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Re: Thursday, January 05, 2012
Canadian Orebodies Announces Final Set of Drill Results from Haig
Inlet Iron Ore Project
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TORONTO, Jan 5, 2012 -- Canadian Orebodies Inc. (TSXV:CO) ("Orebodies")
is pleased to announce the final 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 the last eighteen holes drilled at Haig Inlet,
and highlights include:
.. Hole CO11-26 assayed 29.8% Fe over 32.2m, including 35.4% over 12.0m;
.. Hole CO11-53, the only hole drilled on Haig South, assayed 29.3% Fe
over 46.3m, including 34.0% Fe over 14.0m;
.. The company remains on track to release an initial NI 43-101
compliant resource estimate during Q1/2012.
In this set of assays, the thickness of the iron formation ranges from
32.2m to 59.6m and averages 47.9m, while average grades over these
intervals range from 27.0% Fe to 29.8% Fe and average 28.8% 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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Width of Average Intercept
Hole ID Section Line From (m) To (m) Zone (m) Fe% Grade
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CO11-24 E 68.8 114.4 45.6 28.3%
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including 68.8 84.0 15.2 32.3%
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CO11-25 E 83.3 127.3 44.1 28.9%
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including 83.3 97.3 14.0 34.7%
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CO11-26 E 101.8 134.0 32.2 29.8%
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including 101.8 113.8 12.0 35.4%
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CO11-28 CD 67.8 117.8 50.0 29.3%
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including 67.8 83.8 16.0 34.8%
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CO11-44 AB 57.3 103.3 46.0 29.6%
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including 57.3 75.3 18.0 33.9%
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CO11-45 AB 60.8 110.5 49.7 29.2%
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including 60.8 77.9 17.1 34.3%
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CO11-46 BC 66.3 113.0 46.7 29.6%
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including 66.3 82.3 16.0 35.3%
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CO11-49 BC 51.4 101.2 49.8 28.7%
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including 51.4 69.4 18.0 32.9%
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CO11-52 G 196.0 242.4 46.4 28.0%
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including 196.0 210.0 14.0 32.3%
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CO11-53 Haig South 118.9 165.2 46.3 29.3%
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including 118.9 132.9 14.0 34.0%
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CO11-54 F 135.8 184.9 49.1 28.5%
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including 135.8 151.8 16.0 33.3%
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CO11-55 F 193.8 246.2 52.4 29.0%
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including 193.8 209.8 16.0 34.9%
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CO11-58 EF 100.9 148.1 47.2 28.3%
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including 100.9 113.2 12.3 34.5%
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CO11-59A EF 108.8 156.2 47.4 29.4%
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including 108.8 120.8 12.0 36.2%
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CO11-60 E 44.8 90.6 45.9 29.1%
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including 44.8 60.8 16.0 33.4%
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CO11-61 D 84.5 130.5 46.0 28.4%
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including 84.5 96.5 12.0 33.4%
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CO11-62 E 100.2 159.0 58.8 28.3%
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including 100.2 116.0 15.8 33.6%
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CO11-63 CD 54.0 113.6 59.6 27.0%
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including 54.0 69.1 15.1 34.0%
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(i)Average 47.9 28.8%
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(i)Minimum 32.2 27.0%
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(i)Maximum 59.6 29.8%
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(i)Average, minimum, & maximum calculated using complete hole intercepts
only.
Complete assay results, a drill plan map and drill collar coordinates are available on the Canadian Orebodies website at: http://www.canadianorebodies.com/s/HaigInletIronOre.asp
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 Belcher Mining Corporation Ltd. ("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* ".
(i)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) 2012 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 Thu Jan 5, 2012 at 8:15:00 AM
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