TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce the SEDAR filing of the National Instrument (NI) 43-101 compliant updated mineral resource estimate for the C-Zone and an initial resource estimate of the A/B-Zone both located within its Ocean-based Roche Bay Iron Project on the East Coast of the Melville Peninsula in Nunavut, Canada (www.sedar.com).
As press released on January 17, 2012 and as part of the ongoing Feasibility Study, an updated Mineral Resource Estimate for the Roche Bay Project's C-Zone reported the following results:
- The resource estimate now includes 501 million tonnes in the Indicated category averaging 26.35% total iron (25.67 % magnetic iron) at a 20% iron cut-off grade.
- A further 66 million tonnes averaging 26.37% total iron (25.72 % magnetic iron) at a 20% iron cut-off remains in the Inferred category.
- In comparison to the previous resource estimate (as press released April 06, 2011) the Indicated resource has increased by approximately 55%.
| C-ZONE INDICATED RESOURCE |
|
| Cut-off grade Fe % |
|
Tonnes (Millions) |
|
Total Iron (%) |
|
Fe3O4% |
|
SiO2% |
|
Al2O3% |
|
MnO % |
|
P % |
|
S % |
| 15 |
|
561.4 |
|
25.46 |
|
24.25 |
|
51.50 |
|
3.22 |
|
0.073 |
|
0.087 |
|
0.76 |
| 20 |
|
501.3 |
|
26.35 |
|
25.67 |
|
51.22 |
|
2.98 |
|
0.071 |
|
0.088 |
|
0.75 |
| 25 |
|
316.8 |
|
28.36 |
|
29.87 |
|
50.15 |
|
2.38 |
|
0.061 |
|
0.090 |
|
0.66 |
|
| C-ZONE INFERRED RESOURCE |
|
| Cut-off grade Fe % |
|
Tonnes (Millions) |
|
Total Iron (%) |
|
Fe3O4% |
|
SiO2% |
|
Al2O3% |
|
MnO % |
|
P % |
|
S % |
| 15 |
|
73.0 |
|
25.58 |
|
24.49 |
|
51.53 |
|
3.06 |
|
0.070 |
|
0.086 |
|
0.78 |
| 20 |
|
65.9 |
|
26.37 |
|
25.72 |
|
51.23 |
|
2.88 |
|
0.068 |
|
0.086 |
|
0.76 |
| 25 |
|
42.5 |
|
28.38 |
|
29.86 |
|
50.04 |
|
2.26 |
|
0.057 |
|
0.088 |
|
0.68 |
An initial resource estimate for the Roche Bay Project's A/B-Zone reported the following:
- The initial resource estimate for the A/B-Zone is 92 million tonnes in the Inferred category averaging 24.64% total iron at a 20% iron cut-off grade.
- The A/B-Zone is located approximately 5 kilometres to the north east of C-Zone and is part of the same Banded Iron Formation.
- The area included in the Inferred resource represents only a small portion of the actual A/B-Zone magnetic footprint.
- Drill holes used in this Inferred estimate were part of the 2008 drill campaign and historical holes drilled in 1982 by Borealis Exploration.
A/B-ZONE INFERRED RESOURCE
| Cut-off grade Fe % |
Tonnes
(Millions) |
Total
Iron
(%) |
| 15 |
142.8 |
22.20 |
| 20 |
92.2 |
24.64 |
| 25 |
38.6 |
27.88 |
| Note: magnetic iron and other elements reported for the C-Zone resource estimate have not been included in the A/B-Zone resource estimate since sampling results in 1982 did not include these elements. |
John Gingerich, President and CEO, commented;
"The filing of this technical report marks a milestone and is another very positive step in the Project's development. We continue to add value to our Roche Bay flagship Project and to the entire iron district with the Tuktu project to the north and the significant untapped discovery potential of the banded iron formation along the east coast of the Melville Peninsula. We encourage everyone to take the time and read through this comprehensive document."
The Company also wishes to announce that, pursuant to the Company's Stock Option Plan approved at the June 29th, 2011 Annual General Meeting and subject to TSX approval, it intends to issue a total of 1,990,000 options to management, consultants and employees at a price of
.35.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO