Champion Minerals Inc.
TSX VENTURE : CHM

Champion Minerals Inc.

April 30, 2009 11:57 ET

Champion Minerals Intersects up to 29% Iron Over 121.8m in Drilling on the Bellechasse-Midway Claim Block, Fermont Iron Property, Northeastern Quebec

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM) is pleased to announce the first results from the winter drilling program completed at the Bellechasse-Midway Claim Block ("Bellechasse") within the Company's Fermont Iron Property (the "Property"), located 250 km north of the St. Lawrence River port town of Port-Cartier, in the Fermont Iron Ore District ("FIOD") of north-eastern Quebec. The Company is currently in the first year of a 5 year option agreement to initially earn a 65% interest in the Property. The objective of the drilling program was to confirm historical drilling results at Bellechasse and possibly add strike length to the iron formation, which is categorized by the Company as a priority target due to its proximity to infrastructure, and presence of historical resources.

The 11 hole, 2,618.3m drill program at Bellechasse tested a 3km segment of the 4km long airborne magnetic linear and folded anomaly contained within the Wabush Middle Iron Formation ("MIF") where previous work outlined historical resources of 91.4 million tonnes grading 30% Iron (refer to the Company news release dated May 27, 2009 on the Company website at www.championminerals.com or on SEDAR at www.sedar.com). This estimate is historical in nature, non-compliant to NI 43-101 Mineral Resources and Mineral Reserves, and therefore should not be relied upon. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources.

From the drill program, 188 core samples were taken for iron analysis. Drilling highlights include three intersections, each totaling more than 100m containing Iron ranging between 21.9% to 29% along with several other significant iron intersections (refer to the table below for selected composite iron assays).



----------------------------------------------------------------------------
IRON
FROM TO CORE ASSAY(2)
DDH # (m) (m) LENGTH(1) (% Fe) COMMENTS
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BC09-01 30.2 218.0 187.8 21.9
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30.2 75.0 44.8 32.6
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79.0 140.0 61.0 28.3
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190.0 218.0 28.0 32.0
----------------------------------------------------------------------------
BC09-02 67.0 143.0 76.0 30.6
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BC09-03 64.0 104.0 40.0 29.3
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156.0 197.0 41.0 32.7
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BC09-04 Abandoned due to difficult drilling conditions
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BC09-05 Abandoned due to difficult drilling conditions
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BC09-06 62.5 94.0 31.5 23.2
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BC09-07 40.2 162.0 121.8 29.0 1 assay pending
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123.0 162.0 39.0 33.4
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BC09-08 25.0 82.1 57.1 29.4
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96.4 214.5 118.1 26.2 3 assays pending
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182.1 205.6 23.5 32.6
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BC09-09 157.1 169.2 12.1 25.5
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BC09-10 14.2 19.4 5.2 34.0
----------------------------------------------------------------------------
BC09-11 88.0 101.0 13.0 17.5
-------------------------------------------------
122.1 142.0 20.0 23.5
----------------------------------------------------------------------------

(1) Approximate true width.

(2) All drill core logging and sample preparation was conducted by qualified
Company personnel under NI 43-101 standards at the Company's core logging
facilities in Labrador City, Newfoundland. The NQ-sized drill core was split
in half. One-half of the drill core was kept in the core tray for reference
purposes and the other half core was individually bagged, tagged, sealed and
packed in large nylon bags which were then securely closed and sent by
commercial ground transportation for analysis to the ALS Laboratory Group
facilities in Val-d'Or (Quebec) ("ALS Chemex"). Certified reference
standards were inserted every 40 samples as well as a blank sample was
inserted every 41 samples for Quality Assurance and Quality Control. ALS
Chemex also inserted blank samples, standards and duplicates.

Note - refer to the Champion website at www.championminerals.com for a
complete listing of the individual sample assay results from Bellechasse.


