CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:
CHM)(FRANKFURT: P02) is pleased to announce assay results for the
first two drill holes, HT10-07 and HT10-09 from the completed
winter 2010 diamond drill campaign at the Harvey-Tuttle Claim Block
("Harvey-Tuttle") of the Fermont Iron Property (the "Property").
The table below highlights results from the two holes with complete
results to-date. HT10-07 intersected 234.0m of sub-massive to
massive magnetite iron formation with an average grade of 26.7%
Iron, including 168.4m grading 30.3% Iron that also included 93.2m
of 35.6% Iron, on the Turtleback Mountain Target of the 25km2
Mammoth Iron Zone.
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IRON ASSAY
CORE Fe total
DDH# FROM (m) TO (m) LENGTH (m) (%)
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HT10-07 43.0 277.0 234.0 26.7
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incl. 43.0 211.4 168.4 30.3
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incl. 74.2 167.4 93.2 35.6
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incl. 81.5 95.5 14.0 39.1
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and 107.4 135.4 28.0 40.7
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12.5 48.6 36.1 32.8
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HT10-09 74.7 101.9 27.2 31.0
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(1) Core length is approximately equal to true width.
Note - refer to the Champion website at www.championminerals.com for a
complete listing of the individual sample assay results.
Thomas Larsen, President and CEO of Champion, stated, "Champion
believes Harvey-Tuttle hosts a Conceptual Tonnage of 1 billion
to2.5 billion tonnes of iron formation (refer to the Champion news
release dated December 15, 2009). With the upcoming drilling and
planned preliminary assessment studies in Q3/Q4, the objective is
to determine the lower specification limit of the iron
mineralization that would justify a standalone operation."
Jean Lafleur, P. Geo., Fermont Iron Property Project Manager and
a Director of Champion, added "The early spring forced us to cut
the winter drilling program short; however we accomplished our
goals. The significant results from drill hole HT10-07 have clearly
identified Turtleback Mountain as a high priority target for
immediate delineation drilling. If these widths persist, we should
build volume rapidly at Harvey-Tuttle. Efforts are currently
underway to re-commence drilling with a 7,000m program in the
coming weeks. The drill program will include several follow up
holes to delineate the HT10-07 intersection and the high priority
magnetic targets on Turtleback Mountain in the heart of the Mammoth
Zone. The program will also target areas along strike from the
specularite-rich iron formation in drill hole HT10-09 in the area
better known as the Western Synform located south of Turtleback
Mountain (refer to the appended location map)."
Previous assessment work and reports on Harvey-Tuttle have
documented iron occurrences, and in particular the current Mammoth
Zone, composed of coarse grained specular hematite and
magnetite-rich iron formations, typical of the deposits and other
occurrences in the Fermont Iron Ore District (the "FIOD"). Only two
short drill holes were drilled in 1957 in the northern part of
Harvey-Tuttle and both returned intersections of quartz
specularite, the first containing 26.7% iron over 26 m and the
second 32.7% iron over 20m (MRNFQ Deposit File 23B/12-0010). The
Star Lake Iron Occurrence is located approximately 5km north of the
Harvey-Tuttle northern claim boundary (within a provincial park)
and hosts a historical resource of 234.7 million tonnes grading
32.4% iron (MRNFQ Deposit File 23B/12-0002); whereas the
Lamelee-Peppler Deposits are located 15 km to the southeast and
contain a current Indicated Mineral Resource of 935 million tonnes
grading 29.72% iron (Consolidated Thompson Iron Mines Ltd.,
2009).
Champion is exploring the Property using a two-pronged approach.
Harvey-Tuttle is considered to have standalone 1 billion to 2.5
billion tonnes of Conceptual Potential and is the first priority
area for the next drill campaign. Other high priority targets areas
in the eastern and northern portions of Harvey-Tuttle will also be
tested by drilling. One in particular consists of a 3km by 2km
magnetic anomaly located in the eastern portion of the Property
known as the "Figure 8 Zone". The feature is interpreted to be an
area with an interference pattern between two major phases of
folding that has good potential for structural thickening of the
iron formation. The interference geometry can ultimately develop a
synformal geometry which is generally favorable to open pit mining
methods.
Other claim blocks within Cluster 2 of the Property demonstrate
tonnage potential in the 200 million to 500 million tonnes range
and could be proximal to Harvey-Tuttle as well as ArcelorMittal's
Fire Lake Mine (341 million tonnes grading 33.4% Iron), currently a
seasonal operation that supplies ore to the ArcelorMittal Mont
Wright Mine and Concentrator Complex located 50km to the north.
