Rogue Resources Inc.
TSX VENTURE : RRS

Rogue Resources Inc.

February 21, 2012 07:30 ET

Rogue Iron Ore Intersects 150 Meters of 45% Total Iron

-- OTHER HIGHLIGHTS INCLUDE 100 METERS OF 40% TOTAL IRON (RH-11-13)

-- 6,400 METERS OF 10,000 METER PROGRAM COMPLETED - ADDITIONAL ASSAYS PENDING

-- PROJECT INFRASTRUCTURE INCLUDES CN RAILWAY MAINLINE, HIGHWAY, AND POWER

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Rogue Iron Ore Corp. (TSX VENTURE:RRS) (the "Company") is pleased to announce the third set of results from drilling at its Radio Hill Iron Ore project located 80 km southwest of Timmins, Ontario. Results announced today were the final results from the first phase of a two-phase, 10,000 meter diamond drill program. Phase one drilling focused on testing the southern contact along the 2,600 meters (east-west) strike length of the Radio Hill Iron Formation while phase two is focused on the central and northern portions. Phase two drilling commenced in December and is expected to be completed in April and culminate with a NI 43-101 compliant resource estimate.

Table 1: Radio Hill Phase One Drilling from Southern Extent of Iron Formation
Hole # From (m) To (m) Core interval (m) Total Iron % DTWR %
RH-11-11 162.6 312.4 149.8 45.5 36.5
RH-11-12 24.5 54.0 29.5 46.5 41.0
RH-11-13 195.2 294.9 99.7 40.6 24.1
RH-11-16 11.1 99.0 87.9 43.3 25.6
RH-11-17 109.0 147 38.0 44.3 26.4
Davis Tube Weight Recovery % (DTWR%) is calculated whereas, DTWR=1.546(Satmagan) - 0.858.
Core intervals lengths are between 60 to 80% true width. RH-11-14, 15 reported previously.

"Radio Hill's location and outstanding infrastructure along with our competitive share structure differentiate the Company from other North American iron ore projects. Our next step is to deliver a resource which will happen upon the completion of the current drill program," commented Company President and CEO, Stephen de Jong. "Results announced so far, including those tabulated in this release, have been primarily from drilling the southern fringe of the formation whereas drilling has now moved towards the center. We anticipate a consistent flow of results into the spring as we have been drilling steadily for the past seven months."

Other highlights from recent drilling include:

  • 141 meters of 41% Total Iron - Press Release: November 30, 2012
  • 171 Meters of 42% Total Iron - Press Release: February 13, 2012

To view an interactive map outlining the Radio Hill Iron Ore Project please click on the following link:

http://www.brmstatpack.com/lt/1001/1241/radio-hill-map---feb21-2012

As of February 19, 2012, the Company has completed 27 holes at Radio Hill for a total of 6,400 meters. Results for 19 holes have been announced so far.

The Radio Hill Iron Formation comes to surface, is steeply dipping to the north-northwest and in the center is thickened by isoclinal folding. Radio Hill's magnetic signature, as seen in airborne geophysical surveys flown by the Company, appears to extend another two kilometers to the west beyond mineralization outlined in historic drilling. The 14,000 hectare property also contains a 12 km iron formation called the Nat River Iron Formation which the Company considers a valuable exploration target as historical work primarily focused on Radio Hill. As the Radio Hill portion of the project moves towards resource estimation the Company is concurrently putting together exploration plans for other untested targets on the property, including a number of prospective zones along the Nat River Iron Formation. Plans for Nat River exploration is expected to be announced in the near future.

The Radio Hill property is transected by a heavy gauge portion of the CN Rail mainline at the active Kukatush rail siding. There is power and water in the immediate vicinity and Highway 101 to Timmins is located only 8 km by road to the north of the present drilling.

The historical estimates and feasibility values mentioned in this document are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this document is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability.

HISTORICAL WORK AT RADIO HILL

The Radio Hill project was first developed in the late 1950s and early 1960s by Kukatush Mining Corp. who spent an estimated $10 million in 2011 dollars on exploration and metallurgical work, including 140 drill holes and a number of metallurgical studies. Following resource definition, a study to determine the feasibility of a mine being put into production was conducted. The historical feasibility study conducted by FENCO Ltd. in 1965 indicated a 3.5 concentration ratio (3.5 tons of iron ore produced 1 ton of concentrate) which would produce a high-grade concentrate of between 66% and 68.5%. At that time recovery and pelletizing tests were also conducted which included both laboratory and pilot testing of grinding, concentrating and pelletizing practices (Neal and Ridell, 1965). Historical metallurgical work (shown below) indicated material from Radio Hill could be concentrated to a high-grade, high quality concentrate with minimal residual deleterious elements.

