Black Iron Inc.

Black Iron Inc.

September 08, 2011 08:00 ET

Black Iron Reports Two Additional Twin Holes With Iron Grades Exceeding 32%

- Assay Results From Two Additional Twin Holes at Shymanivske Continue to Confirm Iron Content, Band Lengths, and Align Well With Historic Reported Results

- Hole 20347-T Intersected 55.9 Meters Grading 33.8% Iron While Hole 20289-T Intersected 17.7 Meters Grading 32.8% Iron and 40.2 Meters Grading 31.4%

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to report additional assay results from its recently completed confirmation ("twin hole") and metallurgical diamond drill program at its Shymanivske Iron Ore Project in Ukraine. The Company continues to be encouraged by the results of the drill holes and the intersection of thick iron bands in each hole with grades exceeding 32% iron. Of note, hole 20347-T intersected 55.9 meters grading 33.8% iron.

Highlights from two additional twin holes 20289-T and 20347-T include:

Hole No. Confirmation Twin Hole (2011) Historical Data
From (meters) To
Total Fe
Magn-etic Fe
Total Fe (%) Magn-etic Fe
20289-T 126.3 154.5 17.7 32.5 17.0 12.2 34.1 21.9
and 206.0 270.0 40.2 31.4 16.1 62.1 31.8 18.4
20347-T 147.0 266.0 55.9 33.8 22.6 86.6 32.8 24.5
Reported widths for holes 20289-T and 20347-T are all true widths.

As a result of drilling complications on hole 20347-T, the hole was abandoned prematurely in ore and therefore did not reach the same drilling depth and potential band length as the historical hole. Iron grade and band length correlate well between the twin hole and the historical hole over the twin hole length.

George Mover, Chief Operating Officer of Black Iron, commented, "Results from the twin hole program continue to validate the historical work completed on our Shymanivske deposit both in terms of total iron grade and band length."

Both drill holes (20289-T and 20347-T) were part of a twin hole program initiated by the Company on April 5, 2011. The twin hole program was designed to provide drill core suitable for metallurgical test work to establish an optimized process flow sheet for the ongoing scoping study, as well as to verify and confirm the previous drilling and resource work completed on the Project. Please see Press Release dated June 20, July 27, August 16, and August 23, 2011 for a summary of previously released results from the twin hole program.

Black Iron has engaged Ukraine-based GeoResources to complete the drill program using modern equipment under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who are to ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been engaged to complete independent metallurgical test work on the recovered drill core.

Quality Control

Assaying was carried out by MCM Laboratories in Krivoy Rog, Ukraine. The samples are crushed to 70% passing 10 mesh, split to 250 g and pulverized to 95% passing 150 mesh. A 50 g split is analyzed for Fe (total) and Fe (magnetic), P, S and SiO2, using the wet chemical analysis method. Routine check assays are performed on sample pulps and rejects as internal QA/QC measures by MCM. MCM is an accredited laboratory by ISO standards in Europe.

The QA/QC samples were inserted by Georesource (local contracting company) as duplicates, blanks and standards and sent to MCM to verify the 2011 assay data. Blanks and standard samples were inserted at a frequency of one in every 20 metres. Duplicate samples were inserted at frequency of one in every 50 meters. The QA/QC sampling was implemented and guided by WGM (Watts, Griffis and McQuat) as a basic requirement to produce quality data.

WGM conducted an intra-laboratory sampling from the twined drill holes and sent them to Lakefield SGS to validate the MCM analytical results. The results are still pending for selected samples.

Mr. Farshid Ghazanfari, P.Geo. is the Qualified Person as defined under NI 43-101 responsible for the scientific and technical work on the exploration program at the Shymanevske property. Mr. Ghazanfari verified drill hole locations, downhole survey data, assay QA/QC data and database integrity.

About the Company

Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Krivoy Rog, Ukraine. This project contains a NI 43-101 compliant resource with 345Mt measured and indicated resources grading 32% iron and 469Mt of inferred resources grading 31% iron. The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Further, the Company holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential. Please visit the Company's website at or write us at for more information.

The technical contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. For further information, please see the technical report of the Company, which is available on SEDAR at

Forward Looking Information

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the expected effect of these results on the Company and its understanding of the project, the timing and amount of future exploration and development of the project, and the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information are based on certain assumptions and analyses made by the Company based on known facts at the time. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this press release, including, without limitation those described in the Company's public disclosure documents which may be found under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in such forward-looking information, there may be other factors that may cause actions, events or results to differ from those anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying such forward-looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking information contained in this press release. The forward-looking information contained herein are made as of the date of this press release and the Company disclaims any obligation to update or review such information or statements, whether as a result of new information, future events or results of otherwise, except as required by law.

Contact Information

  • Investor Cubed
    Investor Relations
    +1 (647) 258-3311 or Toll Free: 1 888 258 3323

    Black Iron Inc.
    Matt Simpson
    President & Chief Executive Officer
    +1 (416) 309-2138