CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) ("Champion", or the "Company") is pleased to announce assay results recently received for diamond-drill holes completed at the Fire Lake North Project. Highlights of assay results from nineteen new holes are detailed in Table 1, including eight holes drilled in the proposed East Pit area ("East Area"), five holes drilled in the proposed West Pit area ("West Area"), and six holes drilled in the Don Lake area ("Don Lake").
The re-interpreted fold geometry and additional potential resources generated from the results of the 2010-11 definition drilling at the East and West Areas are expected to produce significantly differing pit shells and final pit designs from the 2010 model. The new pit designs will likely contain increased in-pit resources and reduced strip ratios, which in turn will positively impact the Project Economics that are expected in the forthcoming PEA update, scheduled for completion by the end of Q3-2011.The definition drilling at both the East and West designed pit areas continues to intersect wide intervals of iron formation containing distinct zones of high-grade, coarse-grained, specular hematite-rich mineralization.At the West Area, the latest phase of drilling is nearing completion, with 4 drill rigs completing their current holes. Drillhole FLN11-60 intersected 120.70 m grading 26.3% FeT, including an interval of 87.8 m grading 34.6% FeT, in the eastern limb of the synform. Geological logging of drill hole FL11-76, completed on the same section, intersected both the upper (eastern) and lower (western) limbs indicating that the synform is overturned to the east. Sampling and assay results are pending for drillhole FL11-76.Drilling at Don Lake is complete, with 16 holes drilled during 2011. Geological modelling of the Don Lake zone is complete and resource modelling has commenced. The drilling at Don Lake was designed to outline additional iron resources with the objective of establishing a third potential open pit on the Fire Lake North Property.
The re-interpreted fold geometry and additional potential resources generated from the results of the 2010-11 definition drilling at the East and West Areas are expected to produce significantly differing pit shells and final pit designs from the 2010 model. The new pit designs will likely contain increased in-pit resources and reduced strip ratios, which in turn will positively impact the Project Economics that are expected in the forthcoming PEA update, scheduled for completion by the end of Q3-2011.
No comments:
Post a Comment