Canadian Orebodies Announces Final Set of Drill Results from Haig Inlet Iron Ore Project
05 1월 2012 - 9:00PM
Marketwired Canada
Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies") is pleased to announce
the final set of drill results from the summer drill program at the Haig Inlet
Iron Ore Project ("Haig Inlet"), located on the Belcher Islands in Nunavut,
Canada. Assay results have now been received for the last eighteen holes drilled
at Haig Inlet, and highlights include:
-- Hole CO11-26 assayed 29.8% Fe over 32.2m, including 35.4% over 12.0m;
-- Hole CO11-53, the only hole drilled on Haig South, assayed 29.3% Fe over
46.3m, including 34.0% Fe over 14.0m;
-- The company remains on track to release an initial NI 43-101 compliant
resource estimate during Q1/2012.
In this set of assays, the thickness of the iron formation ranges from 32.2m to
59.6m and averages 47.9m, while average grades over these intervals range from
27.0% Fe to 29.8% Fe and average 28.8% Fe.
A table of intercepts and average grades is included below. All drill holes were
oriented vertically and all core intervals represent true widths.
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Width of Average Intercept
Hole ID Section Line From (m) To (m) Zone (m) Fe% Grade
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CO11-24 E 68.8 114.4 45.6 28.3%
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including 68.8 84.0 15.2 32.3%
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CO11-25 E 83.3 127.3 44.1 28.9%
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including 83.3 97.3 14.0 34.7%
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CO11-26 E 101.8 134.0 32.2 29.8%
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including 101.8 113.8 12.0 35.4%
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CO11-28 CD 67.8 117.8 50.0 29.3%
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including 67.8 83.8 16.0 34.8%
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CO11-44 AB 57.3 103.3 46.0 29.6%
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including 57.3 75.3 18.0 33.9%
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CO11-45 AB 60.8 110.5 49.7 29.2%
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including 60.8 77.9 17.1 34.3%
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CO11-46 BC 66.3 113.0 46.7 29.6%
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including 66.3 82.3 16.0 35.3%
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CO11-49 BC 51.4 101.2 49.8 28.7%
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including 51.4 69.4 18.0 32.9%
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CO11-52 G 196.0 242.4 46.4 28.0%
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including 196.0 210.0 14.0 32.3%
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CO11-53 Haig South 118.9 165.2 46.3 29.3%
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including 118.9 132.9 14.0 34.0%
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CO11-54 F 135.8 184.9 49.1 28.5%
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including 135.8 151.8 16.0 33.3%
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CO11-55 F 193.8 246.2 52.4 29.0%
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including 193.8 209.8 16.0 34.9%
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CO11-58 EF 100.9 148.1 47.2 28.3%
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including 100.9 113.2 12.3 34.5%
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CO11-59A EF 108.8 156.2 47.4 29.4%
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including 108.8 120.8 12.0 36.2%
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CO11-60 E 44.8 90.6 45.9 29.1%
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including 44.8 60.8 16.0 33.4%
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CO11-61 D 84.5 130.5 46.0 28.4%
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including 84.5 96.5 12.0 33.4%
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CO11-62 E 100.2 159.0 58.8 28.3%
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including 100.2 116.0 15.8 33.6%
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CO11-63 CD 54.0 113.6 59.6 27.0%
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including 54.0 69.1 15.1 34.0%
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(i)Average 47.9 28.8%
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(i)Minimum 32.2 27.0%
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(i)Maximum 59.6 29.8%
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(i)Average, minimum, & maximum calculated using complete hole intercepts
only.
Complete assay results, a drill plan map and drill collar coordinates are
available on the Canadian Orebodies website at:
http://www.canadianorebodies.com/s/HaigInletIronOre.asp
About the Property
The Haig Inlet Iron Ore Project covers over 15,204 hectares on Flaherty Island
in Nunavut. A significant amount of exploration work, including numerous
widely-spaced diamond drill holes, was carried out on the property during the
1950's by Belcher Mining Corporation Ltd. ("BMC"). BMC's exploration programs
targeted the Kipalu Formation of iron-bearing rocks, which is an iron formation
of the Superior type. The Haig Inlet project is host to a significant
unclassified historical resource estimate of 907 million tonnes grading 27% iron
as defined in the government publication, "Northern Mineral Policy Series; NM1:
Mines and Important Mineral Deposits of the Yukon and Northwest Territories,
1982(i)".
(i)The mineral resource outlined here is a non-compliant NI 43-101 Mineral
Resource since it is historical in nature and should not be relied upon. There
is no direct evidence that these numbers or any portion thereof will ever be
achieved at any time with further exploration work. These are historical
resource estimates that do not comply with the current Canadian Institute of
Mining, Metallurgy and Petroleum Resources (CIM) Definition Standards on Mineral
Resources and Mineral Reserves as required by National Instrument 43-101 (NI
43-101) "Standards of Disclosure for Mineral Projects." Historical BMC
exploration results were studied by a qualified person and compared with other
non-BMC exploration programs carried out on the Belcher Islands. Although
conclusions support the presence of a large area of iron mineralization, the
historical results are not considered reliable given an incomplete database of
diamond drill hole logs and the lack of accurate collar surveying related to the
BMC historical exploration programs. In addition, the unknown level of quality
assurance/quality control implemented during the historic BMC programs, which is
currently required to be carried out under the supervision of a qualified person
as defined by NI 43-101 policy, questions the reliability and confidence in the
historic estimate.
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS Minerals Services
("SGS"), which is independent of Orebodies. Sample preparation and analyses were
performed at the SGS laboratories based in Garson, Ontario and Lakefield,
Ontario respectively. The samples were analyzed by XRF.
A thorough QA/QC program is in place which includes the submission by Orebodies
of systematic standards samples within every sample batch submitted to SGS. In
addition, SGS inserts its own duplicate samples. The results from these control
samples indicate acceptable consistency of analysis.
This press release has been prepared under the supervision of Mr. Henry Hutteri
(P.Geo.), who is an independent consultant to the Company and a "qualified
person" (as such term is defined in National Instrument 43-101). Mr. Hutteri has
verified the technical data disclosed in this press release.
Forward Looking Information:
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements relating to
mineral resources, potential mineralization, exploration results and the
Company's plans with respect to the exploration and development of the
Properties) are forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things, changes in commodity prices, changes in equity markets, failure to
establish mineral resources, changes to regulations affecting the Company's
activities, delays in obtaining or failures to obtain required regulatory
approvals, uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting drilling
results and other ecological data, and the other risks involved in the mineral
exploration and development industry. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events
or results or otherwise. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent uncertainty
therein.
Buchans Minerals Corporation (TSXV:BMC)
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