Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) (the
"Company" or "AEI") today announced encouraging results from the
recently completed 2012 drill campaign at its Tuktu 2 Iron Project
located 60 km north of the Roche Bay Iron Project on the Melville
Peninsula in Nunavut, Canada.
This drill program was launched to validate the existence of
very high grade iron mineralization typical of deposits containing
Direct Ship Ore ("DSO") type material. As presented in the summary
table, the drill results indicate a consistent existence of DSO
material in drill core over several intersections, and the Company
believes that an intensive follow-up drill program of approximately
5,000 metres is required, along with metallurgical studies, to
define a DSO resource that would support more advanced studies as
to the potential of an economic DSO mining operation at Tuktu.
John Gingerich, President & CEO, commented:
"We are very encouraged by the results of this validation drill
program as the assays clearly indicate the consistent presence of
very high grade iron within the Tuktu 2 deposit. After the sampling
program, this drilling confirms the existence of DSO-type material
at Tuktu 2, which bodes well for discovering similar lenses not
only at the overall Tuktu Project but also along the 140 km of
banded iron formation extending across Roche Bay.
A narrow intersection of 63% iron reported from the 2007 drill
campaign at Roche Bay has a more significant meaning now given our
enhanced understanding of the area's DSO potential. While
development on Roche Bay will focus on the traditional BIF asset,
work will be needed to fully assess the DSO potential of the C-Zone
area."
The Company's 2012 exploration program at the Tuktu 2 Project,
which commenced late August and was completed mid-October, was
comprised of surface sampling and prospecting, ground magnetometer
and gravity surveys and 1,536 metres of diamond drilling in eleven
drill holes, four holes (12TK001-004, 413 metres) at the T2-A
Prospect and seven holes (12TK005-011, 1,123 metres) at the T2-H
Prospect.
Tuktu 2-H (T2-H) Results:
The most significant drill results (Table 1) were obtained from
the Tuktu 2-H occurrence that was discovered during this summer's
prospecting and mapping program. High grade pods of iron
mineralization occur within an alteration zone ranging from 50 to
150 metres in width. From mapping and geophysics, the inferred
strike length of the BIF which hosts the mineralization is
approximately 1,500 metres. Orientation drilling tested only 300
metres of the apparent strike. All holes intersected high grade
sections of +50% Fe with the best intersections in hole 12TK007
with approximately 59% iron content over 64 metres and hole 12TK007
with over 37.5 metres of 66.3% iron.
Summary Table 1
Significant Drill Intersections -TUKTU 2-H Zone
September-October 2012
----------------------------------------------------------------------------
Drillhole From (m) To (m) Interval (m) % Fe2O3 (total XRF) % Fe (from XRF)
----------------------------------------------------------------------------
12TK005 2.18 127.06 124.88 56.52 45.29
----------------------------------------------------------------------------
including 90.05 127.06 36.56 80.52 56.31
----------------------------------------------------------------------------
including 101.84 127.06 25.22 96.49 67.49
----------------------------------------------------------------------------
12TK006 56.00 147.50 91.50 39.96 27.95
----------------------------------------------------------------------------
including 141.50 144.50 3.00 86.65 60.60
----------------------------------------------------------------------------
12TK007 3.41 209.66 206.25 56.87 39.78
----------------------------------------------------------------------------
including 146.00 209.66 63.88 84.12 58.84
----------------------------------------------------------------------------
including 146.00 189.50 43.50 89.42 62.54
----------------------------------------------------------------------------
including 147.50 185.00 37.50 94.78 66.29
----------------------------------------------------------------------------
And 195.50 209.66 14.16 94.94 66.40
----------------------------------------------------------------------------
12TK008 15.00 269.33 254.33 49.33 34.50
----------------------------------------------------------------------------
including 153.00 207.00 54.00 74.21 51.90
----------------------------------------------------------------------------
including 153.00 165.00 12.00 88.04 61.57
----------------------------------------------------------------------------
And 172.50 180.00 7.50 94.09 65.81
----------------------------------------------------------------------------
And 193.50 207.00 13.50 87.83 61.43
----------------------------------------------------------------------------
12TK009 62.00 71.00 9.00 84.52 59.11
----------------------------------------------------------------------------
12TK010 43.50 85.50 42.00 70.66 49.42
----------------------------------------------------------------------------
including 46.50 60.00 13.50 86.49 60.49
----------------------------------------------------------------------------
And 66.00 72.00 6.00 97.71 68.33
----------------------------------------------------------------------------
12TK011 5.00 35.00 30,00 72.12 50.44
----------------------------------------------------------------------------
including 18.50 26.00 7.50 86.37 60.41
----------------------------------------------------------------------------
53.00 56.00 3 78.94 55.21
----------------------------------------------------------------------------
Notes: Mineralized intersections are down hole intersection
widths and may not be true thicknesses; hole locations were
non-optimal due to proximity and location of nearby lakes.
