advancing to production
100%-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory, Canada.
Message: Reports High Grade Assays From The Newly Discovered Deposit No. 5
| October 7, 2009 |
| Baffinland Reports High Grade Assays From The Newly Discovered Deposit No. 5 |
| TORONTO, ONTARIO--(Marketwire - Oct. 7, 2009) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces high grade iron assay results from the newly discovered, hematite-dominant mineralized zone designated as Deposit No 5. Initial surface sampling of Deposit No. 5 occurred in September, after completion of drilling on Deposit No. 1 from the Company's 2009 advanced exploration program on its wholly-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory, Canada. Assays from surface sampling averaged 66.7% iron along the southeast trending strike length of Deposit No. 5 that can be traced at surface for almost four kilometres. Several zones of hematite-dominant mineralization have been outlined; the largest of which outcrops for 700 metres in strike length and more than 70 metres in width. Deleterious elements (manganese, phosphorous, sulphur and alkalis) are exceptionally low and generally below the analytical detection limit. Gordon McCreary, President and CEO of Baffinland stated, "The expansion of our land position and the airborne magnetic survey completed in 2008 resulted in this important discovery. Twice since the reactivation of exploration at Mary River in 2004, Baffinland has increased its resources by a factor of between two to three times and with discoveries such as Deposit No. 5 and the excellent exploration potential of the other four deposits we are well positioned to accomplish that yet again, in due course." The zone is located less than 5 kilometres southeast from Baffinland's Deposit No. 4 and was the first target to be assessed following the airborne magnetic survey completed in 2008. The magnetic survey defined a target horizon of highly prospective iron formation that can be traced for a strike length of more than 60 kilometres. Preliminary reconnaissance work discovered Deposit No. 5 and further regional exploration is planned for 2010. The twenty composite samples were taken over a broad range of the outcrop exposure of specular hematite-dominant mineralization and assays ranged from 61% to 70% iron (see table 1). Additional work in 2010 is still in the planning stages but probable work being considered is geological mapping, more comprehensive sampling and drilling. SGS Lakefield Research Limited performs assay and analytical work under a strict protocol designed for testing lump iron ores. Representative samples will be sent to Studien Gesellschaft fur Eisenerz-Aufbereitung (SGA) in Germany, where they are composited for detailed metallurgical testing to ISO standards for iron ore. The analytical testwork is supervised and interpreted by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101. Baffinland is a Canadian publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada. Baffinland's shares trade on the Toronto Stock Exchange under the trading symbol BIM. |
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