Champion Minerals Inc.

Champion Minerals Inc.

December 13, 2007 11:09 ET

Champion Minerals Conducts Airborne Geophysical Survey and Surface Sampling on Attikamagen Lake Iron Property Near Schefferville, Quebec

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2007) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM) is pleased to announce that it has received preliminary data from an airborne geophysical survey recently completed over its Attikamagen Lake Iron Property (the "Property") by Geophysics GPR International Inc. of Longueil, Quebec. The Property is comprised of 52 mineral exploration claims in western Labrador, located 15 km E-NE of Schefferville, Quebec. The geophysical survey was completed to define the lateral extent of the iron formations present at the Property using their characteristic high magnetic response. In addition to the airborne survey, a preliminary surface mapping and sampling program has been completed. The surface sampling program was completed to ground reference samples for correlation with the geophysical data.

The magnetic response correlates well with surface geological mapping, and is useful in delineating the magnetite iron formation/wall rock contacts in talus/overburden covered areas where there is an absence of bedrock exposure. Information gained from the survey will be used to delineate the lateral extents of the iron formations in these covered areas for follow-up drill testing. Although not compliant with current 43-101 resource estimation standards, these types of iron formations have utilized a combination of sampling and magnetic survey responses to estimate mineral resources with remarkable accuracy on a tonnes per vertical meter basis. Exploration drilling is required primarily to determine the extent and iron grades of the iron formations and provide samples for metallurgical beneficiation testing.

The total field and first vertical derivative magnetic data indicates a series of NW-SE trending strongly magnetic horizons. Field investigation confirms that these strong magnetic responses correlate well with the iron formations and have a surface expression ranging in true thickness from 150 to 500 meters. The mineralization can be visibly traced on surface over a minimum strike length of 5.5 km, with dips ranging from near vertical to 80 degrees to the NE. The magnetic responses indicate the total strike length may extend over 8 km beneath shallow overburden cover.

The magnetic signature varies from non-magnetic to strongly magnetic. Past operators in the region attribute the magnetic lows to higher grade and softer iron oxides. The accepted theory of the origin of these softer iron oxides is that they are younger laterites formed from an older siliceous iron formation, rich in magnetic magnetite. Concentration of the iron is believed to be the result of weathering and groundwater interaction. The process leaches out the silica and concentrates iron as hematite-limonite, the non-magnetic component. Any future exploration on the Property should focus on determining the extent and grade of this material, since it would have a positive impact on economic scenarios of the mineralization.

A total of 2l surface grab samples were taken from the magnetic horizons. These samples were sent to ALS-Chemex Laboratory in Val-d'Or, Quebec. Samples were analyzed for total iron content and 24 additional major and minor elements using the XRF spectrometry (ME-XRF11). The average total iron content was 37.7% within a range of 22.60% to 49.30%. There are 11 samples with more than 40% total iron within the upper range of 40.30% to 49.30%. Champion plans to complete metallurgical beneficiation testing on samples to determine whether a marketable concentrate can be produced from the Property.

Based upon the recent airborne geophysical survey, in combination with the robust demand and dramatic price increase for iron feed stocks, management is of the opinion that the Attikamagen Lake Iron Property warrants much more rigorous evaluation and exploration. Near term exploration work will include a detailed evaluation of the "taconites" over the 8 km strike length, from surface to 150 m vertical depth, in combination with advanced metallurgical testing.

Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to Champion Minerals Inc., and the Company's Qualified Person under National Instrument 43-101 standards, prepared the technical information in this news release.

About Champion Minerals Inc.

Champion is a junior exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in Newfoundland-Labrador. The Company currently has two properties, the Powderhorn Base Metal Project located in central Newfoundland, and the Attikamagen Lake Iron Property, located in eastern Labrador.

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".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Champion Minerals Inc.
    Thomas G. Larsen
    President & CEO
    (416) 866-2200
    Champion Minerals Inc.
    Jorge Estepa
    (416) 866-2200