Delineation of shallow (less than 150 metres from surface) high
grade iron resources (greater than 58% Fe) within the zone will
require tighter drill spacing than used on traditional BIF program,
but average depth of the holes will be substantially lower. The
Company anticipates initiation of the delineation drill program in
the spring of next year.
Tuktu 2-A (T2-A) Results:
Drilling along the original prospect, Tuktu 2-A (Table 2)
intersected similar style mineralization but within a narrower zone
of alteration and similarly narrower lenses of high grade iron
(greater than 60% Fe). Holes drilled immediately beneath the high
grade channel samples collected over the summer of 2012 intersected
shallow zones of east-dipping mineralization associated with
specular schist characterized by fine to medium grained specular
hematite (10% magnetite, 90% hematite). All holes intersected high
grade sections of +50% Fe with the best intersection in hole
12TK002 with 10.51 metres of 65.6% iron content.
The high grade lenses associated with this style of
mineralization typically pinch and swell along strike. The
mineralization is open along strike to the east and southeast, and
the Company believes there is still substantial potential for the
discovery of additional high grade iron along the 1.6km magnetic
anomaly which hosts the T2-A Prospect. Another showing 1.6km south
of T2-A has yet to be drilled where a 62.26% Fe surface grab sample
was found at the T2-E Prospect. T2-E may prove to be the strike
extension of the T2-A zone as suggested by the geophysics and
limited geologic exposures. A definition drill program would also
further investigate this prospect.
Summary Table 2
Significant Drill Intersections -TUKTU 2-A Zone
September-October 2012
----------------------------------------------------------------------------
Drillhole From (m) To (m) Interval (m) % Fe2O3 (total XRF) % Fe (from XRF)
----------------------------------------------------------------------------
12TK001 10.00 20.11 10.11 96.37 67.40
----------------------------------------------------------------------------
12TK002 9.00 71.70 62.70 57.63 40.31
----------------------------------------------------------------------------
including 10.23 20.74 10.51 93.79 65.60
----------------------------------------------------------------------------
And 45.69 59.00 13.31 81.26 56.83
----------------------------------------------------------------------------
including 45.69 47.89 2.20 98.48 68.88
----------------------------------------------------------------------------
12TK003 6.50 9.50 3.00 84.73 59.26
----------------------------------------------------------------------------
including 29.00 45.50 16.50 76.46 53.48
----------------------------------------------------------------------------
And 33.50 39.50 6.00 90.68 63.42
----------------------------------------------------------------------------
12TK004 15.40 89.15 73.75 54.66 38.23
----------------------------------------------------------------------------
including 72.00 88.00 16.00 77.49 54.20
----------------------------------------------------------------------------
including 73.50 79.50 6.00 86.22 60.30
----------------------------------------------------------------------------
Notes: Mineralized intersections are down hole intersection
widths and may not be true thicknesses.
The work referred to in this press release was performed under
the supervision of Mr. Andrew Turner, P. Geol., of APEX Geoscience
Ltd., who has also compiled and tabulated drill assay results
contained herein. Mr. Turner is a "Qualified Person" as defined by
National Instrument 43-101 and has reviewed and verified the
results described in this press release.
Assay results described herein have been derived from samples of
NQ sized drill core prepared on site where it was sawn in half
using a rock saw with 1/2 of the core removed for sampling,
normally in 1.5m lengths, and the other half remaining on site.
Samples were sent by helicopter to a sample preparation facility in
Hall Beach, Nunavut, where they were crushed and homogenized and a
approx. 250g sub-sample was collected and shipped by commercial
airfreight for laboratory analysis in Ancaster, Ontario; both
facilities are operated by Activation Laboratories Inc. ("Actlabs")
who are responsible for sample security from their arrival in Hall
Beach. The total iron analyses discussed herein were performed
using X-ray fluorescence (XRF). Advanced Explorations Inc. employs
a rigorous Quality Assurance/Quality Control (QA/QC) program with
respect to all drill core sampling, which includes the insertion
into the sample stream of standards, blanks and duplicate samples.
The 2012 QAQC data was examined by Mr. Turner and no significant
issues were identified with respect to the overall accuracy and
precision of the data described herein.
ON BEHALF OF THE BOARD
John Gingerich, President & Chief Executive Officer
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a
resource development company focused on developing its Roche Bay
and Tuktu Iron Ore Projects in one of the world's largest
developing iron ore districts, the Melville Peninsula in Nunavut.
The Ocean-based Roche Bay Project boasts an NI 43-101 compliant
resource estimate of over 500 million tonnes outlined within a
small portion of the potential 140 km of banded iron formation. A
positive feasibility study for the project's C Zone revealed a net
present value of $642M on a base case 5.5 Mtpa start-up concentrate
operation and substantial upside potential including becoming a low
quartile cost producer. To date, the Company has delineated over 1
billion tonnes of iron under NI 43-101 among its Roche Bay and
Tuktu deposits and continues to explore other targeted deposits in
areas to the north, south and west of Roche Bay. 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