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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 2, 2012) – Rogue Iron Ore Corp. (TSX VENTURE:RRS) (the “Company”) is pleased to announce assay results from drilling at its Radio Hill iron ore project, located 80km southwest of Timmins, Ontario. Drill hole RH-12-31 intersected 482 meters of banded iron formation (BIF) returning 39.9% total iron (25.7% DTWR) and drill hole RH-12-30 intersected two intervals of BIF returning 41.0% and 43.6% total iron (27.4% and 31.8% DTWR). Both holes show the width and depth potential at Radio Hill. These reported results were drilled through the central thickened portion of the iron formation. Several drill holes show that additional high grade material is located at depth (see Section 412325E via link below).
“These results have exceeded our expectations with robust intersections of good grades showing the potential of the thickened central portion of the iron formation. With drilling complete, Rogue has commenced market studies and metallurgical testing in order to characterize the ore for marketing the potential product both domestically and abroad,” commented Company President & CEO, Freeman Smith.
The 2012 drill program, consisting of 43 holes, was completed in May 2012. Of the 43 holes, 3 holes were drilled previously but were not sampled for iron until now, bringing the cumulative total core length drilled to 10,447 meters. Portions of the core have been sent to SGS Lakefield Research Ltd. for analysis as part of the metallurgical testing currently underway and expected to be completed mid-August, at which point an NI 43-101 compliant resource estimate will be completed.
To view updated sections of recent drilling, please click on the following link: http://media3.marketwire.com/docs/rrs801cs.pdf
To view a drilling plan map showing the latest results please click here: http://media3.marketwire.com/docs/rrs801dp.pdf
| Table 1: Final Radio Hill Drilling Assay Results not yet reported | ||||||
| Hole Name | From (m) |
To (m) |
Core Interval (m) |
Total Iron % |
Calc. DTWR % |
|
| RH-12-30 | 5.0 | 45.0 | 40 | 41.0 | 27.4 | |
| and | 288.0 | 414.0 | 126 | 43.6 | 31.8 | |
| RH-12-31 | 77.7 | 559.7 | 482 | 39.9 | 25.7 | |
| RH-12-33 | 10.0 | 126.0 | 18 | 41.2 | 26.0 | |
| and | 288.0 | 402.0 | 114 | 40.5 | 25.7 | |
| and | 462.0 | 498.0 | 36 | 43.9 | 32.8 | |
| RH-12-34 | 23.0 | 79.3 | 56.3 | 43.4 | 31.7 | |
| RH-12-39 | 126.5 | 138.0 | 11.5 | 43.8 | 30.2 | |
| Calculated Davis-Tube Weight Recovery (DTWR) = 1.546 (Satmagan) – 0.858. Core interval lengths are between 60 to 80% true width. |
ABOUT RADIO HILL
Radio Hill is a taconite (magnetite) iron formation located 80km southwest of Timmins, Ontario and is accessed by Highway 101. Original exploration work at Radio Hill was conducted in the 1960’s, when iron ore prices were less than one-fifth of what they are today. Although low prices existed, the project still had a feasibility study completed and a market secured. Since that time, ownership of the asset has been fragmented and with various landholders owning various parts of the deposit. Over the past 50 years, little to no iron exploration work took place until 2008 when Rogue acquired both the historical resource and the surrounding 12,000 hectares of highly prospective ground which includes the 12km long Nat River iron formation. The property is transected by a heavy-gauge portion of the CN Rail mainline at the active Kukatush rail siding. There is power and water within kilometers of the present drilling.
The Company has also completed a ground magnetics survey on a portion of the 12km strike length of the Nat River iron formation, located 6km to the east of the Radio Hill iron deposit. Work in this area will focus on mapping and sampling.
QUALITY CONTROL AND ASSURANCE
All drill core samples have been split and shipped by the company to SGS Lakefield, where the samples are prepared and analyzed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3, and retained moisture (LOI) by multi-temperature. Sulphur and sulphide analysis is done separate to the XRF analysis. Satmagan readings are done on each sample. A magnetite concentrate for some holes is produced using a Davis Tube concentrator (DT) giving a weight recovery percentage (DTWR). The concentrate is then analyzed by XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature. The company inserts systematic duplicates, blanks and standard samples every 30 samples to verify and assure acceptable consistency of analysis. The samples are analyzed at SGS labs in Lakefield, Ontario. SGS is an internationally recognized leader in iron ore analysis. Kevin Montgomery, P.Geo., is the qualified person for the purposes of National Instrument 43-101 and has reviewed the technical contents of this press release.
X-Ray fluorescence (XRF) spectroscopy is commonly used to determine the iron grade of a deposit, reported as ‘total iron’. In the case of taconite iron formations where the mineral of interest is magnetite, a strongly magnetic mineral, a direct l measurement is conducted using the Satmagan instrument in addition to the physical measurement of magnetite using the Davis Tube test technique. In the instance of Radio Hill, the Satmagan and Davis Tube results are the most important parameter, since it is this parameter that is used to calculate mineral resource estimates.
ABOUT ROGUE IRON ORE CORP.
Rogue Iron Ore Corp. is an exploration and development company with offices in Vancouver, BC and Timmins, ON. The Company’s primary asset is its Radio Hill iron ore project located 80km southwest of Timmins, ON.
KEY COMPANY MILESTONES, EXPECTED IN THE NEAR-TERM
ON BEHALF OF THE BOARD OF DIRECTORS
Freeman Smith, President & CEO
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company’s planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management’s expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company’s exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Rogue Iron Ore Corp.
Mike McCormick
Corporate Communications
(604) 638-1157
[email protected]
www.rogueiron.com
