Champion Minerals Intersects 124 m of Specular Hematite-Rich Iron Formation Grading 34.1% Total Iron at the O'Keefe-Purdy Project, Near Fermont, Quebec
TORONTO, ONTARIO -- (Marketwire) -- 11/30/11 -- CHAMPION MINERALS INC. (TSX: CHM)(FRANKFURT: P02) ('Champion', or the 'Company') is pleased to provide assay results from fifteen of twenty-three drill holes completed on the Company's O'Keefe-Purdy Project, located approximately 20 km northwest of the Company's flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec.
Drill hole OP11-06, located at the historic Nord-ouest Occurrence intersected 124 metres of specular hematite-rich iron formation grading 34.1% Total Iron ('FeT') and includes a 109 m interval grading 37% FeT. Drill Hole OP11-08, located 200m along-strike of hole OP11-06, intersected 155.6 m grading 29.7% FeT including an 87.4 m interval grading 37.1% FeT.
Table 1 provides a list of selected composite assay results received to-date.
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TABLE 1 - SELECTED(i) COMPOSITE ASSAY RESULTS HOLES OP11-01-TO OP11-17
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GRADE
INTERVAL (iii)
AZIMUTH DIP DEPTH FROM TO (ii) Total
HOLE ID degrees degrees metres metres metres metres Fe%
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Nord-ouest
Occurrence
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OP11-02 180 -45 291 No Significant Results
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OP11-03 180 -45 282 158.60 243.32 84.72 33.04
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OP11-05 180 -45 351 Assay Results Pending
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OP11-06 180 -85 216 24.00 148.00 124.00 34.13
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including 39.00 148.00 109.00 37.04
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OP11-08 180 -50 360 125.24 280.8 155.56 29.65
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including 125.24 159.69 34.45 31.84
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and 193.40 280.8 87.40 37.12
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OP11-09 180 -50 183 43.00 92.00 49.00 28.78
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OP11-11 130 -50 306 Assay Results Pending
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OP11-12 230 -55 125 48.00 84.00 36.00 29.71
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OP11-12A 230 -60 106.5 49.87 87.14 37.27 32.03
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OP11-13 160 -50 223 No Significant Results
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OP11-14 90 -60 165 No Significant Results
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Nord-est
Occurrence
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OP11-01 45 -45 255 64.94 180.24 115.30 31.73
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OP11-04 20 -45 306 202.45 292.22 89.77 33.03
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OP11-07 360 -50 249 Assay Results Pending
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OP11-10 45 -50 468 No Significant Results
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OP11-17 225 -55 273 No Significant Results
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Central Area
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OP11-15 225 -50 243 93.80 156.00 62.20 23.95
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including 93.80 116.71 22.91 32.71
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and 131.88 156.00 24.12 27.13
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OP11-16 225 -75 282 No Significant Results
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(i) Selected Composite Assay Results are stated only for results received to
date. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
(ii) Intervals are down-hole lengths and not true widths of the mineral
zones.
(iii) Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.
Champion's O'Keefe-Purdy Project comprises 182 mineral claims (95.3 km2) and covers three historic iron occurrences, including the Lac O'Keefe Nord-ouest Iron Occurrence (MRNFQ Deposit File 23B12-0003), discovered in 1957. The claims cover approximately 19 kilometres cumulative strike length of magnetic anomaly, interpreted to define tightly folded specularite, specular hematite, and magnetite iron formation.
Twenty-three drill holes totalling 5,901 m were completed on the O'Keefe-Purdy Project during 2011 from the original 10,000 m proposed program with assay results pending for eight of the holes. With the Company's focus of advancing the flagship Fire Lake North Project to feasibility, the remaining 4,100 m of drilling originally proposed for O'Keefe-Purdy was deferred.
The twenty three completed drill holes focused primarily on validating and expanding historic resources. Eight of the twelve holes collared on the Lac O'Keefe Nord-ouest Occurrence confirmed this historic resource plus extended it down-dip, where it remains open at depth. The five holes completed in the Lac O'Keefe Nord-est Occurrence tested less than half of its underlying magnetic response. Drill holes OP11-01, OP11-04 and OP11-07 confirm the Nord-est Occurrence is greater than 1000 m in length. The six holes completed in the central area of the property tested less than an estimated 20% of the favourable magnetic response underlying the central and eastern portions of the property. An estimated 65% of the O'Keefe-Purdy Project's favourable magnetic responses remain to be drilled. The Company will defer a Mineral Resource Estimate until additional drilling is completed to allow for better estimates of total potential resources for the O'Keefe-Purdy Project.
Tom Larsen, Champion's President and CEO commented, 'We've only scratched the surface of what is required to identify the full resource potential at our expansive O'Keefe-Purdy Project. Of particular interest however, is the similarity of the coarser grained mineralization we've encountered to our Fire Lake North Project. With over 900MT of in-pit resources at Fire Lake North and suggested potential to produce over 16MT of high quality sinter feed concentrate annually for over 20 years, our decision to divert our exploration efforts from O'Keefe-Purdy and other projects and fast-track Fire Lake North to feasibility was necessary. Clearly the O'Keefe-Purdy Project has significant resource potential with characteristically favourable qualities to further enhance the Company's future growth potential. We will complete the remaining required drilling at O'Keefe-Purdy at our earliest opportunity in 2012.'
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which - Fire Lake North, Bellechasse and Harvey-Tuttle - host combined, National Instrument 43-101 compliant, Measured and Indicated Mineral Resources estimated at 400 Million Tonnes grading 30.6% FeT and Inferred Mineral Resources estimated at 1.82 Billion Tonnes grading 25.4% FeT, at a 15% FeT cut-off(2). Seven of Champion's remaining fourteen properties contain combined historical Mineral Resource estimates(1) totalling 620 Million Tonnes grading 31% FeT.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with offices in Montreal and Toronto, and is focused on developing its significant iron ore resources in the provinces of Quebec and Newfoundland & Labrador. The Company's projects include: the Fermont Holdings in Quebec, jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest); and the Attikamagen Iron Property in Quebec and Labrador. Champion's Fermont Holdings, including the flagship Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to three producing mines. Champion's team and advisory board includes mining and exploration professionals with substantial iron ore expertise to effectively advance the Fire Lake North Project into production.
(1) All historical Mineral Resource estimates outlined in this disclosure are non-compliant to NI 43-101 Mineral Resources and Mineral Reserves standards, and should therefore not be relied upon. A Qualified Person has not done sufficient work to upgrade or classify these Historical Mineral Resources as current NI 43-101 compliant Mineral resources.
(2) The current Mineral Resource estimates 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.
The technical information in this news release was reviewed and approved by Chrystal Kennedy, P.Geo. Exploration Manager of the Company and a Qualified Person under NI 43-101 standards.
Please visit Champion's website at www.championminerals.com.
Statements made in this news release that are 'forward-looking statements' are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein.
Contacts:
Champion Minerals Inc.
Thomas G. Larsen
President and CEO
(416) 866-2200
(416) 361-1333 (FAX)
Champion Minerals Inc.
Jorge Estepa
Vice-President
(416) 866-2200
(416) 361-1333 (FAX)
Champion Minerals Inc.
Salisha Hosein
Director, Investor Relations
(416) 866-2200
(416) 361-1333 (FAX)
www.championminerals.com
