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Re: Canadian Orebodies Announces Second Set of Drill Results from
Haig Inlet Iron Ore Project
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TORONTO, Oct 17, 2011 -- Canadian Orebodies Inc. (TSXV: CO)
("Orebodies") is pleased to announce the second set of drill results
from the summer drill program at the Haig Inlet Iron Ore Project ("Haig
Inlet"), located on the Belcher Islands in Nunavut, Canada. Assay
results have now been received for an additional nineteen holes drilled
at Haig Inlet, and highlights include:
.. Hole CO11-42 assayed 30.0% Fe over 43.8m, including 34.2% Fe over
20.0m;
.. Hole CO11-23 assayed 29.1% Fe over 50.0m, including 33.2% over 18.0m;
.. Hole CO11-43 assayed 29.7% Fe over 42.5m, including 36.0% over 14.0m;
.. Iron mineralization intersected over a strike length of roughly 7.5
kilometers and remains open to the north and south; and
.. Preparation of initial NI 43-101 compliant resource estimate by
Q1/2012.
The holes from this second set of assay results cover a widespread area
that traces the iron mineralization from Haig Inlet to the north over a
distance of approximately 7.5 kilometers. Drilling has indicated that
the iron formation shows excellent continuity over this vast area and
clearly demonstrates the potential of Haig Inlet to host a large
tonnage of iron ore.
In this second set of assays, the top of the iron formation averages
90.7m below surface and ranges from 53.0m to 191.8m below surface.
Thickness of the iron formation ranges from 29.8m to 50.0m and averages
40.1m, while average Fe grades over these intervals range from 26.2% to
30.0% and average 28.2%Fe.
A table of intercepts and average grades is included below. All drill
holes were oriented vertically and all core intervals represent true
widths.
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Average
Section Width of Intercept Fe%
Hole ID Line From (m) To (m) Zone (m) Grade
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CO11-12 C 53.0 99.0 46.0 29.8%
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including 53.0 67.0 14.0 35.8%
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CO11-13 C 58.9 102.9 44.0 29.3%
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including 58.9 74.9 16.0 34.6%
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CO11-14 C 73.3 115.1 41.8 30.0%
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including 73.3 91.3 18.0 34.1%
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CO11-19 D 73.2 115.2 42.0 29.9%
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including 73.2 91.2 18.0 34.5%
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CO11-20 D 78.8 122.8 44.0 29.3%
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including 78.8 92.8 14.0 35.0%
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CO11-21 D 78.3 124.3 46.0 29.1%
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including 78.3 92.3 14.0 35.7%
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CO11-23 E 107.9 157.9 50.0 29.1%
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including 107.9 125.9 18.0 33.2%
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CO11-29 DE 119.0 169.0 50.0 28.6%
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including 119.0 137.0 18.0 33.3%
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CO11-32 I 80.6 116.6 36.0 26.7%
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including 80.6 84.6 4.0 32.4%
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CO11-33 I 58.3 94.3 36.0 27.4%
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including 58.3 62.3 4.0 32.7%
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CO11-34 K 131.3 163.3 32.0 26.7%
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CO11-35 K 100.2 134.2 34.0 26.3%
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CO11-36 J 77.8 113.8 36.0 26.6%
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CO11-37 H 60.5 96.5 36.0 27.3%
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including 60.5 66.5 6.0 32.4%
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CO11-38 M 117.3 147.1 29.8 26.2%
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CO11-39 M 191.8 222.2 30.4 26.4%
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CO11-42 AB 58.1 101.9 43.8 30.0%
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including 58.1 78.1 20.0 34.2%
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CO11-43 AB 71.7 114.2 42.5 29.7%
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including 71.7 85.7 14.0 36.0%
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CO11-51 G 133.7 175.3 41.6 27.7%
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including 133.7 143.7 10.0 33.6%
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*Average 40.1 28.2%
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*Minimum 29.8 26.2%
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*Maximum 50.0 30.0%
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*Average, minimum, & maximum calculated using complete hole intercepts
only.
