Lamelee Is Pleased to Announce the Completion of a Drill Work Program at its Wholly Owned Lamelee Project
20.11.2014 | Marketwire
MONTREAL, Nov. 20, 2014 - The Board of directors of Lamêlée Iron Ore Ltd. ("Lamêlée" or the "Company") (TSX VENTURE:LIR) is pleased to announce the completion of its 2014 drill program.The drill program carried out from September 29th to October 29 2014 aimed to infill undrilled sections to confirm the geological model and upgrade mineral resources from the inferred to the indicated category. Drilling work was perform by Chibougamau Diamond Drilling Ltd.
A total of 4,750 m of drilling was complete that included 16 new holes and the extension of 3 previous holes. Drilling work covered the project's 3 zones with the completion of 2,520 m on the Mountain Pound Zone, 1,615 m on Zone 91-92, and 615 m on Tanguay Zone. Some infill sampling could also be carried out on core from the 2011 drill campaign. All core samples were split on site and shipped to SGS's certified lab in Quebec City for analysis. Moreover, core boxes from an HQ-size hole were submitted to SGS for geotechnical studies.
The actual downturn prevailing in the mining sector was seen by Lamêlée as an opportunity to carry out this essential drilling work program at a reduced cost. Indeed, Lamêlée was able to access experienced staff and equipment at very competitive rates for the purpose of this program.
Hubert Vallée President and CEO stated: ¨The completion on time and on budget of the recent drilling program demonstrates the ability of Lamêlée's experienced team to carry out projects in an efficient and cost-effective manner. This program represents an important step leading to a revised 43-101 Resource Estimate in 2015.¨
About Lamêlée Iron Ore Ltd.
The Company is a new iron ore mineral exploration company focused on the development of an iron mine project located in the southern segment of the Labrador Trough near the border with Newfoundland and Labrador, approximately 50 km south of the city of Fermont (Quebec). The project consists of 29 mineral claims covering 1,524 hectares or 15 km2. The common shares are listed on the TSX-V under the symbol "LIR". In December 2013, the Company acquired 100% of Fancamp Exploration's Lac Lamêlée South Iron Project located in the Fermont Mining District of northeastern Quebec, subject to a 1.5% Net Smelter Returns royalty, of which 0.5% is subject to a buy-back by the Company for $1.5 million.
Information set forth in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are no guarantees of future performance. Lamêlée cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Lamêlée's control. Except as required under applicable securities legislation, Lamêlée undertakes no obligation to publicly update or revise forward-looking information.
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.
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CONTACT INFORMATION
Lamêlée Iron Ore Ltd.
Hubert Vallee, President and Chief Executive Officer
Cell: +1 514 793-7153
HVallee@LameleeIron.com
Marc Duchesne, Chief Financial Officer
Cell: +1 514 910-6906
MDuchesne@LameleeIron.com