Champion Announces Initial Resource At Penguin Lake

Thursday December 19, 2013 10:08 AM

Champion Iron Mines Ltd. (TSX: CHM) released its initial resource estimate for the Penguin Lake deposit, located in the southern Labrador Trough, which is currently under option to Cartier Iron Corp. The mineral resource estimate pegs the resource at reported 531.1 million metric tons grading 33.1% total iron of in-pit inferred resources at a 15% total iron cut-off grade, Champion says. “With the ten-fold increase of the historic resource, the updated resource makes the Penguin Lake deposit the largest iron resource in the southern Gagnon Terrane in the southern Labrador Trough,” says Thomas Larsen, president and chief executive officer of Champion. “It is significant to note that the current resource comprises less than half of the modeled bowl-shaped deposit, pointing to a huge upside resource potential in the areas to the north and west, where the iron formation is interpreted to re-surface.”

By Alex Létourneau of Kitco News; aletourneau@kitco.com