Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
TORONTO, ONTARIO–(Marketwire – Aug. 30, 2011) – Advanced Explorations Inc. (the “Company” or “AEI”) (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce further drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Drill-hole 11TT011 intercepted 8 metres of high quality banded iron formation (BIF) grading 50.27% Fe within a broader 165.25 metre interval of BIF grading 33.61% Fe (see table below). The same broad interval also included 14 metres of 46.34% iron.
Drill-hole 11TT011 was collared approximately 125 metres ahead of drill-hole 11TT010 (reported August 17, 2011 – 237m @ 33% Fe) and drilled on the same section at the same azimuth and dip. Together the holes have intersected the footwall and hanging wall contacts of the BIF and results indicate that the width of the section is just over 300 metres wide carrying a grade of over 33% iron. The depth of the section has not been established.
John Gingerich, President and CEO, commented:
“We are excited by the consistent high grade, plus 50% Fe, banded iron formation being intersected at Tuktu 1. The broad intervals of greater than 33% Fe define an exceptional magnetite rich BIF deposit. Tuktu is emerging as an important asset adding value to the business development scenarios of the region.”
AEI expects the remaining Tuktu 1 drilling assays to be received in the near future which will allow us to initiate the NI 43-101 compliant resource estimate. The Company also plans to initiate metallurgical studies to better understand the Project’s development options.
Also reported today are the results of drill-holes 11TT012 and 11TT014. These holes were drilled approximately 2100 metres apart along strike and represent the two collars that are furthest apart on the drill grid and demonstrate the consistency in terms of size and grade of the Tuktu project.
Presented in the table below are the results for drill holes 11TT011, 11TT012 & 11TT014.
Summary Table
| Drill-hole | From (m)* | To (m)* | Interval* (m) | % Fe2O3 | % Fe | |
| 11TT011 | 3.75 | 169.00 | 165.25 | 48.05 | 33.61 | |
| including | 126.00 | 140.00 | 14.00 | 66.26 | 46.34 | |
| including | 130.00 | 138.00 | 8.00 | 71.88 | 50.27 | |
| 11TT012 | 58.00 | 225.08 | 167.08 | 44.34 | 31.01 | |
| within | 43.00 | 225.08 | 182.08 | 42.35 | 29.62 | |
| 11TT014 | 33.10 | 166.30 | 133.20 | 44.14 | 30.87 | |
| and | 51.00 | 93.00 | 42.00 | 48.10 | 33.64 | |
| * | down-hole length, not true width |
All holes are drilled at -45 degrees and at 40 to 45 degrees azimuth. All samples were prepared from sawn NQ-sized half-core sections on site in Nunavut. Split drill core samples are then sent to Activation Laboratories Inc. of Ancaster, Ontario for preparation and analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program. AEI’s Tuktu program is supervised by Steve Roebuck, P.Geo., the Vice President, Exploration for AEI and a Qualified Person as defined by NI 43-101. Mr. Roebuck has reviewed and verified the technical information contained in this news release.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on its Roche Bay Iron Ore Project in Nunavut, one of the world’s largest developing iron ore districts. The Roche Bay Project is located proximal to a natural deep water harbour on the east coast of the Melville Peninsula in Nunavut, Canada giving it many logistical advantages. The project has an indicated resource of 323 million tonnes, outlined within a small portion of the potential 140 km of banded iron formation. This iron formation incorporates the Roche Bay deposits, the Company’s Tuktu deposits and other targeted deposits in areas to the north, south and west of the Company’s Roche Bay Project. The preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
