Fort Chimo Minerals Inc.
CNQ : FORT

September 27, 2005 15:11 ET

Fort Chimo Minerals Completes Phase I Drill Program in Ungava

TORONTO, ONTARIO--(CCNMatthews - Sept. 27, 2005) - Fort Chimo Minerals Inc (CNQ:FORT) is pleased to announce completion of an initial 15 hole drill program on the Erickson #3 (E#3) and Erickson #4 (E#4) Cu-Ni showings. The company Ungava properties, consist of 114 claims covering Erickson #3 and # 4 as well as 52 claims over the nearby Ducreux Zinc showing in the center of a large airborne magnetic anomaly and the Prinzeles block, a group of 30 claims, which cover zinc and gold showings.

The properties are located 75 km west of Kuujjuaq (formerly Fort Chimo), in the Nunavik District of Northern Quebec.

Geophysical surveys carried out on the Erickson #3 & 4 in 2003 and 2004 outlined four strong conductors and associated magnetic highs. On both properties, current geological mapping and drilling of BQ core has confirmed the presence a sequence of feldspar porphyritic gabbroic flows with lens-shaped basal accumulations of chalcopyrite and nickel- bearing pyrrhotite.

A 1995 Fonteneau sponsored an airborne magnetometer and VLF-EM geophysical survey over the E#3 claim group and found a strike length of 6 kilometres with possibly an additional 6 kilometres along the geological trend.

2005 field work has consisted of geological mapping of both properties and drilling of 11 holes on E#3, and 4 holes on E#4. Blasted trenches from historical work at E#3 were located on the ground.

Within the Cu-Ni project area, mineralization occurs in Lower Proterozoic, glomeroporphyritic gabbro flows of the Montagnais group of the Hellancourt basalts in the Labrador Trough. The flow sequences are contained within pillow basalts, ash tuffs and barren tuffaceous graphite- pyrrhotite interflow sediments. At both E#3 and E#4 units strike NW and dip 45 degrees to the NE. Pillow top determinations and graded bedding in tuffs indicate that stratigraphic tops are upright.

At E#3, the mineralized glomeroporphyritic feldspar gabbro sequence varies in thickness from 5.5 m (18 ft) at Line 10 North to 61 m (200 ft) at Line 5 South and averages 30 m (100 ft) over the drilled strike length of 1.5 km (0.9 mi) within a mapped of a distance of 3.2 km (2 mi). At E#4, 5 km (2.8 mi) to the SE of E#3, the sequence averages 30 m thickness over a drilled strike length of 1.4 km (0.9 mi) and a mapped distance of 5 km (3.1 km). Maximum true vertical depth of drilling is 100 m. A total of 2077 m (6814 ft) were drilled during the 2005 field season.

Three exploratory holes, E3-01, 02 and 03 were drilled from Line 10 North. Holes 01 and 02 were abandoned for technical reasons. E3-03, drilled to 204 m (670 ft) intersected minor mineralization outside the target zone.



Summary of Significant Intersections Erickson #3 Diamond Drilling

------------------------------------------------------------------------
Drill Grid Len- Inter-
Hole Loca- Azimuth gth Mineralized section
Number tion /Angle (m) Width (m) (m) % Cu % Ni Cu+Ni (%)
------------------------------------------------------------------------
E3-04 L0 225/-45 126 42.0 to 66.7 24.7 0.535 0.167 0.70
------------------------------------------------------------------------
Incl-
uding 48.0 to 48.8 0.75 0.34 0.93 1.27
------------------------------------------------------------------------
52.0 to 52.8 0.75 0.96 0.12 1.08
------------------------------------------------------------------------
54.8 to 56.3 1.5 1.66 0.19 1.84
------------------------------------------------------------------------
60.8 to 62.3 1.5 1.44 0.20 1.64
------------------------------------------------------------------------
E3-05 L0 225/-60 81 45.0 to 75.5
------------------------------------------------------------------------
Incl-
uding 48.5 to 71.0 25.5 0.81 0.152 0.762
------------------------------------------------------------------------
60.5 to 62.0 1.5 1.54 0.32 1.84
------------------------------------------------------------------------
66.5 to 70.3 3.8 1.05 014 1.19
------------------------------------------------------------------------
E3-06 L4S 225/-45 129 66.4 to 105.5
------------------------------------------------------------------------
Incl-
uding 66.4 to 69.0 2.6 0.38 0.16 0.54
------------------------------------------------------------------------
80.7 to 82.9 2.2 0.75 0.07 0.83
------------------------------------------------------------------------
E3-07 L4S 225/-60 126 70.0 to 109.0
------------------------------------------------------------------------
Incl-
uding 70.0 to 92.0 22 0.36 0.12 0.48
------------------------------------------------------------------------
75.1 to 78.8 3.7 0.46 0.18 0.64
------------------------------------------------------------------------
81.8 to 84.8 3.0 0.58 0.17 0.75
------------------------------------------------------------------------
E3-08 L5S 225/-45 111 46.0 to 100.0 54 0.27 0.08 0.35
------------------------------------------------------------------------
Incl-
uding 45.4 to 59.5 14.1 0.406 0.127 0.532
------------------------------------------------------------------------
77.7 to 85.8 7.8 0.512 0.152 0.664
------------------------------------------------------------------------
E3-09 L5S 225/-60 117 48.0 to 109.0 61 0.28 0.09 0.37
------------------------------------------------------------------------
Incl-
ding 48.0 to 60.8 12.8 0.436 0.157 0.593
------------------------------------------------------------------------
78.8 to 90.7 11.9 0.437 0.129 0.567
------------------------------------------------------------------------


