TORONTO, ONTARIO--(Marketwired - April 25, 2013) - CHAMPION IRON MINES LIMITED (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion" or the "Company") reports that Cartier Iron Corporation ("Cartier Iron") (CNSX:CFE) issued a news release earlier today, providing assay results from its inaugural ten-hole Phase I diamond-drilling programme completed on the Company's Penguin Lake Project (the "Project"), located in the southern Labrador Trough, Quebec.
The ten (10), NQ-diameter drill-holes, totalling 3,315 metres (m), were designed to intersect magnetite/hematite-rich iron formation, coincident with a strong magnetic-response anomaly1, in the area of the catalogued "Lac Pingouin Zone 1" Occurrence2 (http://sigeom.mrnf.gouv.qc.ca/Cogite # 23C/01-0004), which has an historic mineral resource3 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. 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% FeTencountered in hole PL13-07; and, 300 m grading 33% FeT in hole PL13-10. A list of composite assay results from the drill programme can be found in Cartier Iron's press release dated April 25, 2013, which is available on their corporate website at www.cartieriron.com and it will also be posted under Cartier Iron's filings at www.sedar.com.
Cartier Iron further reported that it has commissioned MRB & Associates of Val-d'Or, Québec to complete a National Instrument 43-101 compliant Mineral Resource Estimate for the Penguin Lake Project with results expected by early Q3 2013. The Penguin Lake Project is currently being explored pursuant to an option agreement with Cartier Iron, whereby Cartier Iron was granted the right to earn a 65% interest in the iron-rich mineral concessions (see the Company's press release dated December 11, 2012).
http://www.marketwire.com/press-release/...roject-tsx-chm-1782965.htm
