News out !!! New Iron Ore DiscoveryAdvanced Explorations' New Tuktu Iron Ore Discovery Averages 34% Iron11/12/2009 8:10:36 AM - Market Wire
TORONTO, ONTARIO, Nov 12, 2009 (MARKETWIRE via COMTEX News Network) --
AdvancedExplorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT: AE6) is pleased to report assay results from therecently discovered Tuktu magnetite deposit on the Melville Peninsula,Nunavut. The project is located only 45 km from the ocean andapproximately 60 kilometres northwest of the Company's flagship RocheBay project.
Results from the representative sampling of theTuktu banded iron formation were exceptionally consistent and averaged34.0% iron with low contaminant levels. Moving spatially away from thegeologic contacts and fault zone (gossan area) sulfur content notablydecreases with a very large portion of the banded iron formation (BIF)grading 0.04% sulfur and less. The low contaminant levels are importantas iron ore can be processed easier making it highly sought after bythe steel making industry.
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Tuktu Total SiO2 TiO2 P MnO Cr2O3 V2O5 S Fe
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41 BIF
Samples % % % % % % % %
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less than less than less than
Average 49.25 0.01 0.026 0.03 0.02 0.01 0.07 34.0
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TheTuktu deposit is approximately 2,700 metres in length, up to 700 metresin width and stands 60 metres high with massive magnetitemineralization exposed extensively at surface. The down-dip extent ofthe mineralization is unknown but field mapping has shown that the BIFbeds are dipping at approximately 70 degrees to the southwest.
Summary
Atotal of 75 rock samples from various lithologies were collected fromthe discovery area. BIF samples were analyzed for iron and otherelements using whole rock analysis and Satmagan testing procedures. Theresults above are an average of the 41 representative samples that weretaken during the recent field exploration program that includedsampling, mapping and staking. Samples near geologic contacts or thegossan are not included. Having recognized the potential of thediscovery, the Company invited Golder Associates Limited GolderAssociates Limited, authors to the Roche Bay NI 43-101 report, toparticipate in the Tuktu field program.
The results clearlydemonstrate that the Tuktu deposit has low contaminate levels and avery consistent iron grade of 34%. The samples have been sent formetallurgical testing to determine if a high grade +63% Fe product canbe produced through a simple on site process (dry magnetic separation).There is potential for higher grade zones at Tuktu, similar tointersections of 53% Fe and 63% Fe in C-Zone, which will also be afactor in assessing the metallurgical results.
John Gingerich, President and CEO, commented:
"We are confident that the Tuktu discovery will add flexibility to the
development scenarios of the Roche Bay project. With consistent 20%
higher iron grades when compared to the C-Zone and no contaminant
issues, it is certainly also worth following up on the prospect of
developing subzones amenable to producing sinter feed. The results from
the metallurgical testing will guide the next phase of exploration
(drilling) as to whether the deposit will be evaluated from a large
scale standalone operation or a smaller high grade operation as a
satellite operation to the Roche Bay project."
A project location map and images of the Tuktu mineralization can be viewed on the web site (www.advanced-exploration.com).
Company activities
TheCompany will be attending the NWT Geoscience Forum in Yellowknife, NTfrom Nov 17 - 19, 2009 and will also have a booth (#1006) at the HardAssets Conference in San Francisco, Nov 21 - 22, 2009.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO