Labrador Iron Mines Holdings Limited announced that the completion of its 2012 exploration field program totaling 14,000 meter of diamond and reverse circulation drilling. This represents the largest exploration program ever completed by the Company.
LIM's field crew is now working on several of its Schefferville area iron ore projects in both Newfoundland and Labrador and Quebec towards the completion of geological core logging and sampling in early 2013 and LIM anticipates several new and updated National Instrument 43-101 compliant resource estimates on its deposits for completion by the end of its fiscal year.
During the 2012 field season, LIM completed 14,000 meter of diamond and RC drilling, a 40% increase over the planned 10,000 meter. LIM is on track to complete by March 31st 2013, updated resource estimates for two major deposits:
i). The James Deposit (currently in production), including the James South Extension
ii). The Houston deposits (currently 22.9 million tonnes of Measured and Indicated mineral resources see press release dated May 31st 2012).
LIM is also on track to complete new and initial mineral resource estimates on the Malcolm deposit, the historic crushed ore stockpiles in both Quebec and Labrador and its first inferred mineral resource estimate on the Elizabeth Lake Taconite. Drill results at Malcolm-1 returned ore type intersections (grading greater than 50% Iron in 11 of the 14 holes. Highlights include hole RC-M026, which intersected 21 meter at 60.8% Fe and hole RC-M018, which intersected 18 meter at 58.8% Fe.
During the 2012 exploration program, LIM also acquired geological information through the use of diamond drilling, which successfully recovered core samples for the first time. These samples will now provide better bulk density, geotechnical, metallurgical and hydrogeological interpretations required for detailed mine planning.
Mr Rod Cooper, President and COO of LIM's said that "In our 2012 drilling season, our exploration team demonstrated their experience and competence by successfully delivering the most ambitious program in our Company's history."
Mr Cooper said that "As a result, we are on track to complete several new and updated resource estimates by the end of our fiscal year. Equally as important, the field information collected this year will not only contribute to the development and delineation of our resource base, but will also provide valuable technical information for strategic mine planning. Preparation work has now commenced for another ambitious exploration program in fiscal 2014, scheduled to commence in April 2013."
