News: Zone Resources Inc. 35.64% Iron Intersected
December 07, 2011 09:00 ET
Zone Resources Inc. 35.64% Iron Intersected Over 137 Metres on Labrador Trough Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - Zone Resources Inc. (Zone) (TSX VENTURE:ZNR)(FRANKFURT:7ZR) is pleased to announce the results of diamond drill hole
ZR11-09 and provide an update on drill hole
ZR11-08 on the company's iron ore property in the Labrador trough of northern Québec. Drill hole
ZR11-09 intersected iron formation with an average of
35.64% Fe over 137.00 metres.
To view the airborne electromagnetic map with the plotted locations for drill holes
ZR11-09 and ZR11-08 visit the following link:
https://www.zone-resources.com/image/girard_mag_survey.png.
Drill hole
ZR11-09 was drilled at -50° along a 9 kilometre long airborne magnetic anomaly on the
Girard claim group. It was collared in magnetite-rich iron formation at the base of casing at 3.00 metres. Iron contents of individual samples ranged up to a maximum 45.06% Fe, with the previously mentioned average of 35.64% Fe over the 137.00 metre intercept.
A second, narrower zone of iron formation averaging 29.01% Fe of 10.45 metres was encountered 86 metres below the 137 metre intersection.
The dip of the main iron zone in proximity to drill hole
ZR11-09, is approximately vertical based on core angles. Drill hole
ZR11-09 was collared in iron formation, and therefore did not intersect the full width of the main zone.
The
Girard Claim Group encompasses 602 claims with a total area of 28,238 hectares (69,747 acres). The Electromagnetic Survey flown earlier this year over the entire claim group has outlined numerous magnetic anomalies: the aggregate length of all the magnetic anomalies, believed to be caused by magnetite iron formation (with an amplitude over 1,000 nT), is approximately 75 kilometres in length and over 2 kilometres in width.
Drill hole
ZR11-09 was the first and only hole to date on a 9-kilometre long anomaly, the longest anomaly from the aggregate of magnetic anomalies mentioned above. Drill hole
ZR11-08 was drilled on a separate 5-kilometre long magnetic anomaly approximately 39 km west of drill hole
ZR11-09. Drill hole
ZR11-08 intersected magnetite iron formation over a core length of
243 metres. Analyses of this hole are expected late in December.
Drill hole 5 from the Moore claim group (announced November 29th)
Drill hole ZR11-05 was drilled vertically on a combined magnetic and gravity anomaly on the North Slope Zone,
in the Moore claim group. It was collared in magnetite-rich iron formation at the base of casing at 3.00 metres. The magnetite zone continued for 85.20 metres. Iron contents of individual samples over core lengths of between 1.50 and 2.00 metres ranged up to a maximum 42.38% Fe, with an average of
29.98% Fe over 85.20 metres.
The dip of the iron zone, based on core angles, averages about 30 degrees. The hole was collared in iron formation, and so did not intersect the full width of the zone.
Technical information in this news release has been prepared and/or reviewed by Michael Magrum, P.Eng., a Qualified Person as defined in NI 43-101. Analyses were performed by Activation Laboratories Ltd. using X-Ray fluorescence.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian Iron exploration and development company with 4 major projects situated in the Labrador Trough of Quebec, Canada. The properties are near Adriana Resources' Lac Otelnuk Project and New Millennium's Kemag and Labmag Projects. Historical drilling on the Moore-Ross property includes a significant hole grading 42.9% iron over 197 feet. Over 37 drill holes, the primary iron mineral is hematite and iron grades ranged from 17.25% to 44.8%. The Company's shares trade on the TSX Venture Exchange under the symbol ZNR and on the Frankfurt Exchange under the symbol 7ZR.
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to U.S. investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.