Champion Minerals Drills 168.4 Meters of 30.3% Iron on Their New Discovery at Harvey-Tuttle Claim Blocks - NI 43-101 Inferred Resource Estimates For Harvey Tuttle In-Progress and are to be Released In February, 2011- Over 12,000 metres of drilling in
- NI 43-101 Inferred Resource Estimates For Harvey Tuttle In-Progress and are to be Released In February, 2011
- Over 12,000 metres of drilling intersects multiple significant iron formation intervals
- Less than 50% of the kilometric scale magnetic anomalies at Harvey Tuttle have been drilled tested to date
TORONTO, ONTARIO -- (Marketwire) -- 01/13/11 -- CHAMPION MINERALS INC. ('Champion' or the 'Company') (TSX: CHM)(FRANKFURT: P02) today released the second series of assay results from the completed 2010 diamond drill campaign at the Harvey-Tuttle Claim Block ('Harvey-Tuttle') of the Fermont Iron Property (the 'Property') in northeastern Quebec. Full assay results have been received for all 54 drill holes completed at Harvey-Tuttle. Harvey-Tuttle is immediately to the west and adjacent to Consolidated Thompson Iron Mines Ltd.'s Lamelee Property.
Significant assay results include a 168.4m drill hole interval with 30.3% Total Iron and three other intervals more than 92m long and with over 32% Total Iron. Among 26 drill holes, there are 10 intervals more than 35m long and with over 30% Total Iron. A detailed table of the assay results can be found in appendix A.
With all assay results received, Champion has commenced digital modeling of the iron formation deposits and engaged P&E Mining Consultants Inc. to develop a National Instrument 43-101 (NI 43-101)-compliant Mineral Resource Estimate anticipated for completion in the first quarter of 2011.
The 2010 drill program is the first phase of drilling at Harvey-Tuttle, where several kilometric scale targets were tested however over 50% of magnetic anomaly responses at Harvey Tuttle remain to be drilled.
The forthcoming NI 43-101 Mineral Resource Estimate will be in addition to the previously announced combined NI 43-101-compliant mineral resources(i) totaling 603 million tonnes grading 29% Iron at the Bellechasse and Fire Lake North Projects of the Fermont Iron Property.
Thomas Larsen, President and CEO of Champion, states, 'Positive results from the Fire Lake North Preliminary Economic Assessment (released November 3, 2010) bode well for the rest of the portfolio of claim blocks in the area, including Harvey-Tuttle, that generally have not been explored in several decades. With the addition of NI 43-101 compliant Mineral Resource Estimates at Harvey-Tuttle in Q1-2011, Champion is in the enviable position of defining significant Mineral Resources at a time of growing iron ore demand.'
(i) The current Mineral Resource estimates stated in the text above are NI 43-101-compliant and were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in the provinces of Quebec and Newfoundland and Labrador. The Company's projects include the Fermont Iron Property in northeastern Quebec, the Attikamagen Iron Property in northeastern Quebec and western Labrador, and the Powderhorn/Gullbridge Base Metal Projects in central Newfoundland.
For further information please visit the Champion website at www.championminerals.com.
The technical information in this news release was prepared, revised and approved by Alex S. Horvath, P. Eng., Executive VP Exploration of the Company and Jean Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of Champion. Both individuals are Qualified Persons under NI 43-101 standards.
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.
APPENDIX A
Table of Assay Results: Mammoth Zone on the Harvey-Tuttle Claim Block, at Champion Minerals' Fermont Iron Property
The following table contains final assay results from the 2010 diamond drill campaign completed at the Harvey-Tuttle Claim Block of Champion Minerals Inc.'s Fermont Iron Property in northeastern Quebec. A total of 54 drill holes totaling 12,396m have been completed at Harvey-Tuttle. Full assay results have been received for all drill holes. The table highlights new and previously released assay results of core intervals greater than 20% Total Iron over 25.0 m:
----------------------------------------------------------------------------
DDH# FROM (m) TO (m) LENGTH (m) % TOTAL IRON
----------------------------------------------------------------------------
HT10-01 269.0 314.0 45.0 28.7
----------------------------------------------------------------------------
HT10-02 94.7 130.2 35.5 30.4
----------------------------------------------------------------------------
HT10-04B 56.8 128.8 72.0 25.4
----------------------------------------------------------------------------
258.6 302.5 43.9 28.2
----------------------------------------------------------------------------
HT10-06 41.6 121.6 80.0 22.4
------------------------------------------------------------------
237.9 273.7 35.9 32.6
----------------------------------------------------------------------------
HT10-07 43.0 277.0 234.0 26.7
------------------------------------------------------------------
incl. 43.0 211.4 168.4 30.3
------------------------------------------------------------------
incl. 74.2 167.4 93.2 35.6
------------------------------------------------------------------
incl. 107.4 135.4 28.0 40.7
----------------------------------------------------------------------------
HT10-08 22.0 57.0 35.0 24.5
----------------------------------------------------------------------------
HT10-09 12.5 48.6 36.1 32.8
