[Marinir] {Disarmed} Cdn Orebodies (TSX-V: CO) Targets 3 Highly Prospective Areas for New Iron Ore Discovery
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Tue May 15 13:40:31 CEST 2012
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CANADIAN OREBODIES ANNOUNCES 2012 EXPLORATION PROGRAM ON THE BELCHER
ISLANDS
Canadian Orebodies Inc. (TSX-V: CO
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=CO®ion=C&lookup=symbol&snapshot=default
) is pleased to announce its plans for the upcoming 2012 exploration
season on the Belcher Islands, Nunavut. Beginning in June, the Company
intends to evaluate a number of high priority exploration targets in the
areas around Haig Inlet on the Belcher Islands. The company plans to
conduct the exploration drilling this season in two phases: wide-spread
exploration holes on 3 separate targets, followed by infill drilling on
the areas which would be most amenable to developing an open-pit mineral
resource.
"This summer's exploration program will form part of a defining year for
the Company and the Haig Inlet project, as we continue toward our goal
of establishing the Belcher islands as Canada's next iron ore district"
said Gordon McKinnon, President and CEO of Canadian Orebodies. "We are
targeting 3 very large and highly prospective areas to show the wide
spread iron formations on the Belcher Islands. The goal for this year is
to establish a new deposit to be brought into a 43-101 resource, all
while we advance the Haig Inlet deposit through our planned technical
studies."
Three Large Untested Targets to be Drilled - Goal of Establishing New
Deposit
The company has identified three large untested target areas that have
been selected for drilling during the 2012 exploration program. Each
target was selected for having the highest potential to host near
surface iron mineralization that may be amenable to open pit mining.
Target 1: Haig West Property
Exploration in the 1950's by the Belcher Mining Corporation Ltd.
included a number of regional magnetic surveys which identified a
continuous magnetic anomaly along the western shore of Flaherty Island.
In the fall of 2011, Canadian Orebodies staked 13 claims to cover this
geophysical target, which lies approximately 10km to the west of the
Haig Inlet Project. The magnetic anomaly contained within this claim
group extends approximately 29.4km in a north-south direction and is
coincident with a single exposure of the Kipalu Iron Formation mapped in
1959. The Company plans to initiate exploration of the stratigraphy on
western Flaherty Island in 2012 with a magnetic survey followed by
widely-spaced drill holes.
Target 2: Kihl Bay Anticline
The second target is located to the northeast of Haig Inlet and is
comprised of relatively closely spaced anticlines and synclines plunging
north. The Company believes the anticlines may elevate the Kipalu Iron
Formation stratigraphy proximal to surface, as these folds are well
defined by the Aster satellite imagery work completed by Wickert in
2007. Although the iron formation is not exposed in this area, Orebodies
is excited about the possibility for significant additional iron
mineralization near surface.
Target 3: Haig North Extension
The third target for further exploration is the northward extension of
the Kipalu Iron Formation, which runs north for an additional 17km from
the northern most 2011 drill holes. Only two areas of iron formation
outcrop have been examined along this trend. One occurs near the extreme
north end of the property and another near the northwestern most 2011
drill holes. Exposures in both areas are comprised of Fe-rich argillite
and dip towards the east. The Company plans to drill widely-spaced holes
along this 17km trend.
Haig Inlet Deposit to be Advanced by Mineralogical and Metallurgical
Studies
In the coming weeks, the Company plans to begin advancing its technical
knowledge of the Haig Inlet deposit by undertaking mineralogical and
metallurgical studies. Canadian Orebodies is also pleased to announce
the appointment of SGS in Lakefield to conduct metallurgical testing
using samples taken from the Company's Haig Inlet project. The goal of
the testing is to provide an analysis of weight recoveries and
concentrate grades. This process is critical in helping to assess the
overall quality of the product that would be produced from the project.
"We are focusing on extensive testing now given the importance of
metallurgy to our future customers," said Gordon McKinnon, President and
CEO of Canadian Orebodies. "We hope to show in short order that a
favourable product could be created from the ore at Haig Inlet."
Belcher Islands Advantage - Direct Ocean Shipping Potential
The Company is particularly enthusiastic about the Haig Inlet Project
because it is located adjacent to tidewater in Hudson Bay, which opens
up the possibility for direct ocean shipping to global markets. The
ability to ship via ocean freighter without using rail could be a major
cost advantage on both the initial capital and operating side when
compared to land locked projects. As an example, projects in the
Labrador Trough often require significant capital costs attributed to
rail lines that have to be constructed to move the ore to a port, where
it can then be shipped by freighter to the end user.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with
a portfolio of properties in Nunavut and Ontario. Canadian Orebodies'
primary focus is on advancing and developing its Haig Inlet Iron Ore
Project, located on the Belcher Islands in Nunavut. The Haig Inlet Iron
Ore Project is host to an indicated iron ore resource of 230 million
tonnes at 35.17% Fe and an additional inferred resource of 289 million
tonnes at 35.47% Fe. Canadian Orebodies trades on the TSXV under the
symbol "CO".
This press release has been prepared under the supervision of Mr. George
Wahl (P.Geo.), who is an independent consultant to the Company and a
"qualified person" (as such term is defined in National Instrument
43-101). Mr. Wahl has verified the technical data disclosed in this
press release.
For more information please visit www.canadianorebodies.com
http://www.canadianorebodies.com
or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
Jason Monaco ( jmonaco at firstcanadiancapital.com )
Jamie Frawley ( jfrawley at firstcanadiancapital.com )
Investor Relations
First Canadian Capital Corp.
(416) 742-5600
Forward-Looking Information
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to mineral resources, potential
mineralization, exploration results and the Company's plans with respect
to the exploration and development of the Properties) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the actual
results of the Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are realized
or substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on the Company. Factors that
could cause actual results or events to differ materially from current
expectations include, among other things, changes in commodity prices,
changes in equity markets, failure to establish mineral resources,
changes to regulations affecting the Company's activities, delays in
obtaining or failures to obtain required regulatory approvals,
uncertainties relating to the availability and costs of financing needed
in the future, the uncertainties involved in interpreting drilling
results and other ecological data, and the other risks involved in the
mineral exploration and development industry. Any forward-looking
statement speaks only as of the date on which it is made and, except as
may be required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement, whether as
a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements
are not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
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