Advanced Explorations Inc. Intersects 196 Metres of 31.32% Iron at Tuktu Project
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TORONTO, ONTARIO -- (Marketwire) -- 10/18/11 -- Advanced Explorations Inc. (the 'Company' or 'AEI') (TSX VENTURE: AXI)(FRANKFURT: AE6) today announces final drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Results show that drill-hole 11TT018 contained an interval of 196 m of 31.32% iron. This hole further demonstrates the quality of banded iron formation ('BIF') at the Tuktu 1 deposit. Drill-hole 11TT019 was collared in the granite with the purpose of locating the banded iron formation contact at depth while confirming the dip angle of the hanging wall for the resource block-model which is expected to be released within Q4 of this year A plan map showing drill-hole locations and a complete table of all released drill results can be found on the company website at www.advanced-exploration.com.
John Gingerich, President and CEO, commented:
'The Company is pleased with the successful completion of the Tuktu 1 drill program. Our focus now is completing the NI 43-101 resource estimate expected to be released soon. The drilling at Tuktu 1 has tested only about 10% of the BIF strike within the Tuktu claim group indicating the resource potential of this area. Together with the other strike extensive BIF in the Roche Bay area, the Melville Peninisula is emerging as a significant iron ore district. We have accomplished much in 2011, and through drilling, mapping, sampling and observation, our understanding and knowledge of the Banded Iron Formations and the associated rock suites of the Melville Peninsula continues to grow'.
Presented in the table below are the results for drill holes 11TT018 & 11TT019.
Summary Table
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From To Interval
Drill-hole (m) (m) (m) % Fe2O3 % Fe
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11TT018 6.0 202.0 196.0 44.8 31.3
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11TT019 114.0 164.0 50.0 41.4 29.0
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All holes are drilled at -45 degrees and at 40 to 45 degrees azimuth, perpendicular to the strike direction. The true width of the mineralized zone has not been determined at this time. All samples were prepared from sawn NQ-sized half-core sections on site in Nunavut. Split drill core samples are then sent to Activation Laboratories Inc. of Ancaster, Ontario for preparation and analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program. AEI's Tuktu program is supervised by Steve Roebuck, P.Geo. and Vice President, Exploration for AEI and a Qualified Person as defined by NI 43-101. Mr. Roebuck has reviewed and verified the technical information contained in this news release.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The 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 either iron concentrate or high value iron nugget 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226
www.advanced-exploration.com