Advanced Explorations' Tuktu 2 Iron Project Drill Results Confirm Potential for High Grade Iron
26 Noviembre 2012 - 8:00AM
Marketwired Canada
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advanced Explorations Inc.
(416) 203-0057 x226
(TSXV:AXI)
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