Logan Intercepts 43% Iron Over 49 Metres at Redford
08 Novembre 2011 - 2:30PM
Marketwired
Logan Resources Ltd. (TSX VENTURE:LGR) ("Logan") is pleased to
announce additional assay results from the ongoing drill program on
the Redford Iron Ore Property located on Vancouver Island, British
Columbia. Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont")
is the operator of the Project and has an option to acquire up to
75% interest in the Project. To date, Ridgemont has completed and
received assay results for 43 diamond drill holes, totalling 7,570
metres. Highlights from these most recent assay results
include:
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From To Interval Magnetite
Drill Hole (metres) (metres) (metres) Iron %
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RD11-22 106.0 119.0 13.0 51.7
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RD11-25 125.0 156.0 31.0 52.3
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and 164.0 176.0 12.0 44.3
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RD11-27 173.0 199.0 26.0 51.5
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including 186.0 199.0 13.0 60.2
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RD11-29 79.0 100.0 21.0 56.6
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RD11-34 63.0 112.0 49.0 43.4
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including 72.0 92.0 20.0 55.5
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and 237.0 249.0 12.0 49.2
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RD11-39 105.0 128.0 23.0 50.8
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Seamus Young, President and CEO of Logan stated, "It's extremely
encouraging that these results continue to confirm our geophysical
data, proving the extent of mineralization on the property. Our
drilling this year has shown the considerable thicknesses and
consistent grades of the high-magnetite mineralization across the
property."
All holes were sighted using the Total Field Magnetics data from
the earlier ground geophysical surveys and were collared between 50
and 400 metres east of the eastern edge of the Noranda pit. The
goal of this drill program is to outline a National Instrument
43-101 iron resource.
True widths of the reported intercepts vary depending on the
angle of the individual drill holes and are estimated to be between
65% and 98% of the core interval as reported. All samples were
prepared from sawn HQ-sized half-core sections on site on Vancouver
Island. Split drill core samples are then sent to an independent
contractor, Acme Analytical Laboratories in Vancouver, British
Columbia, for analyses. The magnetic iron component is determined
by Satmagan magnetic analysis. Standards, blanks, and duplicate
assays are included at regular intervals in each sample batch
submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
Complete assay highlights with drill plan maps and sections are
posted on the Logan website at
http://www.loganresources.ca/index.php/projects/redford.
The Redford Property is host to the former producing Brynnor
iron deposit. Noranda Exploration Ltd. mined the near surface
portion of the iron ore body in the 1960's and produced 4,480,940
tonnes at 56% iron. The mine was closed in 1968 at the expiration
of the concentrate sales contract with Japanese steel makers,
however, the underground extension of the ore body was never
mined.
Adrian Bray, P.Geo., Director of Logan and a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical
information contained in this news release. Mr. Bray has verified
the data disclosed herein, including sampling, analytical and test
data underlying the disclosed information. Mr. Bray has verified
that the results were accurate from the official assay certificates
provided to Logan.
About Logan
Logan Resources Ltd. is a Canadian mineral exploration company
that specializes in acquiring, exploring and advancing mineral
properties. Logan has a diversified portfolio of precious metal,
base metal and uranium projects. For more information on the
property portfolio and Logan, please visit
www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
Seamus Young, President & CEO
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. Forward-looking statements in
this document include statements about the completion of an NI
43-101 resource estimate and the exploration of the Redford
Property. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the need for additional financing; operational
risks associated with mineral exploration; fluctuations in
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified in the management discussion and
analysis section of our interim and most recent annual financial
statement or other reports and filings with the TSX Venture
Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and
Logan undertakes no obligation to update forward-looking statements
if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable securities laws.
Investors are cautioned against attributing undue certainty to
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Logan Resources Ltd. Konstantine Tsakumis Investor
Relations 604-681-8030 x 232 604-681-8039
(FAX)info@loganresources.cawww.loganresources.ca
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