- Published: 19 January 2012
- Written by Editor
New Millennium Iron Corp. Reports New Drill Results From Its Lac Ritchie Property in the Millennium Iron Range
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML.TO - News) announced today additional drill core assay results from its 100% owned Lac Ritchie property (Refer to Figure 1) where 40 holes for a total of 3,800 m were drilled in 2011. NML published results of 15 holes on December 8, 2011(NR 11-38). The assay results received to date represent 32 out of the 40 holes.
Dean Journeaux, President and CEO of NML, said, "We continue to be pleased with the results of our new drilling as the grades and interval depths of the holes in Lac Ritchie area are similar to those obtained at LabMag and KeMag.
We are especially pleased with Davis Tube Weight Recoveries and concentrate grades which indicate excellent recovery and quality of the mineral. The new sections confirm that the area of mineralization is over 2.5 km wide with a total area covering of 30 km2. After we have received the remaining results, we will evaluate the resource potential of the property according to NI 43-101 requirements."
Lac Ritchie Drilling Results:
Table 1 provides the LC unit test analysis and assay results received to date from 32 of 40 holes drilled (for drill hole locations, refer to Figure 2). The average thickness of the magnetic mineralized formation of these 32 holes is 46.2 meters.
TABLE 1
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Concentrate Concentrate
Hole No. Interval m Total Fe% DTWR% Fe% SiO2%
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11LR1001D 58.9 29.12 30.59 68.18 3.81
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11LR1002D 82.3 31.82 33.22 67.63 4.41
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11LR1003D 41.5 30.44 28.49 67.86 3.87
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11LR1004D 65.0 32.75 27.41 67.91 4.59
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11LR1005D 59.3 32.58 27.54 68.23 4.17
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11LR1007D 57.5 30.71 31.97 68.44 3.97
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11LR1008D 45.7 31.7 29.95 69.32 3.13
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11LR1009D 48.0 31.70 30.69 66.79 5.50
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11LR1010D 13.2 30.46 34.14 66.41 3.40
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11LR1012D 48.3 29.57 29.64 67.36 4.28
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11LR1013D 38.2 31.28 27.98 67.86 3.91
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11LR1014D 53.8 29.16 32.94 65.70 6.53
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11LR1015D 9.9 30.89 30.00 68.82 3.98
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11LR1016D 7.1 23.02 25.37 67.27 4.10
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11LR1017D 1.1 24.19 21.00 70.53 2.42
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11LR1019D 54.0 29.57 20.50 68.56 3.63
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11LR1021D 58.5 31.08 34.40 64.07 7.72
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11LR1022D 21.3 28.70 24.70 68.30 3.44
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11LR1023D 63.7 30.43 31.62 67.03 5.01
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11LR1024D 59.0 30.24 20.01 70.05 2.38
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11LR1026D 65.6 31.47 25.29 69.53 2.67
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11LR1027D 39.1 31.79 28.45 68.41 3.75
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11LR1028D 25.9 28.97 34.23 64.06 8.10
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11LR1030D 49.3 32.21 28.09 66.88 5.52
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11LR1031D 55.3 30.52 26.02 68.82 3.54
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11LR1032D 31.0 30.40 27.31 68.81 2.89
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11LR1034D 41.8 32.87 35.46 68.17 3.19
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11LR1035D 10 32.25 30.30 68.44 3.54
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11LR1036D 70.2 33.19 32.01 67.65 4.56
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11LR1039D 55.9 27.19 20.17 65.67 6.05
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11LR1040D 87.0 33.01 30.78 68.57 3.33
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The drill core samples, half cores, on average 6 meters long, were sent on a regular basis to Midland Research Center Laboratory ("MRC") at Nashwauk, Minnesota, USA (MRC is an independent laboratory ) for analysis and testing. The core is assayed for Total Iron and the magnetite concentrate is produced using the Davis Tube and given as Davis Tube Weight Recovery percent (DTWR %). The magnetite concentrate is analyzed for iron and silica. Some selected samples will be assayed for other elements. Based on drill core analyzed to date, the Lac Ritchie taconite currently averages 31.05% Fe with 28.95% DTWR. The Davis Tube concentrate averages 67.82% Fe and 4.26% SiO2. Two sections, 09 and 11, with 7 and 6 drill holes respectively intersecting the economic LC unit, are shown in Figure 3 & 4 with average test and assay results.
About New Millennium
The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel Limited, one of the largest steel producers in the world, owns approximately 27% of New Millennium and is the Corporation's largest shareholder and strategic partner.
Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). Tata Steel also has exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KeMag Project (see news release 11-09 dated March 6, 2011).
The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009).
NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.
The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit www.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.
Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified Persons as defined in National Instrument 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release.
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
To view maps and cross sections, click the following link: http://media3.marketwire.com/docs/nmlmap.pdf
Contacts
Dean Journeaux
New Millennium Iron Corp.
President & CEO
(514) 935-3204
Andreas Curkovic
New Millennium Iron Corp.
Investor Relations
(416) 577-9927
