Cartier Iron Announces Assay Results from Its 2013 Phase I Drilling Programme Completed at the Penguin Lake Project, Southern...
April 25 2013 - 7:00AM
Marketwired Canada
Cartier Iron Corporation (CNSX:CFE) ("Cartier Iron" or the "Company"), is
pleased to provide assay results from its ten-hole Phase I diamond-drilling
programme completed on the Company's optioned Penguin Lake Project (the
"Project"), located in the southern Labrador Trough, Quebec.
Ten (10), NQ-diameter drill-holes, totalling 3,315 metres (m) were completed at
the Project between January 19th and February 23rd, 2013. The drill holes were
designed to intersect magnetite/ hematite-rich iron formation, coincident with a
strong magnetic-response anomaly(1), in the area of the catalogued "Lac Pingouin
Zone 1" Occurrence(2) (http://sigeom.mrnf.gouv.qc.ca/ Cogite # 23C/01-0004),
which has an historic mineral resource(3) of 46.7 Million tonnes grading 30% FeT
(Total Iron)(4), estimated from the results of nine historic diamond-drill
holes.
The Phase I drilling campaign intersected a total of 1600 metres of iron
formation with an average grade of 29.5% FeT. A list of composite assay results
from the drill programme is shown in Table 1. Selected "best" intervals include:
242 m grading 25.2% FeT from hole PL13-04; 129 m grading 34.4% FeT in hole
PL13-05; 112 m of 29.4% FeT encountered in hole PL13-07, and; 300 m grading 33%
FeT in hole PL13-10.
Paul Ankcorn, Cartier Iron's President, commented, "The Penguin Lake Project is
the inaugural drilling programme for Cartier Iron and it has proven to be a
great success. Preliminary indications show that our drill results will produce
a substantial increase in resources above the Historical Resource Estimate
reported for the Lac Penguin Occurrence."
Cartier Iron has commissioned MRB & Associates of Val-d'Or, Quebec to complete a
National Instrument 43-101 compliant Mineral Resource Estimate for the Penguin
Lake Project with results expected by early Q3 2013.
Mr. Ankcorn further stated, "Now that we have a better understanding of the
sub-surface geology, we have constrained the interpretation of the magnetic
survey data, and this has led us to postulate a bowl-shaped geometry to the iron
formation. The Phase I drilling mainly intersected the south-east part of the
'bowl', so we see a huge upside resource potential to the west, where the iron
formation is interpreted to re-surface."
The Penguin Lake Project is being carried out on the Round Lake Property, part
of Cartier Iron's "Gagnon Holdings", which encompass five (5) separate mineral
concessions covering 344 km2 in the Gagnon Terrane of the southern Labrador
Trough. The Gagnon Holdings are currently being explored pursuant to an option
agreement with Champion Iron Mines Limited (TSX:CHM), whereby Cartier Iron was
granted the right to earn a 65% interest in the iron-rich mineral concessions
(see Cartier Iron's press release dated December 11, 2012).
Table 1: Composite(i) Assay Results from Phase I Drilling; Penguin Lake
Project
----------------------------------------------------------------------------
Hole
Length Azimuth From To Interval(ii) FeT(iii) Composite
Hole # (m) (True) Dip (m) (m) (m) (%) Interval
----------------------------------------------------------------------------
180 -78 42.3 m @
PL13-01 162.0 degrees degrees 2.7 45.0 42.3 27.8 27.8% FeT
53.0 m @
81.0 134.0 53.0 29.4 29.4% FeT
----------------------------------------------------------------------------
180 -82 50.2 m @
PL13-02 266.0 degrees degrees 119.3 169.5 50.2 28.7 28.7% FeT
54.7 m @
194.2 248.9 54.7 28.3 28.3% FeT
----------------------------------------------------------------------------
160 -69 79.3 m @
PL13-03 320.0 degrees degrees 92.2 171.5 79.3 31.1 31.1% FeT
39.9 m @
257.0 296.9 39.9 27.8 27.8% FeT
----------------------------------------------------------------------------
180 -79 242.1 m @
PL13-04 410.0 degrees degrees 99.0 341.1 242.1 25.2 25.2% FeT
17.4 m @
368.4 385.8 17.4 30.4 30.4% FeT
----------------------------------------------------------------------------
55 -44 129.1 m @
PL13-05 277.0 degrees degrees 34.5 163.6 129.1 34.4 34.4% FeT
91.3 m @
185.9 277.2 91.3 27.4 27.4% FeT
----------------------------------------------------------------------------
110 -49 63.0 m @
PL13-06 286.0 degrees degrees 3.9 66.9 63.0 26.9 26.9% FeT
44.0 m @
106.0 150.0 44.0 26.3 26.3% FeT
54.4 m @
202.0 256.4 54.4 30.5 30.5% FeT
----------------------------------------------------------------------------
180 -75 88.5 m @
PL13-07 482.0 degrees degrees 126.0 214.5 88.5 29.0 29.0% FeT
112.4 m @
346.0 458.4 112.4 29.4 29.4% FeT
----------------------------------------------------------------------------
75 -64 38.4 m @
PL13-08 322.0 degrees degrees 80.6 119.0 38.4 30.7 30.7% FeT
50.0 m @
237.0 287.0 50.0 29.5 29.5% FeT
----------------------------------------------------------------------------
90 -75 66.0 m @
PL13-09 416.0 degrees degrees 204.0 270.0 66.0 27.4 27.4% FeT
32.1 m @
360.0 392.1 32.1 28.9 28.9% FeT
----------------------------------------------------------------------------
180 -65 299.8 m @
PL13-10 374.0 degrees degrees 31.8 331.6 299.8 33.0 33.0% FeT
----------------------------------------------------------------------------
1600 m @
Overall: 29.5% FeT
----------------------------------------------------------------------------
(i) The Select Composites are not necessarily representative of the average
grade or thickness of the mineral zones or potential resource.
(ii) Intervals are down-hole lengths and not true widths of the mineral
zones.
(iii) Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.
About Cartier Iron Corporation
Cartier Iron is an exploration and development company focused on discovering
and developing significant iron ore resources in eastern Canada, particularly in
the province of Quebec. The Company's projects include the Gagnon Holdings in
the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the
Nunavik Region of northern Quebec.
The technical information in this news release was prepared John Langton, P.
Geo., Vice President, Exploration and a Director of the Company, and a Qualified
Person under NI 43-101 standards.
Statements in this release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are not
guarantees of future performance, and that actual developments or results, may
vary materially from those in these "forward-looking statements".
(1) 2008 GPR Geophysics Report & Survey Data: 2008 Airborne Survey, Fermont
Properties, for Champion Iron Mines Limited (GM63919); 2011 Fugro Airborne
Survey, for Champion Iron Mines Limited (GM65900).
(2) The on-line documented information on the Lac Pingouin Occurrence
describes the rocks hosting the mineralization and the historic resource,
and can be viewed on-line at http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23C/01-
0004).
(3) All historical Mineral Resource estimates outlined in this disclosure
are non-compliant to NI 43-101 Mineral Resources and Mineral Reserves
standards, and should therefore not be relied upon. A Qualified Person has
not done sufficient work to upgrade or classify these Historical Mineral
Resources as current NI 43-101 compliant Mineral resources.
(4) Historical Mineral Resource for the Lac Pingouin occurrence are from
MRNFQ Assessment Files GM12096 and GM13035.
Please visit Cartier Iron's website at www.cartieriron.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cartier Iron Corporation
Paul Ankcorn
President & Director
(416) 360-8006
Cartier Iron Corporation
Jorge Estepa
Vice-President
(416) 360-8006
www.cartieriron.com
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