Champion Minerals Intersects 401.5 m Grading 30.7% Total Iron

Champion Minerals Inc. (TSX:CHM,FWB:P02) reported assay results from the first three drill holes completed on the Oil Can project.

As quoted in the press release,

The initial 5,000 m drill program of 800 m spaced holes at the Oil Can Project is nearing completion and has tested approximately five kilometres of a total six kilometre strike length of favourable magnetic and gravimetric responses on the property. The distribution of magnetic/gravimetric anomalies and broad intersections of iron formation indicate a complex deformation history resulting in structurally thickened zones of iron formation.

Champion’s President and CEO, Tom Larsen said,

The long intersections from the initial drill holes at Oil Can are very promising and could lead to the delineation of a large tonnage of magnetite-hematite iron resources for potential “pellet-feed” and/or “sinter-feed” production. This prospective resource is located only seven kilometres from the proposed location of our Fire Lake North Mine and Concentrator Complex that is currently undergoing a Preliminary Economic Assessment study that will be followed by a Feasibility study planned for mid-2012.

Click here to read the Champion Minerals Inc. (TSX:CHM,FWB:P02) press release.