IronOne Inc.

IronOne Inc.

November 28, 2011 09:05 ET

IronOne Inc. Intersects 25.9% Fe Over 39.0 Metres, Including 31.2% Fe Over 15.0 Metres on the Ring Target Discovery at the Maguse River Iron Project in Southern Nunavut

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2011) - IronOne Inc. ("IronOne" or the "Company") reports that it has received assay results from 15 out of 20 diamond drill holes completed from late July to mid-September on its 100% owned Maguse River Iron Project, located in southern Nunavut. The drilling has confirmed the presence of wide intervals of magnetite bearing, lean iron formation, including 259.3 metres grading 18.5% Fe from drill hole MR11-13, within which higher grade intervals occur, such as 29.5% Fe over 20.9 metres and 25.9% Fe over 39.0 metres, including 15.0 metres grading 31.2% Fe.

Highlights include:
Drill Hole From (m) To (m) Interval (m) % Fe
MR11-03 137.0* 167.0 30.0 25.0
*Includes:
143.0 158.0 15.0 30.2
242.0 254.0 12.0 25.1
266.0 284.0 18.0 26.2
MR11-11 90.0 114.0 24.0 26.5
129.0 138.0 9.0 30.7
MR11-13 148.1 169.0 20.9 29.5
196.0* 235.0 39.0 25.9
*Includes
211.0 226.0 15.0 31.2

Over the 2011 field season, the Company completed a C$4.4 million exploration program, which included an 8,044 line kilometre high resolution airborne magnetometer survey to delineate and prioritize prospective targets on the property. Twenty (20) diamond drill holes totalling 6,047.5 metres were completed to drill test selected magnetic targets along an 18 kilometre strike length of prospective stratigraphy on the eastern portion of the property. Assay results for 15 out of 20 drill holes totalling 4,825.3 metres are reported herein and are provided below as Table I. A drill hole location figure may be viewed using the link provided with this release. Remaining assay results will be reported once they are received and validated. Davis tube magnetic separation tests are planned on selected drill core samples as a preliminary indication of iron recoverability and potential concentrate grades.

Craig MacDougall, President & CEO commented, "These initial drill assay results are very encouraging given the early stage of this project and represent the first results from a brand new iron discovery in southern Nunavut. The drilling has intersected considerable widths of lean banded iron formation, within which multiple intervals of higher grade mineralization have been demonstrated, especially at the large Ring Target where higher grade zones have been consistently intersected in a number of drill holes. The success of this first program, together with the identification of additional priority magnetic targets elsewhere on the property and yet to be explored, demonstrates the exploration potential for the discovery of a new iron district in this region."

Project Background

The Maguse River Iron Project is comprised of some 1,844 square kilometres of prospecting permits covering a nearly 200 kilometre strike length of folded, magnetite-rich, metasedimentary rocks of the Archean-aged Rankin-Ennadai Greenstone Belt.

The eastern boundary of the project area is located 15 kilometres from tidewater on the western shore of Hudson Bay, some 60 kilometres north of the coastal town of Arviat in southern Nunavut, and 300 kilometres by sea from the rail link to the North American rail network at the port of Churchill, Manitoba. As a result, the project location offers superior infrastructure potential relative to many other similar remote Canadian projects.

In 2011, IronOne completed a C$4.4 million exploration program to explore for Algoma-type iron ore deposits in the project area. The Company believes the project has potential for the discovery of an entirely new iron ore district in Canada's north.

Qualified Persons

The quality control, technical information and all aspects of the exploration program are supervised by Mr. Paul Sobie, P.Geo., Director of Exploration for IronOne. The information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and Chief Executive Officer for IronOne Inc. Both Mr. Sobie and Mr. MacDougall are qualified persons as defined by National Instrument 43-101.

Quality Control

The drilling program was conducted under the supervision of senior field geologists provided by MPH Consulting Limited, of Toronto, Ontario, who were contracted to provide exploration services to the Company. Drill core samples, of generally a 3.0 metre core length (NQ sized core), are selected by the logging geologists, and an approximately 1/3 portion is sawn using a diamond core saw on site and sent for analysis. The remaining 2/3 core is retained in the original core boxes at site for reference purposes. Samples are shipped in batches from site using chartered aircraft to Rankin Inlet, and then forwarded for analysis at Activation Laboratories Ltd ("ActLabs") of Ancaster, Ontario using commercial freight service providers. ActLabs is an internationally accredited analytical facility with ISO/IEC 17025 certification. The samples are analyzed for total iron (% Fe) using lithium metaborate / tetraborate fusion followed by wavelength dispersive XRF techniques (analytical code MPH 4C). The Company monitors analytical performance by the insertion of control blanks and certified reference standards with core samples and conducting duplicate analysis on a systematic basis.