As background information for the reader, iron's benchmark price is commonly set using a 62% Fe concentrate with recent premiums for higher grade concentrations approximately $4 for every 1% higher than 62%, and even higher increases above the 65% level.

Although a rail bed was laid the 3.5 km from the railway to Radio Hill, the project never advanced through to production due to weak iron prices.

To help guide exploration strategies at Radio Hill formation the Company has used the historic resource of 427 million tons of 27.3% iron (Gerson, 1961) as a potential target. It is important to note the 27.3% iron refers to acid-soluble iron content and not total iron content.

QUALITY CONTROL AND ASSURANCE

All drill core samples have been split and shipped by the Company to SGS Lakefield, where the samples are prepared and analyzed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature. Satmagan readings are done on each sample. A magnetite concentrate is produced using Davis Tube concentrator (DT) giving a weight recovery percentage (DTWR). The concentrate is then analysed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature. The company inserts systematic duplicates, blanks and standard samples every 30 samples to verify and assure acceptable consistency of analysis. SGS labs are an internationally recognized leader in iron ore analysis. Kevin Montgomery, P.Geo. is the qualified person for the purposes of National Instrument 43-101 and has reviewed the technical contents of this press release.

X-RAY FLUORESCENCE (XRF) and DAVIS TUBE

X-ray fluorescence (XRF) spectroscopy is commonly used to determine the iron grade of a deposit, reported as 'total iron'. XRF analysis involves grinding a rock sample to a fine powder, mixing it with a flux and heating it to about 1,100°C to melt the flux and dissolve the sample in the flux. A disc of one-phase glass is cast and submitted to XRF analysis.

During this fusion process all the ions (iron, aluminum, titanium, etc.) are freed from the existing minerals and the elements are oxidized. In the case of iron, all the iron from silicates, carbonates and sulphides is combined and reported as total iron. The sample, comprising various oxides, is then exposed to X-rays where ionization of their component atoms may take place. This ionization renders the electronic structure of the atom unstable, and energy is released in the form of a photon giving off a characteristic signature of the atoms present. The resulting measurement of these signatures gives a value for the oxides (and the total iron) in a sample, which will include iron in carbonates like siderite (Fe2CO3), iron micas (minnesotaite) in addition to ore minerals such as hematite (Fe2O3), magnetite (Fe3O4), and goethite (FeO(OH)). This process does not allow for the distinction between the different iron oxide minerals like magnetite and hematite. To determine the amount of magnetite mineralization, additional tests are required such as the Davis Tube test or the Satmagan analyzer. Historical mineralogy on Radio Hill suggests iron minerals in order of abundance are: magnetite, stilpnomelane, sericite, siderite and chlorite, none of which are problematic to mining operations.

In the case of taconite iron formations where the mineral of interest is magnetite, a strongly magnetic mineral, a direct physical measurement is conducted using the Davis Tube test technique. The Davis Tube uses a strong magnet (about 3000 Gauss) under specific conditions (tube angle, stroke frequency, water flow) to separate magnetite from a finely crushed sample of iron mineralization. The magnetic portion on the sample is then weighed and its fraction percentage calculated to provide a percent weight recovery of magnetite (Fe3O4). A similar method is used in the mining/milling process to create an iron concentrate which will comprise magnetite and a small amount of other minerals, depending on the degree of liberation. In the instance of Radio Hill the Davis Tube results are the most important parameter, since it is this parameter that is used to calculate mineral resource estimates.

ABOUT ROGUE IRON ORE CORP.

Rogue Iron Ore is an iron exploration and development company with offices in Vancouver, BC, and Timmins, ON. The Company's primary asset is its Radio Hill Iron Project located 80 km southwest of Timmins, Ontario.

Key Company milestones expected in the near term are:

  • Ongoing results from drilling at Radio Hill Iron Project
  • Completion of Radio Hill resource estimate
  • Announcement of JVs or other partnerships on non-core assets
  • Appointment of key personnel to technical and management teams

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen de Jong, President & CEO

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Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of the proceeds from the private placement, constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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