Complete assay results with drill plan maps are available on the Canadian
Orebodies website at: http://www.canadianorebodies.com/s/HaigInletIronOre.asp
"This set of assays is very encouraging as these results demonstrate a
strike length of over 7.5 kilometers of iron ore mineralization and
confirms that the northern extension of the iron formation trends well
beyond the primary target area, where it still remains open to both the
north and south," says Gordon McKinnon, President & CEO of Canadian
Orebodies. "The size of the Haig Inlet project relative to the area
covered by this season's drilling represents significant blue sky
potential. Combined with the project's proximity to tidewater, these
are two key aspects which could give Haig Inlet a considerable
advantage over other projects."
Canadian Orebodies has acquired and staked portions of land around Haig
Inlet that Orebodies believes to be the most amenable to open pit
mining. The area immediately north of Haig Inlet represents one of
these target areas which was the focus of Orebodies' summer drilling
program. The iron mineralization in this target area is essentially
flat lying with only very slight changes in dip. Other highly
prospective areas, including the continuation of the Kipalu Iron
Formation stratigraphy south of Haig Inlet, are being assessed in
preparation for further anticipated drilling in 2012.
About the Property
The Haig Inlet Iron Ore Project covers over 15,204 hectares on Flaherty
Island in Nunavut. A significant amount of exploration work, including
numerous widely-spaced
Diamond drill holes, was carried out on the
property during the 1950's by BMC. BMC's exploration programs targeted
the Kipalu Formation of iron-bearing rocks, which is an iron formation
of the Superior type. The Haig Inlet project is host to a significant
unclassified historical resource estimate of 907 million tonnes grading
27% iron as defined in the government publication, "Northern Mineral
Policy Series; NM1: Mines and Important Mineral Deposits of the Yukon
and Northwest Territories, 1982*".
*The mineral resource outlined here is a non-compliant NI 43-101 Mineral
Resource since it is historical in nature and should not be relied upon.
There is no direct evidence that these numbers or any portion thereof
will ever be achieved at any time with further exploration work. These
are historical resource estimates that do not comply with the current
Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM)
Definition Standards on Mineral Resources and Mineral Reserves as
required by National Instrument 43-101 (NI 43-101) "Standards of
Disclosure for Mineral Projects." Historical BMC exploration results were
studied by a qualified person and compared with other non-BMC exploration
programs carried out on the Belcher Islands. Although conclusions support
the presence of a large area of iron mineralization, the historical
results are not considered reliable given an incomplete database of
Diamond drill hole logs and the lack of accurate collar surveying related
to the BMC historical exploration programs. In addition, the unknown
level of quality assurance/quality control implemented during the
historic BMC programs, which is currently required to be carried out under
the supervision of a qualified person as defined by NI 43-101 policy,
questions the reliability and confidence in the historic estimate.
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS Minerals
Services ("SGS"), which is independent of Orebodies. Sample preparation
and analyses were performed at the SGS laboratories based in Garson,
Ontario and Lakefield, Ontario respectively. The samples were analyzed
by XRF.
A thorough QA/QC program is in place which includes the submission by
Orebodies of systematic standards samples within every sample batch
submitted to SGS. In addition, SGS inserts its own duplicate samples.
The results from these control samples indicate acceptable consistency
of analysis.
This press release has been prepared under the supervision of Mr. Henry
Hutteri (P.Geo.), who is an independent consultant to the Company and a
"qualified person" (as such term is defined in National Instrument
43-101). Mr. Hutteri has verified the technical data disclosed in this
press release.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
www.canadianorebodies.com
Forward Looking Information:
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without
limitation, statements relating to mineral resources, potential
mineralization, exploration results and the Company's plans with
respect to the exploration and development of the Properties) are
forward-looking statements. These forward-looking statements reflect
the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed
in the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, among other things, changes in
commodity prices, changes in equity markets, failure to establish
mineral resources, changes to regulations affecting the Company's
activities, delays in obtaining or failures to obtain required
regulatory approvals, uncertainties relating to the availability and
costs of financing needed in the future, the uncertainties involved in
interpreting drilling results and other ecological data, and the other
risks involved in the mineral exploration and development industry. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
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Copyright (c) 2011 CANADIAN OREBODIES INC. (CO) All rights reserved.
For more information visit our website at
http://www.CanadianOrebodies.com/ or mailto:info@canadianorebodies.com
Message sent on Mon Oct 17, 2011 at 8:15 AM EST
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