New Millennium Iron Corp. Announces Initial Drill Core Analysis Results from Its Lac Ritchie Taconite Property
October 25 2011 - 6:00AM
Marketwired Canada
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
New Millennium Iron Corp. ("NML" or the "Corporation") (TSX VENTURE:NML)
announced today the initial drill core assay results from its 100% owned Lac
Ritchie property and provides an update on its 2011 drilling program for
taconite anomalies as well as the processing of KeMag bulk samples for the
Taconite Project Feasibility Study. Initial assay results received to date
represent 6 out of 40 holes drilled during the summer of 2011. NML is
integrating the drill core analysis results into a geological block model for
resource determination and classification by SGS Geostat Ltd, Blainville Quebec.
Two drills have now moved south to drill the Labrador taconite anomalies owned
100% by NML.
Dean Journeaux, President and CEO of NML, said, "We are very pleased with the
results so far The drilled area covers a huge 31.5 square kilometer area with an
average depth of 50 meters. The setting is very favourable as the mineralized
area is covered with shallow overburden and will require minimum stripping. It
gently dips around 8 degrees towards the north-east. These results are
prospective for the discovery of another major taconite deposit. Now that our
two major projects are being advanced, we are increasingly focused on
demonstrating the potential of our very large but to date lightly explored,
mineralized trend."
Lac Ritchie Taconite Property
The exploration drilling was completed at the Lac Ritchie property after
drilling 40 holes for a total of 3,808 m. The holes were drilled on seven
sections spaced 1 km apart. Three to seven holes, approximately spaced 500 m
apart, were drilled on each section line (Refer to Figure 1). The drill core
samples, half cores in average 6 meters long, are being sent on a regular basis
to Midland Research Center Laboratory at Nashwauk, Minnesota, USA (which
laboratory is independent from NML) for analysis and testing. The core is
assayed for Total Iron and the magnetite concentrate is produced using the Davis
Tube and given as Davis Tube Weight Recovery percent (DTWR %). The magnetite
concentrate is analyzed for iron and silica. Some selected samples will be
assayed for other elements.
Attached Table 1 provides the test analysis and assay results for each of the
stratigraphic layers for the available drill core assays. One section line (13)
with four drill holes showing the stratigraphic layers with average test and
assay values is given in Figure 2. Test and assay results received to date
indicate that the top stratigraphic layer (LC) is the minable unit. Thickness
varies between 0 to 87 m, and averages 50 m. This unit shows an average assay
results as follows, based on the analysis received to date with DTWR cutoff
above 16%.
----------------------------------------------------------------------------
Total DT Concentrate DT Concentrate
samples/meters Total Fe% DTWR% Fe% SiO2%
----------------------------------------------------------------------------
61/361 31.41 30.18 67.98 4.20
----------------------------------------------------------------------------
Table 2 provides the list of all drill holes with thicknesses of respective LC
layers.
Drilling in Perault Lake (Anomaly N4) and Anomaly N1 and N2 Areas
The drilling has started in both these areas (Figure 3), using one drill in each
location during the third week of October. Nine holes for a total of 900 m will
be drilled at N1 and N2 area. At the Perault Lake area, 49 holes for a total of
3,500 m are proposed and the drilling will be carried out in two phases. The
present program is expected to continue till the end of November, 2011, weather
permitting. Drilling is expected to resume in March 2012 to complete the
remaining holes.
KeMag Bulk Sampling
The collected bulk sample from KeMag Deposit has been crushed and blended to the
specifications based on the pre-feasibility study mining plan. The total blended
sample amounts to 51 tonnes representing seven minable stratigraphic units.
Twenty tonnes of the sample were sent to Studien Gesellschaft fur
Eisenerz-Aufbereitung (SGA), Germany, for conducting pilot scale tests. Pilot
plant testing for the flowsheet validation is expected to start in November,
2011.
About New Millennium
The Corporation controls the emerging Millennium Iron Range, located in the
Province of Newfoundland and Labrador and in the Province of Quebec, which holds
one of the world's largest undeveloped magnetic iron ore deposits. In the same
area, the Corporation is also advancing its DSO Project to near term production.
