Advanced Explorations Inc. Confirms Direct Ship Ore Potential With Assays Up to 69.30% Fe at the Tuktu Iron Ore Project
TORONTO, ONTARIO -- (Marketwire) -- 07/11/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) today announced results up to 69.30% Fe from the Tuktu Iron Ore Project located on the Melville Peninsula in Nunavut, Canada. The recently completed channel sampling and prospecting program along the northern limits of the Tuktu 2 magnetic anomaly confirms the direct ship ore (DSO) potential of the target. Equally important to the high iron grades is the consistent low Sulphur content.
This recent field work represents a follow up examination of the 2,100 metre, Tuktu 2 magnetic anomaly that in 2011 yielded 63.85 % Fe and 62.26% Fe (see press release - October 26, 2011) separated by 1,600 metres. The southernmost limits have not yet been examined. The July 2012 results, summarized below and taken within 100 metres of 2011's 63.85% Fe sample confirm the presence of very high grade iron at Tuktu over a substantial area.
To view the table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/AdvancedTable.pdf.
Of special note is the presence of abundant specular hematite, a form of iron oxide not seen before at the Tuktu Iron Ore Project. Grab sample 12ATP071 (69.3% Fe) was taken from a 50 square metre outcropping of specular hematite located 100 metres to the east of the channel samples, approximately in the centre of what is interpreted as the nose of the folded iron formation. The geology noted in the field agrees well with the results of the ground magnetometer survey completed in 2011.
John Gingerich, president & CEO, commented:
"Our field work confirms the direct ship ore potential at Tuktu. Internal analysis suggests that the target dimensions exceed minimum thresholds for a satellite DSO trucking operation that could be integrated with the Roche Bay Project infrastructure. This unique target exhibits grades of both hematite and magnetite in excess of 65% Fe adding to the potential product development scenarios. Tuktu DSO is providing a new paradigm of opportunities for AEI."
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
Work was completed under the supervision of Steve Roebuck, P.Geo and VP Exploration for Advanced Explorations Inc. and a Qualified Person as defined by NI 43-101. Mr. Roebuck has reviewed and verified the technical information contained in this news release.
A total of 23 samples were sent to ActLabs of Ancaster, Ontario for XRF, Satmagan and Leco (Sulphur) analysis. Twenty samples came from 23.60 metres of channel sampling (a 2 inch deep channel cut in rock using a saw equipped with a diamond encrusted blade) across one of the better exposed outcrops found in the northern area of magnetic anomaly while three samples were taken while prospecting the area.
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of iron concentrate products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226