National Instrument 43-101 Technical Report
Champion had mandated John Langton, M.Sc., P. Geo., and Doug
Clark, P. Geo., to provide a National Instrument ("NI") 43-101
Technical Report (the "Report") on the Harvey-Tuttle (Lakes) Claim
Block, which was completed on April 28, 2010, will be filed and
available under the Company's filings on SEDAR at www.sedar.com.
The Report summarizes the geology, historical work, describes
Champion's 2008-2009 airborne geophysical survey and Conceptual
Tonnages estimates of the iron formations, and recommended a
significant drilling program to focus on
volumetrically-significant, tectonically thickened, synclinal-hinge
areas cored by iron formation, which were readily outlined by the
2008 airborne geophysical survey.
Quality Assurance and Quality Control
All drill core logging and sample preparation was conducted by
qualified Company personnel under National Instrument ("NI") NI
43-101 standards at the Company's core logging facilities in Wabush
(Newfoundland). The NQ-sized drill core was split in half. One-half
of the drill cores was kept in the core tray for reference purposes
and the other half core was individually bagged, tagged, sealed and
packed in large nylon bags which were then securely closed and sent
by commercial ground transportation for analysis to COREM
laboratories in Quebec City (Quebec). Quality Assurance samples
including standards of certified reference material, field
duplicates, pulp duplicates and blank samples were inserted every 5
samples. COREM also inserted blank samples, standards and
duplicates for Quality Control purposes.
Mineral Resources
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. Historical 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.
Conceptual Potential and Conceptual Tonnages are 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. They are usually presented
as a range of tonnes and grades. There has been insufficient
exploration to define as current NI 43-101 compliant Mineral
Resources, and it is uncertain if further exploration will result
in the Conceptual Potential and Conceptual Tonnages being defined
as Mineral Resources.
The Fermont Iron Property
The Property is located 250km north of the St. Lawrence River
port town of Port-Cartier in the Fermont Iron Ore District ("FIOD")
of northeastern Quebec. The Harvey-Tuttle Claim Block contains the
Mammoth Zone which is a target area of 25 km2 heavily concentrated
with strong magnetic anomalies. HT10-07 was the first hole
completed in Turtleback Mountain located in the centre of the
Mammoth Zone. The significant width of iron mineralization
encountered in HT10-07 confirms the potential for structural
thickening and bodes well for the 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 18,
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). The iron mineralization on the Property is believed to be
similar to Consolidated Thompson Iron Mines Bloom Lake Deposit (827
million tonnes grading 29.3% Iron) located 40km northeast of
Harvey-Tuttle (refer to the CTIM website at
www.consolidatedthompson.com).
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; Ministere des ressources
naturelles et de la faune Quebec Assessment File GM 13035).
The Company is currently in the second year of an option
agreement (the "Agreement") with Fancamp Exploration Ltd. (TSX
VENTURE: FNC) and the Sheridan Platinum Group Ltd. (the "Vendors")
on the Property. Pursuant to the Agreement, 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 Lamelee Lake Claim
Block. Once Champion has completed its earn-in, a 65-35 joint
venture would be formed between Champion and the Vendors.
About Champion Minerals
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 Company's projects include the Attikamagen Iron
Property in northeastern Quebec and western Labrador, the Fermont
Iron Property in northeastern Quebec, and the Powderhorn/Gullbridge
Base Metal Projects in central Newfoundland. Please visit
Champion's website at www.championminerals.com.
The technical information in this news release was prepared,
revised and approved by Jeff Hussey, P. Geo., VP Exploration of the
Company, and Jean Lafleur, P. Geo., the Fermont Iron Property
Project Manager, Director and Technical Advisor to the President
and CEO of Champion. Both individuals are Qualified Persons under
NI 43-101 standards.
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.
To view the High Resolution Airborne Magnetic survey map showing
the location of the Winter 2010 diamond drill holes for the
Harvey-Tuttle Claim Block, Fermont Iron Property, please visit the
following link:
http://media3.marketwire.com/docs/chm_05_11_Map.pdf
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.
Contacts: Champion Minerals Inc. Thomas G. Larsen President and
CEO (416) 866-2200 (416) 361-1333 (FAX) Champion Minerals Inc.
Jorge Estepa Vice-President (416) 866-2200 (416) 361-1333 (FAX)
www.championminerals.com
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