TORONTO, April 2 /CNW/ - Baffinland Iron Mines Corporation (TSX: BIM)
("Baffinland" or the "Company") today released further assay results for the
final ten holes from the Company's 2006 exploration program on its
wholly-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory,
Canada. "Once again, the consistent high grade iron mineralization as seen in
these large diameter diamond drill holes confirms and improves the confidence
of the mineral resource at Deposit No. 1, as we focus on completing the
Definitive Feasibility Study of this truly world class deposit in 2007",
stated Gordon McCreary, President and CEO of Baffinland.
Deposit No. 1
All of the ten holes reported today were drilled at Deposit No. 1. Drill
holes MR1-06-107, MR1-06-110 and MR1-06-98 were drilled from the same set-up
directly into the axis of the fold of Deposit No 1. MR1-06-107 was drilled at
a flat 12 degree angle and cut 110.3 metres of an exceptional 68.7% iron,
while MR1-06-110, drilled at 50 degrees also encountered 107.5 metres of very
high grade iron grading 68.4% iron. Hole MR1-06-98 also drilled from this
set-up at an angle of 50 degrees, but at an oblique azimuth to hole
MR1-06-110, cut 55.1 metres of 68.9% iron. All three holes failed to reach
their planned depth due to drilling difficulties and ended in mineralization.
Drill hole MR1-06-87 and MR1-06-90 were drilled flat at 10 degrees on the
north limb some 150 metres from drill holes MR1-06-107, MR1-06-110 and
MR1-06-98. Hole MR1-06-87 cut 104 metres grading 67.4% iron, while MR1-06-90
cut 99.3 metres also grading 67.4% iron.
Moving 75 metres north, drill holes MR1-06-103 and MR1-06-96 were drilled
approximately on-section. MR1-06-103 intersected both the Upper and Lower
mineralized Zones cutting a total of 127.3 metres at an average grade of 64.2%
iron. It ended prematurely in mineralization at a depth of 333 metres. Hole
MR1-06-96 cut a 149.5 metre width of the lower zone that graded 64.9% iron.
Approximately 400 metres northeast from MR1-06-103, drill hole
MR-1-06-105 cut a total mineralized intercept of 152.6 metres grading 66.0%
iron. Moving further northeast, drill hole MR1-06-94 intersected an
exceptional 168.9 metres grading 64.2% iron in the Lower Zone. The final hole
MR1-06-102 cut a total of 114.8 metres that averaged 64.7% iron.
All of the holes at Deposit No. 1 are intended to improve confidence
levels of resource categories to allow a reserve estimate to be completed in
conjunction with the Definitive Feasibility Study.
A summary of drill hole assay results can be viewed through the following
The completed drill holes improved the confidence levels of both the high
iron content and the low levels of deleterious elements that are the hallmarks
of the world class lump iron ore deposits of the Mary River Project. Drilling
of Deposit No. 1 will continue in 2007 to refine and increase confidence
levels to allow the company to estimate a reserve and develop its mine plan in
conjunction with the Definitive Feasibility Study.
Exploration diamond drilling in 2007 is also designed to expand and
confirm the resource potential of Deposit Nos. 2 and 3 as primary inputs to
the satellite deposits Scoping Study and Blue Sky Study announced previously.
Since reactivating exploration of the Mary River deposits in 2004,
Baffinland has completed almost 18,000 of metres of diamond drilling,
increasing the total drilling on the project to over 21,000 metres in 110
holes with approximately 90% of these holes focussed on Deposit No. 1. "We are
very excited about the expanding potential of the Mary River Project and look
forward to the further quantifying of this potential with our planned 9,300
metre drilling program and the various studies we are working on with our
growing world class team in 2007", concluded Mr. McCreary.
SGS Lakefield Research Limited performs assay and analytical work under a
strict protocol designed for testing lump iron ores. All mineralized drill
core from the 2006 drilling, totalling approximately 17 tonnes, has been sent
from Lakefield to Studien Gesellschaft fur Eisenerz-Aufbereitung (SGA) in
Germany, where they are composited for detailed metallurgical testing to ISO
standards for iron ore. Cross-sections and plan maps have been updated and
posted on the Baffinland website www.baffinland.com to assist in the
interpretation of the data.
This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities and Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding potential
mineralization and reserves, exploration results and future plans and
objectives of Baffinland Iron Mines Corporation, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statement. Important factors that could cause actual results to differ
materially from Baffinland's expectations are disclosed under the heading
"Risk Factors" and elsewhere in Baffinland's documents filed from time to time
with the Toronto Stock Exchange and other regulatory authorities.
For further information:
For further information: visit the Baffinland website at
www.baffinland.com, e-mail firstname.lastname@example.org or contact Gordon A. McCreary,
President and CEO, Baffinland Iron Mines Corporation, (416) 814-3163; Investor
Relations: Andreas Curkovic, The Equicom Group, (416) 815-0700 x 262