Tata Steel Limited, one of the largest steel producers in the world, owns
approximately 27% of New Millennium and is the Corporation's largest shareholder
and strategic partner.
Tata Steel has exercised its exclusive option to participate in the DSO Project
and has a commitment to take the resulting production (see news release 10-16
dated September 14, 2010). Tata Steel also has exercised its exclusive right to
negotiate and settle a proposed transaction in respect of the LabMag Project and
the KeMag Project (see news release 11-09 dated March 6, 2011).
The Millennium Iron Range currently hosts two advanced projects: LabMag contains
3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus
1.0 billion tonnes of Measured and Indicated resources at an average grade of
29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of
29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated
July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable
reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and
Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated
January 16, 2009).
NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral
Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and
Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes
of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0
million tonnes of historical resources that are not currently in compliance with
NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05
dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release
10-12 dated July 8, 2010). A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources or mineral
reserves, the Corporation is not treating the historical estimate as current
mineral resources or mineral reserves and the historical estimate should not be
relied upon.
The Corporation's mission is to add shareholder value through the responsible
and expeditious development of the Millennium Iron Range and other mineral
projects to create a new large source of raw materials for the world's iron and
steel industries. For further information, please visit www.NMLiron.com,
www.tatasteel.com and www.tatasteeleurope.com.
Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified
Persons as defined in National Instrument 43-101 who have reviewed and verified
the scientific and technical mining disclosure contained in this news release.
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995 These forward-looking statements are made as of
the date of this document and the Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs regarding future
events and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements
can be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or
the negative of these terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Corporation to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of resources; possible variations in ore reserves, grade
or recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in the Corporation's interim and annual financial
statements and management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com. Although the
Corporation has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward looking statements.
Table 1 -Test analysis and assay results - Lac Ritchie
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11LR10
01D 0 3.5 3.50 OB
----------------------------------------------------------------------
3.50 8.40 4.90 9001 LC 34.78 40.00 69.33 2.50
-------------------------------
8.40 14.40 6.00 9002 22.34 19.50 69.10 3.70
-------------------------------
14.40 20.40 6.00 9003 24.43 22.50 69.03 3.36
-------------------------------
20.40 26.40 6.00 9004 32.83 33.50 70.38 2.00
-------------------------------
26.40 32.40 6.00 9005 27.13 21.00 67.68 3.76
-------------------------------
32.40 38.40 6.00 9006 28.56 32.50 68.95 3.46
-------------------------------
38.40 44.40 6.00 9007 31.10 41.50 64.91 7.18
-------------------------------
44.40 50.40 6.00 9008 27.66 35.00 64.76 6.78
-------------------------------
50.40 56.40 6.00 9009 30.80 36.50 68.13 3.10
-------------------------------
56.40 62.40 6.00 9010 32.53 25.50 69.70 2.02
----------------------------------------------------------------------
3.5 62.4 58.90 29.12 30.59 68.18 3.81
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11HL10
02D 0 2.5 2.50 OB
----------------------------------------------------------------------
2.50 10.20 7.70 9039 DOL 11.45 1.00 69.20 short