Since the Property was optioned in May 2008, the Company completed a regional airborne geophysical survey (Magnetics and Electromagnetics or VLF-EM) covering the 15 Claim Blocks of the Property; and a reconnaissance ground mapping and sampling survey was undertaken in October 2008 (refer to the Company news release dated November 24, 2008). Drill targets were generated using the historical data, geological cross-sections and Magnetic Inversions of the airborne magnetic data. Drill holes were collared at approximately 400m spacing along the strike-length of the iron formation-magnetic anomaly.

Bellechasse is underlain by the Wabush MIF, similar to that which hosts the iron orebodies of the FIOD. Quartz-specularite-magnetite iron formation and quartz-magnetite gneisses were intersected in all of the 2009 drill holes (refer to the appended location map). Drill holes BC09-04 and BC09-05 were abandoned due to difficult drilling conditions in overburden and strongly weathered rock, respectively.

Assay results from the drilling undertaken at the adjacent Don Lake and Fire Lake North Claim Blocks will be reported once available. Both claim blocks host two-kilometric outcrop ridges of coarse grained specular hematite iron formations very similar to the quartz-specularite iron formation from the FIOD, such as the Bloom Lake Iron Deposit (827 million tonnes grading 29.3% Iron) (refer to the Consolidated Thompson Iron Mines website at www.consolidatedthompson.com). The Fire Lake north mineralization is located within an airborne magnetic linear anomaly that is a 4km long and 500m wide and hosts a historical mineral resource of 40.6 million tonnes grading 32% Iron, part of the 15km long Bellechasse-Fire Lake Iron Corridor. This estimate is historical in nature, non-compliant to NI 43-101 Mineral Resources and Mineral Reserves, and therefore should not be relied upon. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The magnetic anomaly suggests the presence of magnetite-rich iron formation inter-bedded with moderately magnetic quartz-specularite iron formations.

Champion is also in the process of completing an evaluation of all the 15 claim blocks comprising the Property. The priorities at this time are: (1) the Moire Lake East Claim Block (historical resource of 101 million tonnes grading 30.8% Iron) located adjacent to the east of Arcelor Mittal's Mont Wright Mine (annual production of 13 million tonnes grading 30% Iron, from www.arcelormittal.com); (2) the Harvey-Tuttle Claim Block due to its multi-kilometric untested magnetic footprint and visible structural folding which is favourable for concentrating iron formations in smaller areas; and (3) the Silicates-Brutus Claim Block (historical resources of 304 million tonnes grading 29.4% Iron). Further exploration and drilling will be undertaken on these claim blocks during 2009 to validate the historical work and potentially delineate or increase the historical mineral resources.

Owing to the success of the magnetic volumetrics and tonnage potential estimates completed on Champion's Attikamagen Iron Property (refer to the Company news release dated April 27, 2009) in the Schefferville Mining Camp located 245km north of Fermont, Champion will be initiating a similar study on the Property. The study would enable the Company to better understand the geometry of the iron formations on all 15 claim blocks by outlining their lengths, widths, depths and dips, ultimately resulting in an estimate of their volumes and also their tonnage potential at different specific gravities, but not their grades. Champion is of the opinion this study can add value to the exploration targeting process for the Property by producing higher quality drill targets to possibly convert the tonnage potential to an eventual mineral resource.

About Champion Minerals Inc.

Champion is an exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in the provinces of Labrador and Newfoundland, and Quebec. The Company's projects include the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.

The technical information in this news release was prepared, revised and approved by Mr. Jeff Hussey, P. Geo., VP Exploration for Champion, and Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of Champion. Both individuals are Qualified Persons under NI 43-101 regulations.

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.

NOTE: To view the Bellechasse Claim Block - 2009 Diamond Drilling Program Location Map, please visit the following link - http://media3.marketwire.com/docs/CHM0430.pdf

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 and CEO
    (416) 866-2200
    or
    Champion Minerals Inc.
    Jorge Estepa
    Vice-President
    (416) 866-2200