Northern Iron Corp. Intersects 143 Metres of Iron Mineralization, Grading 31.84% Fe2O3 and 146.2 Metres, Grading 30.21% Inclu...
08 Septembre 2011 - 3:30PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE U.S.
Northern Iron Corp. ("Northern Iron") (TSX VENTURE:NFE) today released assay
results for the first 3 drill holes on the Karas property. The previous press
release, issued earlier today, shows drill hole highlights incorrectly imported
from the drill hole database and thus some errors in the length of the
mineralized intervals. The table below corrects and replaces the previous one.
Note that true thickness of mineralized intervals is not known at this stage.
To date, 15 drill holes have been completed of the planned 30 drill holes
(approximately 10,000 metre program) on Northern Iron's 100% owned Karas
property located 15km northeast of the town of Ear Falls, Red Lake mining
district, Ontario. The 10,000 metre drill program is being completed to define a
mineral resource on the property by the end of 2011.
"We are extremely pleased with the results of the first three drill holes on the
Karas property, which gives management an indication that the resource is open
at depth. The management team is delighted with all the hard work the
exploration crews completed in 2010 season to define the potential of a
significant resource on the Karas property and we eagerly await further
results," said Basil Botha, President & CEO.
Highlights of the first three holes are summarized in the table below.
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Hole KA-11-01
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From To Interval Fe2O3 %
--------------------------------------------------------------
35 84.23 49.23 33.01
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including 35 53 18 35.32
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including 65 84.23 19.23 35.8
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and
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137.3 214.78 77.48 30.93
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including 137.3 154 16.72 36.97
--------------------------------------------------------------
203 214.78 11.78 35.51
--------------------------------------------------------------
--------------------------------------------------------------
Hole KA-11-02
--------------------------------------------------------------
From To Interval Fe2O3 %
--------------------------------------------------------------
5 38 33 34.61
--------------------------------------------------------------
including 14 37 23 36.74
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and
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102 245 143 31.84
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including 102 167.45 65.45 32.87
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including 104 128 24 35.82
--------------------------------------------------------------
145.5 167.45 22 33.83
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and
--------------------------------------------------------------
170.3 245 74.7 32.15
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including 170.3 188 17.7 34.38
--------------------------------------------------------------
including 205 214 9 43.3
--------------------------------------------------------------
and
--------------------------------------------------------------
250 276.5 26.5 32.07
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and
--------------------------------------------------------------
301 312 11 30.72
--------------------------------------------------------------
--------------------------------------------------------------
Hole KA-11-03
--------------------------------------------------------------
From To Interval Fe2O3 %
--------------------------------------------------------------
32 178.82 146.2 30.21
--------------------------------------------------------------
including 32 128.5 96.5 29.64
--------------------------------------------------------------
including 43 64 21 36.63
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including 67 76 9 35.83
--------------------------------------------------------------
including 86 94.62 8.62 38.47
--------------------------------------------------------------
and
--------------------------------------------------------------
137 178.2 41.2 37.78
--------------------------------------------------------------
including 140 152 12 47.57
--------------------------------------------------------------
including 140 143 3 50.9
--------------------------------------------------------------
and
--------------------------------------------------------------
195 246.5 51.5 29.18
--------------------------------------------------------------
(i) True thickness in all holes to be determined.
A promising, tightly folded iron formation of the Algoma type
(Magnetite-Taconite) was interpreted from historic airborne geophysics
(magnetometer) in the vicinity of Emarton Lake, immediately west of the South
Bay road. A detailed ground magnetometer survey was completed by Northern Iron
during the summer of 2010 and tested by one single drill hole during the fall of
the same year.
The extensive airborne magnetic anomaly was better defined by the interpretation
of the information gathered during the ground magnetic surveys, and produced a
target of about 500x500m indicating a tight isoclinally folded banded iron
formation (BIF), the same iron formation that was mined at the Griffith Mine
only 16km to the West.
The size and the geometry of the iron formation, combined with the results
obtained during the 2010 drill program indicate the potential of a minable ore
body within the Karas property.
The drill program follows fences of drill holes oriented at 160 degrees
(perpendicular to the fold axes that strike NE-SW with a northerly dip), spaced
50m along the drill sections.
Karas property QA/QC
All 2011 drill holes were surveyed using a Reflex Maxibor II probe to monitor
drill hole deviations in magnetic disturbed environments. Northern Iron's
personnel were trained "on-site" by Reflex personnel to operate the instrument
and process the survey data. All collars are surveyed by Northern Iron'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 78.8million 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.
Northern Iron Corp. (TSXV:NFE)
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