CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:
CHM)(FRANKFURT: P02) is pleased to announce Iron assay results from
the remaining diamond drill holes completed during the winter 2010
drill program on the Fire Lake North Claim Block ("Fire Lake
North") of the Fermont Iron Property (the "Property"). Assay
results are from the north-south trending East Limb and the
Southwest target areas (refer to the appended location map). The
most significant Iron assay intervals are summarized in the
following table:
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DDH # FROM TO CORE TOTAL IRON
(m) (m) LENGTH(1) ASSAY
(m) (% Fe)
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East Limb Target
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FL10-03 2.5 18.6 16.1 32.8
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FL10-04 3.7 26.6 22.9 36.2
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FL10-05 64.1 93.9 29.8 29.6
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FL10-07 3.0 53.0 50.0 34.6
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92.0 109.8 17.8 37.1
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FL10-08 70.3 143.7 73.4 36.2
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FL10-09 8.4 63.2 54.8 33.7
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FL10-16 82.0 99.1 17.1 32.6
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Southwest Target
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FL10-14 9.0 73.0 64.0 34.5
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FL10-15 43.5 136.0 92.5 32.9
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FL10-17 15.5 61.0 45.5 40.3
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FL10-18 17.0 50.0 33.0 32.9
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FL10-19 189.5 242.0 52.5 34.9
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FL10-20 103.2 120.9 17.7 31.8
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FL10-21 56.0 227.0 171.0 36.2
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including 87.0 158.0 71.0 43.9
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including 87.0 111.0 24.0 54.5
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and 174.0 226.0 52.0 39.4
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FL10-22 48.0 60.1 12.1 37.0
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FL10-24 26.2 224.0 197.8 38.3
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including 181.0 224.0 43.0 43.6
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(1) Core length is approximately equal to true width.
(2) Fl-10-02, FL-10-10, FL-10-11, FL-10-13 and FL-10-23 had no significant
Iron assay intervals.
Refer to the Champion website at www.championminerals.com for a complete
listing of the individual sample assay results.
A total of 4,142m were drilled in 24 holes at a drill hole
spacing of 400 meters during the 2010 winter drilling campaign on
Fire Lake North (refer to the appended location map). The East Limb
target is comprised of two parallel north-south trending iron
formations approximately 300 meters apart that extend for several
kilometers. The best Iron assay interval results were obtained in
drill holes FL-10-01, FL-10-04, FL-10-06, FL-10-07, FL-10-08, and
FL-10-09. Drill holes FL-10-01 (30.2% over 79.1 meters) and
FL-10-06 (38.3% over 133.9 meters) were previously announced by
Champion (refer to the Champion news release dated May 4,
2010).
The Southwest target is interpreted to be a wide bowl-shaped
iron formation, with drill holes FL-10-21 and FL-10-24 returning
significant intersections of iron oxide mineralization. Both target
areas host Fermont style quartz specularite-magnetite
mineralization, and contain higher grade zones of coarse-grained
specularite with up to 3-5mm sized crystals.
The most significant iron assay intervals from the East Limb and
Southwest targets are located within 1.5 kilometers north of the
ArcelorMittal Fire Lake Mine claim boundary. The Fire Lake Mine
(341 million tonnes grading 33.4% Iron) is a seasonal operation
that supplies ore to the ArcelorMittal Mont Wright Mine and
Concentrator Complex located 50 kilometers to the north.
Metallurgical tests will quantify weight recovery and the
quality and grade of the concentrate produced from the assays
listed above. Comparatively, the iron ore at ArcelorMittal's Fire
Lake Mine is considered to have excellent metallurgy associated
with this type of high grade and coarse grained iron oxide
mineralization.
At Fire Lake North, a follow up drill program is being planned
to further explore for this higher quality specularite
mineralization and to further delineate their extent along strike
and down dip. The target area near the eastern claim boundary will
also be drill tested. Other claim blocks in the area such as
O'Keefe Purdy, Midway and Oil Can Lake are also being evaluated for
drill testing.
Harvey Tuttle Claim Block
The 2010 drill program on the Harvey-Tuttle Claim Block
("Harvey-Tuttle") will also resume after spring break up and will
remain the key component of Champion's exploration efforts due to
its significant blue sky potential. The Company's objective is to
define over 1 billion tonnes of Iron mineral resources at
Harvey-Tuttle (refer to the Champion news release dated December
15, 2009; and the National Instrument 43-101 Technical Report on
Harvey-Tuttle filed on May 11, 2010, and available on SEDAR at
www.sedar.com) and to define several smaller 200 million to 500
million tonnes Iron resources close to existing infrastructure.
These estimates are purely conceptual in nature and are not part of
a recognized mineral resource or mineral reserve category. They are
being used by the Company to identify priority mineralized target
areas for diamond drill testing and definition.
The Fermont Iron Property
The Fire Lake North Claim Block is located 45km south of the
town of Fermont (Quebec) and is centered 7km east of Highway #389
linking the port community of Baie-Comeau to Fermont, and is
underlain by iron formation that is similar to those which host the
iron deposits of the FIOD, such as the Bloom Lake Deposit (827
million tonnes @ 29.3% Iron) (refer to the Consolidated Thompson
Iron Mines website).
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). 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.
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).
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.
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.
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 core 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.
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 Fire Lake North Claim Block, Fermont Iron Property -
Location Map of the 2010 Winter Diamond Drilling Campaign, please
visit the following link:
http://media3.marketwire.com/docs/FireLakeNorth.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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