----------------------------------------------------------------------
10.20 16.20 6.00 9040 LC 33.46 41.00 64.46 5.58
16.20 22.20 6.00 9041 29.01 32.50 68.42 3.42
22.20 28.20 6.00 9042 30.89 34.50 67.97 3.46
28.20 34.20 6.00 9043 34.21 41.50 68.87 3.32
34.20 40.20 6.00 9044 32.40 38.50 68.57 3.48
40.20 46.20 6.00 9045 32.70 36.50 68.65 3.48
46.20 52.20 6.00 9046 32.25 35.50 69.32 2.82
52.20 58.20 6.00 9047 31.87 25.50 69.47 3.00
58.20 64.20 6.00 9048 34.36 32.00 68.95 3.62
64.20 70.20 6.00 9049 30.44 23.50 67.51 4.78
70.20 76.20 6.00 9050 30.59 27.50 67.36 5.10
76.20 82.20 6.00 9051 30.97 31.00 66.31 6.36
82.20 88.20 6.00 9052 31.35 34.00 62.69 9.32
88.20 92.50 4.30 9053 30.59 31.00 68.57 3.90
----------------------------------------------------------------------
10.2 92.5 82.30 31.82 33.22 67.63 4.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11LR10
03D 0 3.5 3.50 OB
----------------------------------------------------------------------
3.50 20.00 16.50 DOL
----------------------------------------------------------------------
20.00 23.80 3.80 MS
----------------------------------------------------------------------
23.80 30.00 6.20 9019 LC 22.61 14.00 64.65 6.42
30.00 36.00 6.00 9020 31.65 33.00 68.12 4.02
36.00 42.00 6.00 9021 36.47 36.50 70.38 2.14
42.00 48.00 6.00 9022 35.19 28.50 69.92 2.28
48.00 51.00 3.00 9023 22.53 12.00 68.27 2.86
51.00 52.00 1.00 9024 18.99 1.50 60.83 short
52.00 58.00 6.00 9025 29.91 31.50 66.91 4.94
58.00 65.30 7.30 9026 32.48 38.50 68.19 3.86
----------------------------------------------------------------------
23.8 65.3 41.50 30.44 28.49 67.86 3.87
----------------------------------------------------------------------------
Table 1 -Test analysis and assay results - Lac Ritchie (continued)
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11LR10
04D 0 4 4.00 OB
----------------------------------------------------------------------
4.00 10.00 6.00 9901 LC 32.81 35.50 68.64 3.26
10.00 16.00 6.00 9902 32.06 26.50 65.86 6.78
16.00 22.00 6.00 9903 38.38 24.00 68.72 4.48
22.00 28.00 6.00 9904 34.62 24.00 69.62 2.82
28.00 34.00 6.00 9905 20.77 12.00 67.59 4.64
34.00 40.00 6.00 9906 37.40 23.00 68.72 4.30
40.00 46.00 6.00 9907 32.28 32.50 67.06 5.14
46.00 52.00 6.00 9908 33.26 41.50 63.44 8.96
52.00 58.00 6.00 9909 32.21 34.50 69.32 2.94
58.00 63.00 5.00 9910 32.81 24.50 70.38 1.98
63.00 69.00 6.00 9911 33.64 23.00 68.12 4.78
----------------------------------------------------------------------
4 69 65.00 32.75 27.41 67.91 4.59
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11LR10
05D 0 3.8 3.80 OB
----------------------------------------------------------------------
3.80 13.00 9.20 9942 DOL
----------------------------------------------------------------------
13.00 19.00 6.00 9059 LC 27.13 22.00 69.17 2.68
-------------------------------
19.00 25.00 6.00 9060 36.92 22.00 70.68 1.48
-------------------------------
25.00 31.00 6.00 9061 33.38 20.00 70.83 1.42
-------------------------------
31.00 37.00 6.00 9062 39.33 16.50 70.68 1.76
-------------------------------
37.00 43.00 6.00 9063 29.69 24.50 69.17 3.14
-------------------------------
43.00 49.00 6.00 9064 30.97 31.50 68.12 4.00
-------------------------------
49.00 55.00 6.00 9065 34.36 36.00 68.72 3.56
-------------------------------
55.00 61.00 6.00 9066 31.24 40.00 61.94 11.50
-------------------------------
61.00 67.00 6.00 9067 30.14 31.00 63.90 9.18
-------------------------------
67.00 72.30 5.30 9068 32.70 32.50 69.17 2.80
----------------------------------------------------------------------
13 72.3 59.30 32.58 27.54 68.23 4.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole From To Interval Sample Unit Tot. Fe DTWR Con. Fe Con. SiO2
--------------------------- ------------------------------------
No. (metres) (metres) (metres) No. (%) (%) (%) (%)
----------------------------------------------------------------------------
11LR10
07D 0.00 4.00 4.00 OB
----------------------------------------------------------------------
4.00 10.00 6.00 9076 LC 31.65 35.00 69.10 3.38
-------------------------------
10.00 16.00 6.00 9077 26.15 22.50 68.72 3.10
-------------------------------
16.00 22.00 6.00 9078 25.11 41.00 69.32 3.12
-------------------------------
22.00 28.00 6.00 9079 34.36 33.00 70.08 2.32
-------------------------------
28.00 34.00 6.00 9080 37.37 19.50 69.62 2.88
-------------------------------
34.00 40.00 6.00 9081 33.46 36.00 67.21 5.62
-------------------------------
40.00 46.00 6.00 9082 29.69 35.00 62.84 9.82
-------------------------------
46.00 52.00 6.00 9083 29.39 36.00 68.72 3.40
-------------------------------
52.00 58.00 6.00 9084 33.00 35.50 68.34 3.74
----------------------------------------------------------------------
4 58 54.00 31.13 32.61 68.22 4.15
----------------------------------------------------------------------------
Table 2 - Lean Chert (LC) Drill Hole Thicknesses
----------------------------------------------------------------------------
Hole From To Interval
---------------------------------------------
No. (metres) (metres) (metres)
----------------------------------------------------------------------------
11LR1001D 3.5 62.4 58.90
----------------------------------------------------------------------------
11LR1002D 10.2 92.5 82.30
----------------------------------------------------------------------------
11LR1003D 23.8 65.3 41.50
----------------------------------------------------------------------------
11LR1004D 4 69 65.00
----------------------------------------------------------------------------
11LR1005D 13 72.3 59.30
----------------------------------------------------------------------------
11LR1006D 7.2 63.8 56.60
----------------------------------------------------------------------------
11LR1007D 4 61.5 57.50
----------------------------------------------------------------------------
11LR1008D 2.5 48.2 45.70
----------------------------------------------------------------------------
11LR1009D 5 53 48.00
----------------------------------------------------------------------------
11LR1010D 4 17.2 13.20
----------------------------------------------------------------------------
11LR1012D 1.7 50 48.30
----------------------------------------------------------------------------
11LR1013D 3.8 42 38.20
----------------------------------------------------------------------------
11LR1014D 3.5 57.3 53.80
----------------------------------------------------------------------------
11LR1015D 2.50 12.40 9.90
----------------------------------------------------------------------------
11LR1016D 1.8 8.9 7.10
----------------------------------------------------------------------------
11LR1017D 2.00 3.10 1.10
----------------------------------------------------------------------------
11LR1019D 8.9 79.5 70.60
----------------------------------------------------------------------------
11LR1021D 9 67.5 58.50
----------------------------------------------------------------------------
11LR1022D 5.5 26.8 21.30
----------------------------------------------------------------------------
11LR1023D 4.8 68.5 63.70
----------------------------------------------------------------------------
11LR1024D 3 62 59.00
----------------------------------------------------------------------------
11LR1026D 2.5 68.1 65.60
----------------------------------------------------------------------------
11LR1027D 2.4 41.5 39.10
----------------------------------------------------------------------------
11LR1028D 4.6 30.5 25.90
----------------------------------------------------------------------------
11LR1029D 33.5 93.5 60.00
----------------------------------------------------------------------------
11LR1030D 2.7 52 49.30
----------------------------------------------------------------------------
11LR1031D 2.7 58 55.30
----------------------------------------------------------------------------
11LR1032D 2.7 33.7 31.00
----------------------------------------------------------------------------
11LR1033D
----------------------------------------------------------------------------
11LR1034D 3 44.8 41.80
----------------------------------------------------------------------------
11LR1035D 2.7 12.7 10.00
----------------------------------------------------------------------------
11LR1036D 69.3 139.5 70.20
----------------------------------------------------------------------------
11LR1037D 3 68.7 65.70
----------------------------------------------------------------------------
11LR1038D 5.5 63 57.50
----------------------------------------------------------------------------
11LR1039D 1.6 57.5 55.90
----------------------------------------------------------------------------
11LR1040D 49.5 136.5 87.00
----------------------------------------------------------------------------
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