Champion Iron Limited Announces JORC Resource and Reserve Statement for Fire Lake North

Champion Iron (TSX:CIA,ASX:CIA) announced that it has an initial Australasian Joint Ore Reserves Committee (JORC) resource and reserve statements for its wholly owned subsidiary Champion Iron Mines’ Fire Lake North Project. The report notes a resource of over 1.2 billion tonnes including 755 million tonnes of measured and indicated metallurgically coarse grained hematite mineralisation. The reserve statement estimates totals of 464 million tonnes with an estimated 23 million in the “Proved” category.

According to the press release:

A JORC compliant resource of over 1.2 billion tonnes (Bt), including 755 million tonnes (Mt) of Measured and Indicated metallurgically coarse grained hematite mineralisation for Consolidated Fire Lake North has been estimated. The successful spring 2014 drilling campaign data has been combined with data from the previous resource estimate reported under the Canadian National Instrument 43-101 (“NI 43-101”) to produce this JORC estimate.

Further to the Resource Statement, Champion is also announcing the first Reserve Statement for the Consolidated Fire Lake North Project to comply with JORC. The JORC Reserve estimate totals approximately 464Mt of reserves with an estimated 23Mt, in the Proved category.

Michael O’Keeffe, chairman and CEO of Champion, said:

At a time when we are attracting the interest of industrial and strategic investor groups, it is reassuring to have confirmation of the quality of our major asset and increased confidence in its potential.

Click here to read the Champion Iron Limited (TSX:CIA,ASX:CIA) press release