CIN - TSX.V
VANCOUVER,
Jan. 28, 2013 /CNW/ - Canadian
International Minerals Inc. (the "Company" or "CIN") is pleased to
announce that it has completed its evaluation and interpretation of
previous exploration programs and reports on its 100% owned
Monpre Iron Ore Project (MIOP) near Shebandowan, Ontario.
Highlights include the availability of core from diamond
drilling in 2008, as well as detailed drill logs and detailed
surface geological mapping. While drilling was directed at gold
targets, several holes intercepted significant widths of the Monpre
Iron formation. Reconnaisance in the area of the 2008 drilling has
revealed surface expression of iron formation up to 300 meters in
width and over 1 km in length. The Monpre iron formation is
magnetite rich with lessor hematite and related non magnetic iron
oxide minerals. It is part of the regional Gunflint Iron Formation
that is similar to that occurring in the prolific Mesabi Iron Range
located approximately 170km to the southwest. Available drill core
will be split and analysed for recoverable iron content and
metallurgical characteristics.
Drill Hole GC08-07 |
Downhole Interval
(metres) |
Length |
|
Lithology |
From |
To |
|
|
|
1.6 |
118.9 |
117.3 |
|
Massive Iron formation, principally magnetite |
Including |
|
2.2 |
|
- as 6 scattered Lamprophyre dikes, max 0.5 m |
118.9 |
122.0 |
3.1 |
|
Diabase dike |
122.0 |
188.1 |
66.1 |
|
Massive Iron formation, principally magnetite |
188.1 |
203.0 |
24.9 |
|
Syenite dike |
203.0 |
251.0 |
48.0 |
|
Massive Iron formation, principally magnetite |
|
End |
|
|
|
Total Iron Formation |
229.2 |
|
Ends in Iron Formation |
|
Drill Hole GC08-08 |
Downhole Interval
(metres) |
Length |
|
Lithology |
From |
To |
|
|
|
2.9 |
140.2 |
137.3 |
|
Siltstone, with Lamprophyre & Diabase dikes |
140.2 |
244.5 |
104.3 |
|
Banded Iron Formation with scattering of narrow arkose |
including |
|
|
|
|
228.7 |
233.2 |
4.5 |
|
foliated arkose |
244.5 |
266.0 |
21.5 |
|
Sandstone/siltstone |
including |
|
|
|
|
245.0 |
250.0 |
5.0 |
|
Cherty Iron Formation |
End of hole |
266.0 |
|
|
|
Total Iron Formation |
109.3 |
|
|
|
Drill Hole GC08-09 |
Downhole Interval
(metres) |
Length |
|
Lithology |
From |
To |
|
|
|
7.5 |
167.4 |
159.9 |
|
Iron Formation - dominantly magnetite |
167.4 |
170.5 |
3.1 |
|
Diabase dike |
170.5 |
248.8 |
78.3 |
|
Iron Formation - dominantly magnetite |
248.8 |
253.3 |
4.5 |
|
Lamprophyre dike |
253.3 |
286.4 |
33.1 |
|
Iron Formation - dominantly magnetite |
286.4 |
291.5 |
5.1 |
|
Diabase dike |
291.5 |
332.4 |
40.9 |
|
Iron Formation with 2 narrow (<0.5m) lamprophyre dikes |
332.4 |
334.6 |
2.2 |
|
Syenite dike |
334.6 |
340.5 |
5.9 |
|
Iron Formation - dominantly magnetite |
340.5 |
342.5 |
2 |
|
Syenite dike |
342.5 |
366.8 |
24.3 |
|
Iron Formation - dominantly magnetite |
366.8 |
395 |
28.2 |
|
Siltstone |
|
End |
|
|
|
Total Iron Formation |
342.4 |
|
|
The MIOP was first mentioned in Ontario Department of Mines
reports dating 1895 to 1910. Comprehensive geological
mapping and diamond drilling was conducted in 1956-57 with
extensive bench scale metallurgical studies focused on producing a
commercial magnetite concentrate were conducted up to 1972. A
worldwide recession in 1973 preceded the demise of the Ontario iron ore mining and steel
industry.
The MIOP directly adjoins the Inco`s former producing
Shebandowan nickel, copper,
platinum group metal mine that produced between 1972 until closure
in 1998. In the 1980`s Inco did extensive mine area exploration for
base and precious metals, which included all of the Monpre project
area now held by CIN. While this work was not directed toward iron
ore development, airborne and ground magnetic surveys confirmed and
expanded the indicated extent of Monpre iron formation well beyond
the known exposed surface expression that had been drilled in the
1950s. A 1958 resource estimate outlined 100 million tons grading
29.1% soluble iron (Vincienne, B., P. Eng, 1958). The reader is
cautioned that this historical resource is not compliant with the
terms if N.I. 43-101, and therefore is not to be relied upon. The
term "soluble iron" refers to the analytic technique prevalent at
the time: XRF results in new assays return higher values for iron
than the acid soluble iron methods, and for this reason the
historical assay values will be of limited value in calculating a
current resource estimate. This resource was based on 41 diamond
drill holes totalling 23,140 feet, and was contained within a
proposed open pit, with a stripping ratio of 1.07 to 1. The drill
hole collars were surveyed and tied in to legally surveyed patented
claim boundaries. Several iron survey pins have been located in
recent prospecting, and thus the historic drilling locations can be
recovered with a relatively high degree of confidence. Detailed
geological mapping at 1:4800 scale covering the area of interest
has been preserved, and CIN has also recovered copies of logs of 30
of the drill holes. In 1968, extensive bench scale tests at
Lakefield Research found that a concentrate of approximately 67%
soluble iron could be produced at a minus 100 mesh grind. (Halet,
R.A., Ph.D, P.Eng., 1972).
Access is exceptional: the deposit straddles a forest service
road only 6 km from a major transportation corridor which includes
Provincial Highway 11, Canadian National Railroad mainline, and
major natural gas and electrical transmission lines. No lakes or
watercourses are in the area of the deposit: a distinct advantage
the project has over several proposed iron ore developments in
Ontario. The project area lies
approximately 60 kilometers west of Thunder Bay, a major logistical center for
mining and logging operations in western Ontario.
The company is pleased to introduce its new web site, which is
now live. The old web site will remain available for a short period
while the transition is completed.
The technical data in this news release has been reviewed by
Thomas Hasek, P. Eng. a Qualified
Person under the terms of N.I. 43-101.
On behalf of the Board of Directors,
"Michael E. Schuss"
Michael E. Schuss
President and Chief Executive Officer
Neither 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 release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: Some of the
statements contained herein may be forward-looking statements which
involve known and unknown risks and uncertainties. Without
limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of
the Company are forward looking statements that involve various
risks. The following are important factors that could cause
the Company's actual results to differ materially from those
expressed or implied by such forward looking statements: changes in
the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the
uncertainty of future profitability and the uncertainty of access
to additional capital. There can be no assurance that
forward-looking statements will prove to be accurate as actual
results and future events may differ materially from those
anticipated in such statements. Canadian International
Minerals undertakes no obligation to update such forward-looking
statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance
on such forward-looking statements
SOURCE Canadian International Minerals Inc.