VANCOUVER, June 18 /CNW/ - Logan Resources Ltd. (TSXV:LGR) As previously
reported, the Redford property hosts the Brynnor Iron (magnetite) deposit,
located 15 km east of Ucluelet on the Pacific west coast of Vancouver Island,
British Columbia. The deposit is situated 12 km (7.5 miles) from tidewater,
which can be accessed directly via an existing, well maintained 2-lane road.
Logan holds a 100% interest in the Redford property with no third party
royalties or interests.
Noranda Exploration Ltd. operated an open pit mine from 1962 to 1967 and
produced 3 million tonnes of iron concentrate with an average grade of
63.8% iron (from 4.5 million tonnes of ore mined). In 1964 Noranda completed a
shaft to 260 metres and cut stations at the 122, 183 and 228-metre levels. A
permanent steel head frame was completed in 1965. In June 1966, due to a labor
dispute, operations ceased and were not renewed until March 1967. Open pit
production continued until year-end 1967 with stockpiled ore being processed
until April 1968 when all operations ceased. No underground mining was
The shaft sinking by Noranda was based on drilling which identified a
fault-offset extension of the open pit zone. The zone extends from near
surface to at least 250 metres below surface along a strike length of 240
metres, with an average true thickness of approximately 20 metres. The zone
strikes in an east-southeast direction, dips approximately 60 degrees to the
north and is open at depth and along strike to the east. Based on two drill
sections available in BC government records, the geological potential of the
drilled area of the undeveloped deposit is 8 to 10 million tonnes at similar
grades to the historic average grade of the open pit, which indicates
potential for 5 to 7 million tonnes of iron concentrate grading 63.8%. This
potential quantity and grade is conceptual in nature. There has been
insufficient exploration to define a "Mineral Resource" as defined in NI
43-101, and it is uncertain if further exploration will result in the target
being delineated as a Mineral Resource.
Logan is currently attempting to acquire detailed information related to
the historical drilling on the property. Logan intends to drill a number of
holes later this year to confirm the historical data and to extend the zone at
depth and along strike to the east. The historical data and new drilling will
provide the basis for a NI43-101 compliant resource estimate.
In November 2007, prices for ore grading 63.5% iron were approximately
US $ 190 per tonne for iron ore imported into China (based on US Geological
Survey publications), compared to iron ore prices in the US$ 9 to 10 per tonne
range when Noranda was operating during the 1960's.
Peter T. George, P.Geo, Consulting Geologist, is the Qualified Person as
per NI43-101, responsible for the technical information contained herein.
Logan has initiated its 2008 exploration program on the Cheyenne gold
property northeast of Dawson City, Yukon and will complete geological and MMI
soil geochemical surveys in order to define specific drill targets. The work
on Cheyenne will be completed by mid July and field crews will then initiate
2008 work on the Heidi and Shell Creek properties, which are also located in
the Dawson area.
Logan Resources Ltd. is a mineral exploration company that specializes in
acquiring, exploring and advancing early-stage Canadian mineral properties.
For more information on the Company's diversified property portfolio and the
Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known and
unknown risks, uncertainness and other factors that may cause the actual
results to differ materially from those anticipated in our forward looking
statements. Although we believe that the expectations in our forward looking
statements are reasonable, actual results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Earl Hope, Investor Relations, (604) 689-0299 x
232; Seamus Young, President and CEO, (604) 689-0299 x223