Cu, Ni mineralization is characterized by average grades of 0.50 to 0.75% combined Cu+Ni over widths ranging from 5.5 (18 ft) to 61 m (200 ft). The mineralization is accompanied by anomalous Platinum, Palladium, Gold and Silver concentrations ranging from combined PGE +Au: 0.149 g/T over 12 m (39.3 ft) in Hole E3-09 to 0.534 g/T over 3.7 m (12 ft) in hole E3-05 and 0.058 g/T over 24.7 m (81 ft) in hole E3-04. The thickness of the feldspar porphyritic host unit and contained mineralization increases progressively southward.

At Erickson #4, four holes totalling 657 m were drilled over a strike length of 1.7 km. Minor mineralization was intersected. Additional geological mapping will be conducted on Erickson #4.

Results to date, indicate the existence of one or more extensive mineralized systems. Geological relations are consistent with submarine extrusion of a gabbroic feldspar crystal-sulfide liquid from an elongated fracture system. Sulfides occur in lenses consisting of mainly pyrrhotite, display magmatic textures ranging from massive, to net-textured to disseminated. The extent of lateral continuity of individual flows and lenses cannot be established from current widely spaced drilling (200 m to 400 m). Metamorphic grade is greenschist facies.

Management is pleased with results of the current program. Significant Cu-Ni mineralization with potential for expansion to large tonnage has been encountered. Close similarities have been revealed, to nearby deposits with drill indicated inferred resources, e.g. Chrysler North and South deposit of Canadian Royalties (1.24 million tonnes, grading 1.8% Cu, 0.6 % Ni, 0.5 g/T combined Pt +Pd) as well as Chrysler 2, Leslie 2, Erickson 1 and Lepage.

Future Fort Chimo Minerals drill programs will focus on further delineation of the mineralizing environments at Erickson #3 and Erickson #4 and the search for enriched channels, footwall embayments and other mineralizing controls. Deeper drilling is required to explore areas with potential concentrations of higher grade mineralization.

Consultants have begun a preliminary review to determine economic parameters for a large tonnage, low grade Cu-Ni deposit within 100 km of tidewater. Diesel power generation for Kuujjuaq (pop. 3,000) is becoming increasingly expensive and a proposed northerly extension of the Quebec Hydro grid from LG4, some 600 km to the south would bring hydroelectric power to within 30 km of Erickson #3 and close to other nearby deposits.

The recent work was carried out under the supervision of Dr. Ulrich Kretschmar, P.Geo. of Exploration Geoscience Associates in Orillia. Dr. Kretschmar has more than 30 years experience with magmatic nickel deposits, is a Qualified Person under NI43-101 and assumes responsibility for the technical content of this news release. Most analytical work was performed on sawed core by ALS Chemex in Vancouver using their ME-ICP 61 analytical protocol. Some samples were analyzed by Bourlamaque Assay Laboratories in Val d'Or.

Technical reports are filed at www.sedar.com , with further information available on the company website: www.fortchimominerals.com.

Shares outstanding: 37,287,498

No stock exchange or regulatory body has approved or disapproved the contents of this news release.

Contact Information

  • Fort Chimo Minerals Inc.
    James M. Brady
    (416) 368-0999
    (416) 396-6836 (FAX)