About IronOne:

IronOne Inc. is a private exploration company based in Toronto, Canada that is focused on the exploration, discovery and development of the next generation of iron ore deposits in Canada. The Company's key asset is its 100% interest in the Maguse River Iron Project located in southern Nunavut.

The Company also has an option to earn a 100% interest in the Lac Virot Iron Project located in the prolific Labrador Trough, near Wabush, Labrador, and adjacent to the Iron Ore Company of Canada's Carol Lake iron ore mining operation.

On behalf of IronOne Inc.

Craig MacDougall, President & Chief Executive Officer

Table I: Summary of significant drill core assay results, Maguse River Iron Project, Nunavut
Drill Hole
(MR11-)
Location
East / North
Az / Dip Length
(m)
From
(m)
To
(m)
Interval
(m)
% Fe
01 451130mE
6843916mN
130 / -45 269.1 80.0

95.0

200.0

257.0
89.0

122.0

212.0

266.0
9.0

27.0

12.0

9.0
21.4

21.5

21.0

24.5
02 455405mE
6847835mN
130 / -45 403.3 42.0
Incl:
42.0
57.0
132.0
153.0
177.0
261.0

48.0
108.0
147.0
165.0
228.0
219.0

6.0
51.0
15.0
12.0
57.0
19.2

25.0
20.4
22.4
25.0
23.7
03 455405mE
684736mN
310 / -45 400.2 45.0
Incl:
137.0
143.0
212.0
242.0
266.0

383.0
287.0

167.0
158.0
221.0
254.0
284.0

398.0
242.0

30.0
15.0
9.0
12.0
18.0

15.0
19.2

25.0
30.2
25.9
25.1
26.2

24.0
04 451130mE
6843915mN
310 / -45 250.9 NSA NSA NSA NSA
05 455817mE
6847474mN
130 / -45 400.2 NSA NSA NSA NSA
06* 451342mE
6843496mN
318 / -45 82.2 NSA NSA NSA NSA
06A 451348mE
6843480mN
318 / -45 241.7 139.5

168.9

207.4
150.1

175.0

219.5
10.6

6.2

12.1
19.4

24.3

26.7
07 454984mE
6848191mN
130 / -45 400.2 293.0 317.0 24.0 20.0
08 456904mE
6846560mN
310 / -45 400.2 105.0 129.0 24.0 20.5
09 451249mE
6843608mN
310 / -55 244.8 135.4

159.1
151.3

165.0
15.9

5.9
20.0

21.0
10 441042mE
6838171mN
133 / -50 301.0 127.4 133.0 5.6 25.2
11 456628mE
6847771mN
238 / -50 300.0 27.0
Incl:
90.0
129.0
168.0
231.0
279.0

114.0
138.0
177.0
240.0
252.0

24.0
9.0
9.0
9.0
19.3

26.5
30.7
25.8
27.0
12 443843mE
6839241mN
325 / -50 266.1 22.0

185.4
37.0

191.0
15.0

5.6
19.0

26.1
13 456451mE
6846364mN
0 / -50 299.6 21.3
Incl:
148.1
196.0
Incl:
211.0
299.6

169.0
235.0

226.0
259.3

20.9
39.0

15.0
18.5

29.5
25.9

31.2
14 454487mE
6847594mN
149 / -50 290.8 11.9
Incl:
202.0
269.4
285.0

211.0
282.0
270.1

9.0
12.6
17.9

25.2
25.1
15 445728mE
6838523mN
343 / -50 275.2 42.2

82.6
66.0

92.0
23.8

9.4
20.5

20.2
16 453685mE
6846959mN
149 / -50 293.5 Pending
17 446389mE
6838943mN
169 / -50 244.8 Pending
18 447451mE
6838213mN
102 / -50 296.6 Pending
19 451268mE
6843285mN
102 / -50 288.7 Pending
20* 448556mE
6839767mN
307 / -50 98.6 Pending
*: Drill hole abandoned short of target
NSA - no significant assays
Intervals reported in the Table above represent core lengths. True widths, although variable, are estimated in general to be 70% of the reported core length.

To view a map of the Drill Hole Location Plan, please visit the following link: http://media3.marketwire.com/docs/ionfig1.pdf

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