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Advanced Explorations inc.
401 Bay Street, Suite 2828
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NEWS RELEASE
Advanced Explorations Files NI 43-101 Inferred Resource Estimate for Tuktu Iron Project
(TSX VENTURE:AXI)
(FRANKFURT:AE6)
TORONTO, ONTARIO--(Marketwire - Jan. 13, 2012) - Advanced Explorations Inc. (the "Company" or "AEI") is pleased to announce the SEDAR filing of the National Instrument (NI) 43-101 compliant mineral resource estimate for its Tuktu Iron Project located in Nunavut, Canada, approximately 60km north of the company's flagship Roche Bay Iron Project and 70 km west of the hamlet of Hall Beach (www.sedar.com).
As press released on November 28, 2011 an Inferred Mineral Resource Estimate for the Tuktu Project consists of 465 million tonnes grading 31.1% total iron (Fe) and 35.13% total magnetic at a 20% iron cut-off, as outlined in Table 1. The Tuktu 1 resource estimate represents but a small portion of the entire Tuktu project and demonstrated a high consistency of the average grade (31.1% Fe) regardless of the cut-off grade used.
John Gingerich, President and CEO, commented:
"The resource estimate lays a solid foundation to undertake an economic assessment as to the conventional exploitation of the Tuktu 1 deposit. With additional drilling along strike and extending the depth, AEI believes it can substantially increase the size of this resource. While this is a very important next step, the Company will also look to assess the potential of defining a resource associated with the high grade direct-ship-ore type samples (over 62% Fe) taken from the Tuktu 2 area located 10 km southeast of the Tuktu 1 deposit".
Table 1 ? The 2011 Tuktu Magnetite Deposit Inferred Mineral Resource Estimate.*
|
Lower Cut-Off
% Fe (Total) |
Tonnes (000,000) |
%
Fe (Total) |
%
Magnetic ** |
%
S (Total) |
%
P*** |
g/cc
SG |
|
15 |
467.212 |
31.02 |
35.10 |
0.30 |
0.04 |
3.358 |
|
18 |
466.416 |
31.04 |
35..12 |
0.30 |
0.04 |
3.359 |
|
20 |
465.336 |
31.07 |
35.13 |
0.30 |
0.04 |
3.359 |
|
22 |
463.557 |
31.11 |
35.16 |
0.30 |
0.04 |
3.359 |
|
24 |
459.917 |
31.17 |
35.24 |
0.30 |
0.04 |
3.360 |
|
25 |
457.086 |
31.21 |
35.28 |
0.30 |
0.04 |
3.360 |
|
26 |
451.713 |
31.28 |
35.33 |
0.29 |
0.04 |
3.361 |
|
28 |
431.492 |
31.47 |
35.51 |
0.29 |
0.04 |
3.363 |
|
30 |
361.950 |
31.90 |
35.94 |
0.27 |
0.04 |
3.367 |
|
|
Notes: |
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* Inferred Mineral Resources are not Mineral Reserves. Inferred Mineral Resources do not have demonstrated economic viability, and may never be converted into Reserves. |
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** "% Magnetics" represents Satmagan test data which is a physical test of the percentage of magnetic minerals in a given sample. This value can be affected by magnetic minerals other than magnetite the most likely being pyrrhotite, an iron sulphide mineral. However, APEX accepts that the Satmagan data is essentially equivalent to (but not actually) a measure of % magnetite based upon observations made during core logging and the relatively low total sulfur assays indicating that the potential influence of minerals such as pyrrhotite is negligible. Davis Tube test work to validate Satmagan data is currently underway at Activation Laboratories. |
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*** Converted to %P from %P2O5. |
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The Inferred Mineral Resource estimate was completed by APEX Geoscience Ltd. ("APEX") in conformance with the CIM Standards of Disclosure for Mineral Projects.
A sensitivity analysis of the grade and tonnage relationships, based upon total iron cut-off values, demonstrates remarkable consistency at a number of grade cut-offs. This result was not unexpected as the model was well constrained to the Tuktu iron formation, which was observed to be consistent in magnetite content visually and in grade both along and between drill hole intercepts. This was further supported by detailed ground geophysical surveys and geological mapping.
As yet, no metallurgical testwork has been conducted on drill core material from the Tuktu deposit and thus APEX has selected for reporting purposes a resource calculated using the same 20% total iron cut-off grade that was selected for the resource calculation at the Company's Roche Bay C-Zone deposit (see AEI Press Release April 6, 2011) available at www.sedar.com.
The resource estimate reported in this press release was prepared by Steve Nicholls, MAIG under the direct supervision of Andrew Turner, P. Geol., and Michael Dufresne, M.Sc., P.Geol., all with APEX, who have reviewed and verified the contents of this release. Andrew Turner, P.Geol., and Michael Dufresne, P.Geol., are "Qualified Persons" as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on its Roche Bay Iron Ore Project in Nunavut, one of the world's largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes with 226 million tonnes in the inferred category, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company's Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company's Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. A feasibility study is currently underway that is examining a concentrate start-up operation of 5 million tonnes per year. Future expansions will consider additional concentrate and/or iron nuggets as envisaged in the PEA filed on SEDAR. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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