concentrate is produced using the Davis Tube method and given as Davis Tube
Weight Recovery percent ("DTWR%"). The magnetite concentrate is assayed for iron
and silica. Some selected samples will be analyzed for other elements. Based on
the drill core analysis received to date, the Perault Lake taconite averages
30.24% Fe with 25.82% DTWR. The Davis Tube concentrate averages 70.52% Fe and
1.52% SiO2. The Sheps Lake taconite averages 30.73% Fe with 27.14% DTWR. The
Davis Tube concentrate averages 70.71% Fe and 1.45% SiO2. Only a limited number
of drill core results were received from the Howells River North (Howells Lake
Area). The Howells River North averages 31.11% Fe with 29.22% DTWR. The Davis
Tube concentrate averages 69.93% Fe and 2.20% SiO2. Four sections, 300 and 301
for Perault Lake and 320 and 330 for Sheps Lake respectively, with 3 drill holes
respectively intersecting all taconite units, are shown in Figure 3 to 6 with
average test and assay results.
Drilling Plan (Refer to Figure 1 & 2):
Perault Lake:
The airborne anomaly located in this area is approximately 18 km long with an
average width of approximately 1 to 1.5 km. The entire area was drilled on 2 and
1km spaced section lines with 2 to 3 holes on each line to check the magnetic
anomaly. The logging and the partial drill assay results received to date
indicate that the mineralized material occurring at the northern part of the
property, 6 km long and 1.5 km wide shows higher concentrations of magnetite
while the 5 km long central part shows partial oxidation of magnetite to martite
(hematite). In the 7 km long south section, the oxidation appears to be more
prevalent resulting in lower Davis Tube recoveries.
Sheps Lake:
The airborne anomaly covering this property is 5.5 km and 1 to 1.5 km wide. The
drilling was carried out on 1 km spaced section lines with 3 holes on each line.
The taconite occurring in this area is fresh and un-altered. The drill core
analysis received to date shows good weight recoveries and quite low SiO2
levels.
The combined total area of both Sheps and Perault Lake is approximately 17.25
km2 with an average thickness of 60 m, where the taconite is un-altered giving
excellent Davis Tube recoveries with very low concentrate silica values (less
than 2.00%) and high Fe values (greater than 70.00%). In addition, the partially
oxidized area holds potential for additional resources, which would be
thoroughly investigated during resource modeling. Complete core analysis results
for Sheps and Perault Lake are expected in the next two months.
Howells Lake, Howells River North:
The area outlined for drilling based on the 2010 airborne magnetic survey is
approximately 7.0 km long and 3.5 km wide. The mineralized material occurs on
either side of the Howells River. On the west side of the Howells River the
mineralized material occurs in a single stratigraphic sequence similar to the
LabMag and KeMag. On the east side the sequence is repeated due to a low angle
thrust fault, which pushed up a complete sequence of layers (LC to LRGC) over
the LabMag band. Only a limited number of drill core assays were received to
date. The results are given in Table 1.
About New Millennium
The Corporation controls the emerging Millennium Iron Range, located in the
Province of Newfoundland and Labrador and in the Province of Quebec, which holds
one of the world's largest undeveloped magnetic iron ore deposits. In the same
area, the Corporation and Tata Steel Limited, one of the largest steel producers
in the world, are advancing a DSO Project to near term production. Tata Steel
Limited owns approximately 26.5% of New Millennium and is the Corporation's
largest shareholder and strategic partner.
Tata Steel exercised its exclusive option to participate in the DSO Project and
has a commitment to take the resulting production (see news release 10-16 dated
September 14, 2010). The DSO Project is owned and operated by TSMC, which in
turn is 80% owned by Tata Steel and 20% owned by NML. The DSO project contains
64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade
of 58.8% Fe, 21.0 million tonnes of Measured and Indicated Mineral Resources at
an average grade of 59.2% Fe, 10.3 million tonnes of Inferred Resources at an
average grade of 58.3% Fe and about 25.0 - 30.0 million tonnes of historical
resources that are not currently in compliance with NI 43-101 (see news release
09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news
release 09-16 dated December 9, 2009, news release 10-12 dated July 8, 2010 and
news release 12-14, dated May 31, 2012).A qualified person has not done
sufficient work to classify the historical estimate as current mineral resources
or mineral reserves, the Corporation is not treating the historical estimate as
current mineral resources or mineral reserves and the historical estimate should
not be relied upon.
The Millennium Iron Range currently hosts two advanced projects: LabMag contains
3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus
1.0 billion tonnes of Measured and Indicated resources at an average grade of
29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of
29.3% Fe (see news release 06-13 dated July 5, 2006 and news release 07-11 dated
July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable
reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and
Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated
January 16, 2009). Tata Steel also exercised its exclusive right to negotiate
and settle a proposed transaction in respect of the LabMag Project and the KeMag
Project (see news release 11-09 dated March 6, 2011).
The Millennium Iron Range now hosts another taconite deposit, Lac Ritchie
located at its north end. The initial 2011 drilling of 40 holes in this property
revealed Indicated Resources of 3.330 billion tonnes at an average grade of
30.3% Fe and 1.437 billion tonnes of Inferred Resources at 30.9% Fe (see news
release NR 12-11, dated April 02, 2012)
The Corporation's mission is to add shareholder value through the responsible
and expeditious development of the Millennium Iron Range and other mineral
projects to create a new large source of raw materials for the world's iron and
steel industries.
For further information, please visit www.NMLiron.com, www.tatasteel.com,
www.tatasteelcanada.com, and www.tatasteeleurope.com.
Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified
Persons as defined in National Instrument 43-101 who have reviewed and verified
the scientific and technical mining disclosure contained in this news release.
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and the Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs regarding future
events and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements
can be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or
the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Corporation to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to actual results
of current exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible variations in ore
reserves, grade or recovery rates; accidents, labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or financing or
in the completion of development or construction activities; as well as those
factors detailed from time to time in the Corporation's interim and annual
financial statements and management's discussion and analysis of those
statements, all of which are filed and available for review on SEDAR at
www.sedar.com. Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward looking statements.
To view Figures 1-6, please visit the following link:
http://file.marketwire.com/release/1003nml.pdf.
Medical Facilities (TSX:DR)
Historical Stock Chart
From May 2024 to Jun 2024
Medical Facilities (TSX:DR)
Historical Stock Chart
From Jun 2023 to Jun 2024
