CHM Champion Minerals Inc.

CHAMPION MINERALS INC. (TSX VENTURE:CHM)(FRANKFURT:P02) ("Champion" or the
"Company") is pleased to provide an update on claim staking and the advancement
of the summer 2010 diamond drilling program at the prospective Harvey-Tuttle
Claim Block ("Harvey-Tuttle") from the Fermont Iron Property (the "Property") in
the Fermont Iron Ore District of northeastern Quebec. 


Harvey-Tuttle Claim Block Diamond Drilling Campaign

Champion has completed 3,900 m to date from 17 holes of the planned 7,000 m / 31
hole diamond drilling campaign on the "Turtleback Mountain" and "Figure 8"
target areas. Two drills are turning at Harvey-Tuttle to follow up on the
previously announced winter 2010 discovery hole HT10-07 that intersected 234
meters of 26.7% Total Iron, including a higher grade interval of 109.2 meters of
34% Total Iron. A third drill rig will be added in order to accelerate the
program.


The "Turtleback Mountain" target is a 100 m high crescent shaped hill covering
an area 2.5 km long by 1.6 km wide. The magnetic signature of the iron formation
and the interpreted geology infer the structure is a kilometric scale re-folded
iron formation. The re-folding results in a structural thickening of the iron
formation horizon commonly demonstrated at Fermont-Labrador area iron mines. An
additional 6 targets will be tested on the Harvey-Tuttle Claim Block ("NW
Extension", "Western Fold", "South Hinge", "NW Harvey", "South Tuttle" and
"Figure 8"). The "Figure 8" target is also a re-folded synform with a figure-8
shaped magnetic signature approximately 2 km long and 2 km wide. 


These re-folded patterns are created by two major phases of regional scale
folding and are one of the main variables that contribute to building volume and
creating basin shaped geometry optimal for open pit mining methods. The
Company's objective here and for the other claim blocks of the Property is to
outline several 200 to 500 million tonne iron oxide deposits to evaluate the
stand alone potential of Harvey-Tuttle.


Fermont Iron Property Claim Staking

Champion is also pleased to announce that recent claim staking has increased the
Property land holdings by 73% from 385 km(2) to 608 km(2) by staking an
additional 290 claims. The new claims were primarily staked in Cluster 2 joining
the Fire Lake North, Bellechasse, Midway, Oil Can and O'Keefe-Purdy-Audrea Claim
Blocks into large contiguous claim blocks and adding more than 215
linear-kilometers of magnetic anomalies linked to iron formations. This
strategic increase in land holdings includes new iron showings and magnetic
anomalies that are of interest following the significant diamond drilling
results released earlier this year from the Fire Lake North and Harvey Tuttle
claim blocks. Both of these claim blocks amongst others were increased in
surface area. 


The Fermont Iron Property 

Champion now has an 82.5% direct interest, with Fancamp Exploration Ltd. (TSX
VENTURE:FNC) holding 17.5%, in the 608 km(2) Property consisting of 16 strategic
claim blocks grouped into three clusters, termed Clusters 1, 2 and 3. Champion
previously announced 8 claim blocks with historical Mineral Resources of 694
million tonnes grading 30.4% Iron, but now after 2 of the 8 claim blocks
(Bellechasse and Fire Lake North) host current Mineral Resources, there are 6
remaining claim blocks that host historical Mineral Resources of 578 million
tonnes grading 30.4% Iron (Paquet, 1963; MRNFQ Assessment File GM 13035). These
historical Mineral Resources are strictly historical in nature and 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. 


Champion continues to explore the Cluster 2 claim blocks, including the new
target area known as the "Northeast Iron Formation" which enhances the blue sky
potential at the Fire Lake North Claim Block. 


The Fire Lake North iron formations continue on the adjacent Bellechasse Claim
Block where Champion previously outlined Inferred Resources and when combined
with the Fire Lake North estimate total 503.3 million tonnes grading 28.0% Total
Iron at this time in Inferred Resources(i), all in close proximity to
ArcelorMittal's road-rail infrastructure and Fire Lake Mine (341 million tonnes
grading 33.4% Iron) that supplies ore to the Mont Wright Mine and Concentrator
Complex located approximately 50 km to the north. 


An up-dated National Instrument ("NI") 43-101 compliant mineral resource
estimate will be released shortly on the Fire Lake North Claim Block.
Twenty-four drill holes were completed in 2010 to replace historic drill holes,
in-fill large gaps between drill holes and extend the known zones of iron
formation along strike. Additional drilling is planned for 2010 to further
in-fill and upgrade Inferred Mineral Resources to Indicated Mineral Resources as
well as identify potential new resources from the new Northeast Zone. The
objective is to delineate total resources that would enable Fire Lake North to
be fast tracked with the input and guidance of BBA Inc., from a preliminary
assessment status towards feasibility in the near term. 


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 & 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. Please visit Champion's website at
www.championminerals.com. 


The technical information in this news release was prepared, revised and
approved by Jeff Hussey, P. Geo., 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. 


The 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.

Champion Minerals Inc. (TSXV:CHM)
過去 株価チャート
から 6 2024 まで 7 2024

Champion Minerals Inc. (TSXV:CHM)
過去 株価チャート
から 7 2023 まで 7 2024