------------------------------------------------------------------
74.7 101.9 27.2 31.0
----------------------------------------------------------------------------
HT10-12 89.9 111.6 21.8 22.4
----------------------------------------------------------------------------
HT10-13 3.45 227.50 224.05 21.6
----------------------------------------------------------------------------
incl. 23.30 70.04 46.74 27.0
----------------------------------------------------------------------------
HT10-14 51.90 79.50 27.60 22.4
----------------------------------------------------------------------------
HT10-15 1.24 121.0 119.76 28.4
----------------------------------------------------------------------------
incl. 35.26 113.00 77.74 31.0
----------------------------------------------------------------------------
HT10-17 1.50 38.40 36.90 20.8
----------------------------------------------------------------------------
HT10-18 6.53 98.68 92.15 22.9
----------------------------------------------------------------------------
HT10-19 39.3 132.0 92.7 34.4
----------------------------------------------------------------------------
HT10-21 2.0 142.73 140.73 29.5
----------------------------------------------------------------------------
incl. 42.00 138.00 96.00 32.2
----------------------------------------------------------------------------
incl. 42.00 118.00 76.00 34.1
----------------------------------------------------------------------------
HT10-23 38.80 85.65 46.85 27.8
----------------------------------------------------------------------------
117.90 164.26 46.36 21.8
----------------------------------------------------------------------------
incl. 117.90 150.20 32.30 25.1
----------------------------------------------------------------------------
HT10-25 179.00 260.50 81.50 26.7
----------------------------------------------------------------------------
incl. 179.00 239.00 60.00 30.8
----------------------------------------------------------------------------
HT10-28 0.75 31.00 30.25 22.5
----------------------------------------------------------------------------
HT10-32 82.35 131.50 49.15 30.7
----------------------------------------------------------------------------
HT10-33 101.0 133.36 32.36 29.3
----------------------------------------------------------------------------
HT10-36 62.3 92.0 29.7 28.7
----------------------------------------------------------------------------
HT10-38 183.5 211.0 27.5 23.3
----------------------------------------------------------------------------
HT10-39 25.5 375.75 321.45 20.6
----------------------------------------------------------------------------
incl. 144.0 217.3 73.3 25.9
----------------------------------------------------------------------------
incl. 277.6 365.0 87.4 23.1
----------------------------------------------------------------------------
HT10-41 1.2 168.0 166.8 28.6
----------------------------------------------------------------------------
HT10-42 0.3 165.37 165.07 23.6
----------------------------------------------------------------------------
incl. 44.0 112.0 68.0 27.9
----------------------------------------------------------------------------
HT10-44 70.0 174.2 104.2 21.5
----------------------------------------------------------------------------
HT10-46 51.0 177.0 126.0 20.7
----------------------------------------------------------------------------
incl. 51.0 143.0 92.0 23.5
----------------------------------------------------------------------------
HT10-48 221.0 255.25 34.25 24.6
----------------------------------------------------------------------------
HT10-50 27.25 121.08 93.83 21.9
----------------------------------------------------------------------------
incl. 51.0 107.0 56.0 23.9
----------------------------------------------------------------------------
HT10-51 14.5 40.22 25.72 20.5
----------------------------------------------------------------------------
170.0 196.95 26.95 24.7
----------------------------------------------------------------------------
HT10-53 3.26 29.15 25.89 20.1
----------------------------------------------------------------------------
HT10-54 95.72 148.0 52.28 24.3
----------------------------------------------------------------------------
Notes:
-- Drill holes HT10-3, 5, 10, 29, 30 and 47 were abandoned in overburden
before intersecting the iron formations
-- HT10-11, 16, 24B, 26, 27, 31, 34, 35, 37, 40, 43, 45 49 and 52 did not
intersect any significant intervals greater than 20% Total Iron over 20
m.
-- Drill holes HT10-7 and 9 (shaded above) were previously released in May
2010.
-- Core lengths are approximately equal to true width.
-- Quality Assurance and Quality Control protocols are summarized below.
-- Refer to the Champion website at www.championminerals.com for a complete
listing of the individual sample assay results.
Quality Assurance and Quality Control
All drill core logging and sample preparation was conducted by qualified Company personnel under NI 43-101 standards at the Company's core logging facilities located at the Company field camp south of Fermont (Quebec). 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, coarse duplicates, field duplicates, pulp duplicates and blank samples were routinely inserted with the samples to monitor results. COREM also inserted blank samples, standards and duplicates for Quality Control purposes.
Contacts:
Champion Minerals Inc.
Thomas G. Larsen
President and CEO
(416) 866-2200
Champion Minerals Inc.
Jorge Estepa
Vice-President
(416) 866-2200
www.championminerals.com