Dianor Reviews the Iron Ore Potential of its Leadbetter Property, Wawa, Ontario
March 03 2011 - 1:06PM
Marketwired
Dianor Resources Inc. (TSX VENTURE: DOR)(OTCQX: RDSNF) is pleased
to announce that it in light of the increased worldwide demand for
iron ore resources, and the well established iron mining history of
the Wawa area, a preliminary review of the Iron Ore Potential of
the Leadbetter Property is being conducted. Most of the Lucy Iron
Range shown on Ontario Department of Mines Map No. 1946-6 "LUCY
IRON RANGE" is located on the Eastern portion of Dianor's
Leadbetter Property approximately 500 metres north east of the
outcropping diamond bearing Leadbetter Conglomerate that is
permitted for a 50,000 tonne bulk sample (press release May13th
2009). Historical drilling and mapping has outlined a 2,300 metre
strike length of Iron Formation averaging 105 metres in width on
the property and is open at depth. The iron ores in the Wawa area
also contain Manganese ranging between 1% and 2%. Manganese is an
important element in steel making and at current prices (US$6.50
per 1%Mn per tonne) a valuable accessory to the iron (TEX Report
Limited, January 4th 2011).
The Jalore Mining Company conducted a diamond drilling program
on the Lucy Range from June 1947 to November 1948. A total of
28,204ft (8,597m) of EX, and 2,144ft (654m) of BX core was drilled.
Jalore used this information to identify a siderite resource of
11,010,000 tons (9,988,104 tonnes) at a grade of 33.25% Fe and
2.01% Manganese (Jalore Estimate May 1950). This was defined to a
depth of 600 feet (183m) with the ore body being open at depth.
Algoma Ore Properties acquired the rights to this property and in
1967 and 1968 conducted a second diamond drill campaign of
approximately 6,000 ft (1,830m) of EX and XRT core, to further
define the siderite resource identified by Jalore.
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources and the historical
estimate should not be relied upon or understood to indicate the
existence of reserves or resources.
Algoma started a small open pit in the siderite in 1967 and
terminated operations in 1970 after operating capacity upgrades at
the MacCleod Mine (Helen Range) enabled single sourcing of their
ore requirements. A total of 1,051,000 tons (953,446 tonnes) had
been mined at an average grade of approximately 32.8% Fe and 2.01%
Mn.
Based on limited historical sampling and assaying from 39 drill
holes that intersected Iron Formation the average iron grade was
23%Fe and 1%Mn. Dianor or a qualified person has not verified these
assays or sampled/assayed this Iron Formation and these historical
assays should not be relied upon or understood to indicate that
this is the actual iron or manganese grades.
Dianor has recently received the diamond drill logs and assay
results from these two exploration programs. Based on these
historical assays and geological interpretations the potential of
the Lucy Iron Range is being reviewed and updated. The data
indicates the existence of three contiguous zones of Iron Formation
(Taconite) with two zones containing the higher grade siderite pods
as follows:
WEST ZONE:
Iron Formation Taconite: Length 570m x Width 50m - open at
depth
Sedimentary Siderite Pod: Length 460 m x Width 14m - open at
depth
CENTRAL (LUCY) ZONE:
Iron Formation Taconite: Length 860m x 100m - open at depth
Sedimentary (Lucy Pit) Siderite Pod: Length 725 m x Width 30m x
Depth 183m+
EAST ZONE:
Iron Formation Taconite: Length 870m x Width 150m - open at
depth
Although the Iron Formation (Taconite) is lower than the grade
originally mined from the Lucy Pit (siderite) it is consistent with
the grades many current iron ore projects in Canada and Taconite
based Iron ore producers in the United States. In 2010 Taconite
mines in Minnesota mined 34.3 million tons versus 17.1 million tons
in 2009, with a mined grade of 20% to 25% Fe. (Minnesota Department
of Revenue 2010 report). In the Canadian context, WISCO
International Resources (China) and Red Rock Capital, announced
they were entering a Joint Venture to advance iron ore projects
owned by Red Rock through Century Holdings (RRD: TSX-Venture press
releases, January 25th and February 25th 2011). One of these
projects is their Duncan Lake Iron Ore Project in the James Bay
region of Quebec. A recent news release describes it as an "Algoma
Type" deposit, with potential grades ranging from 23.29% Fe to
24.6% Fe.(AUV: TSX-Venture press releases, February 4 th and
December10th 2010)
Dianor is cautiously optimistic about the potential of the Lucy
Iron Range potential and once all of the data has been compiled and
evaluated a decision will be made how to progress forward with this
exciting new project. The Company's main focus is still the
advancement of the 50,000 tonne bulk sample of its flagship
Leadbetter diamond project in the same vicinity of the Lucy Iron
Range. Important synergies in cost, infrastructure and project
development with both projects will also be reviewed. It is
important to note the year round accessibility of both projects
located close to the mining town of Wawa with its modern hospital,
airport, and experienced mining labour force. From an iron
perspective the project is close to the important international
shipping waterway of the Great Lakes through Michipicoten
Harbour.
Mr. Tom Landers P.Eng is the Qualified Person for the technical
content of this press release.
Mr. Landers P.Eng. was formerly the Chief Mine Engineer, Mine
Manager and Project Manager for Algoma Steel Inc. (now Essar Steel
Algoma) and from 1992 to 1999 he was the Manager of Mines
overseeing the Wawa area iron ore mines for Algoma. In August 2008
he was appointed Project Manager of Dianor's flagship property, the
leadbetter Diamond project.
About Dianor
Dianor is an innovative exploration company focused on advancing
diamond exploration properties in the Superior Craton of Canada.
The Leadbetter Diamond Project is its most advanced project and is
geographically well situated and easily accessible, some 12
kilometres north east of Wawa in Northern Ontario. Substantial
exploration work has been conducted on the project since 2005 and
in May 2009, the Company received government approval to proceed
with a 50,000 tonne bulk sampling programme of the 2.697 Ma old
Archean Conglomerate. A preliminary tonnage estimate for this
conglomerate is in the range of 549 million to 583 million tonnes
(press release July 24th 2007). In addition to diamonds, the
conglomerate contains gold, sapphires and rubies (press release
January 18th 2007). In 2008, additional diamond discoveries,
including rare purple diamonds, were made by the Company in rocks
of similar type, age (Archean) and geological settings (press
release March 3rd, April 10th,& May 13th 2008) in Quebec. The
Quebec diamond properties have increased our portfolio of low cost,
accessible exploration targets. These diamond discoveries (Ontario
and Quebec) are both unique and amongst the oldest diamond-bearing
occurrences in the world.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. This
forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Dianor
Resources Inc. ("Dianor"). Actual results or achievements may
differ materially from those expressed in, or implied by, this
forward-looking information. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that
Dianor will derive therefrom. Forward-looking information is based
on the estimates and opinions of Dianor's management at the time
the information is released and Dianor does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.
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 release.
Version francaise disponible sur www.dianor.com seulement
Contacts: Dianor Resources Inc. Mr. John Ryder, P.Geo. President
819-825-7090 819-825-7545 (FAX) info@dianor.com Dianor Resources
Inc. Mr. Daniel Duval Chairman of the Board 819-825-7090
819-825-7545 (FAX) info@dianor.com www.dianor.com Resultz Media
Group Corp. Mr. Tyler M. Troup, B.Comm Senior Associate - RMG IR
877-301-9748 519-979-7820 (FAX) Tyler@thinkRMG.com
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