News on Tuktu drill programDrilling Underway on Advanced Explorations Inc.'s Tuktu Iron Ore Project4/26/2011 8:34:10 AM - Market Wire
TORONTO, ONTARIO, Apr 26, 2011 (MARKETWIRE via COMTEX News Network) --
AdvancedExplorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the "Company" or"AEI") is pleased to announce drilling is underway at the Tuktu Iron Oreproject located 60 km north of the Company's Roche Bay Project on theeast coast of the Melville Peninsula in Nunavut, Canada.
Thefirst fence of 250 metre deep diamond drill holes will test the heart ofTuktu 1, a 2600 metre banded iron formation (BIF) where its width hasbeen mapped to approximately 700 metres. The drilling program isdesigned to establish a NI 43-101 compliant resource. Detailed mappingand systematic sampling done in 2009 indicates a BIF with an averagesurface grade of approximately 34% total iron and low deleteriouselements.
The first-phase 3,000 metre drill program will test theBIF on 400 metre line spacings and is part of a larger explorationprogram (up to 6,000 metres) planned for the Tuktu area in 2011. If thedrill program proves successful more drilling as well as detailedmapping for the entire area is anticipated.
John Gingerich, President and CEO, commented:
"TheTuktu drill program will provide a greater insight to the resourcepotential of the East Melville Peninsula area iron formations.Delineating the first billion tonnes of iron ore resource along but afraction of the Tuktu target area will allow the Company to drawconclusions as to the expanded scope of production that could besupported. The enhanced level of technical understanding will result in aclearer picture as to economic and partnering scenarios for a satelliteoperation".
Advanced Explorations also wishes to announce that,pursuant to the Company's Stock Option Plan approved at the June 16,2010 Annual General Meeting and subject to TSX approval, it intends toissue a total of 585,000 options to management, consultants andemployees at a price of
.65 per common share exercisable in whole orin part on or before five years from the date hereof.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO