VANCOUVER,
Jan. 17, 2012 /PRNewswire/ -
Northern Iron Corp. (TSXV: NFE) ("Northern
Iron") (OTCQX: NHRIF) (Frankfurt: N8I) today released
assay results for drill holes KA-11-20, 21 and 22 on the Karas
property. The drill holes continue testing the true thickness of
the magnetite mineralization in line with the previously released
holes, testing the western part and down dip extension and plunge
of the magnetite mineralized zone, which is still open at
depth.
"These results continue to indicate that the Karas property is
an extensive tightly folded banded iron formation and each new hole
increases our confidence in the extent of the mineralized zone both
in size and depth," said Basil
Botha, President & CEO.
Hole KA-11-20 tests the down dip extension and plunge of the
magnetite mineralized zone, and intersects a continuous mineralized
interval of magnetite mineralization from the hanging wall contact
of 370m averaging 32.95% Fe2O3. The hole is
directed as perpendicular as possible to the mineralized zone. The
zone remains open at depth.
Hole KA-11-21 was intended to test the down dip and plunge of
the magnetite zone towards the west of hole Ka-11-20.
Hole KA-11-22 was directed as a delineation hole collared east
of previously released holes KA-11-7, 8, 9, 10, 11 and 12.testing
the footwall contact of the mineralized zone towards the south
end.
Highlights of Hole KA-11-18 are summarized in the table
below.
Hole |
|
From |
To |
Interval |
Fe2O3 |
KA-11-20 |
|
135.55 |
506.0 |
370.45 |
32.95 |
|
including |
431 |
488.0 |
57.0 |
43.25 |
|
|
|
|
|
|
KA-11-21 |
|
67.8 |
137.8 |
70 |
25.06 |
|
and |
184.05 |
219.4 |
35.35 |
31.15 |
|
and |
291.72 |
425.16 |
133.54 |
31.98 |
|
|
|
|
|
|
KA-11-22 |
|
129.6 |
176.6 |
47 |
29.38 |
|
|
209.25 |
330 |
120.75 |
25.83 |
To date, 26 drill holes have been completed on Northern's 100%
owned Karas property, located 15 km northeast of the town of
Ear Falls, Red Lake mining district, Ontario. The 10,000 metre drill program has
been extended due to the results encountered to date and is being
completed to define a mineral resource on the property by Q1
2012.
All 2011 drill holes were surveyed using a Reflex Maxibor II
probe to monitor drill hole deviations in magnetic disturbed
environments. Northern's personnel were trained "on-site" by Reflex
personnel to operate the instrument and process the survey data.
All collars are surveyed by Northern's personnel using an APS
differential GPS with 3cm accuracy immediately after the holes are
completed. The QA/QC protocol system employed during the 2011
exploration program included procedures for monitoring the
chain-of-custody of samples and the insertion of blank samples in
every batch of samples. Cross-check analyses are planned to be
conducted at a second external laboratory from blind duplicate
samples. Drill core samples are being prepared at SGS Canada Inc.
in Red Lake, Ontario and assayed
at SGS Canada Inc., in Lakeview, Ontario.
Raul Sanabria, P. Geo., is the
Qualified Person for the purposes of National Instrument 43-101 for
the Karas Exploration Project. Mr. Sanabria has verified and
approved the contents of this news release.
About Northern Iron Corp.
Northern Iron is a mineral resource company engaged in reviving
a past producing iron mine and concurrent exploration of high
quality iron ore resources in the Red
Lake mining division, district of Kenora, Ontario, Canada.
Northern Iron holds 100% interest in minerals claims covering
approximately 14,672 hectares, comprised of the El Sol Property,
the past producing Griffith Property, the Karas Property, the
Papaonga Property and the Whitemud-Slate Property.
The Griffith Mine owned at the time by Stelco, produced 78.8
million tonnes of iron ore for conversion to pellets and DRI from
1968-1989. Total magnetic iron recovery was 86.26%.
The Red Lake area is
accessible year round by Highway 105, which joins the Trans Canada
highway at Vermillion Bay, 175 km south and 100 km east of
Kenora. Commercial air services
operate to Red Lake from
Thunder Bay, Ontario and
Winnipeg, Manitoba.
Cautionary Statement
The foregoing information may contain forward-looking statements
relating to the future performance of the Company. Forward-looking
statements, specifically those concerning future performance, are
subject to certain risks and uncertainties, and actual results may
differ materially from the Company's plans and expectations. These
plans, expectations, risks and uncertainties are detailed herein
and from time to time in the filings made by the Company with the
TSX Venture Exchange and securities regulators. The Company
does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved of
disapproved the information contained herein.
SOURCE Northern Iron Corp.