Canadian Orebodies Announces Final 2012 Drill Results at Haig West
10 Janeiro 2013 - 9:00AM
Marketwired Canada
Canadian Orebodies Inc. (TSX VENTURE:CO) ("the Company") is pleased to announce
the final set of assay results from the 2012 drill program at the Haig Inlet
Iron Project ("Haig Inlet"), located on the Belcher Islands in Nunavut, Canada.
"We are very pleased with the progress made during 2012 - a year in which we
established three new areas of iron mineralization and added over 145 square
kilometers of land for future exploration," said Gordon McKinnon, President &
CEO of Canadian Orebodies. "During this past year's exploration program we
outlined iron mineralization at Haig West over a 25km strike length, at Kihl Bay
over 10km, and at Haig North over 8km. This program reaffirmed management's
belief about the vast potential of the Belcher Islands, and we still have a
number of highly prospective areas that have never been drill tested."
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Hole ID From (m) To (m) Interval (m) Total Fe (%) Target Area
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CO-12-10 249.00 275.00 26.00 28.86 Haig West
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CO-12-13 39.60 51.30 11.70 28.22 Haig West
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CO-12-17A 58.70 149.10 90.40 25.06 Haig West
incl. 62.70 72.30 9.60 32.54
and 185.75 254.00 68.25 25.85
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CO-12-18A 49.30 140.30 91.00 24.34 Haig West
and 201.00 251.00 50.00 25.58
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CO-12-20 164.30 228.45 64.15 23.84 Haig West
and 271.95 326.00 54.05 25.86
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CO-12-21 219.60 260.75 41.15 26.03 Haig West
and 278.15 290.15 12.00 23.34
and 322.70 392.00 69.30 26.45
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CO-12-33 40.70 119.10 78.40 26.31 Haig West
incl. 47.05 60.60 13.55 32.84
and 161.00 203.00 42.00 29.41
incl. 165.90 183.00 17.10 33.39
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CO-12-35 132.00 172.65 40.65 26.00 Haig West
and 189.70 201.95 12.25 24.24
and 234.00 296.00 62.00 26.18
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In the above table the column title "Interval (m)" is the drill interception
width. As additional information is received, geological interpretations will
define true widths.
During the 2012 program a total of 6,469.6 meters (m) were drilled in 38 holes
spanning four separate target areas: Haig West, Haig South, the Haig North
Extension, and Kihl Bay. A map of the holes drilled during the 2012 program is
available on Canadian Orebodies' website at:
http://www.canadianorebodies.com/i/maps/HaigInlet/2012DrillPlan-Final.pdf.
Confirmation of Magnetite Trend on Haig West
At Haig West, drilling over a 25 kilometer strike length encountered the west
dipping iron formation in 14 drill holes. All drill holes at Haig West were
collared to intersect the magnetic anomaly which extends across the entire
strike length, and significant widths of iron bearing hematite and magnetite
mineralization were encountered. A 4.5 kilometer long outcrop of iron formation
that had never been historically mapped was discovered and drill tested at the
south end of the trend.
Expanded Land Position Covers Additional Exploration Targets
During the year, Canadian Orebodies acquired three new Inuit Owned Land parcels
known as Kihl Bay, Kugong Island, and Wiegand Island. The land packages total
14,527 hectares, which increased the Company's land position on the Belcher
Islands by 57% to 39,903 hectares in total. Based on historical data and
confirmation by ground prospecting, each area was selected for having the
highest potential to host near surface iron mineralization that may be amenable
to open pit mining. The Company drilled 7 holes at Kihl Bay during the summer
program, but Kugong Island and Wiegand Island have never been drill tested, and
will be subject to future exploration.
Qualified Person
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.
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 wholly-owned Haig Inlet Iron Project,
located on the Belcher Islands in Nunavut. The Haig Inlet Iron Project is host
to an indicated iron 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".
For more information please visit www.canadianorebodies.com.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
(705) 268-9000
www.canadianorebodies.com
First Canadian Capital Corp.
Jason Monaco
Investor Relations
(416) 742-5600
jmonaco@firstcanadiancapital.com
First Canadian Capital Corp.
Jamie Frawley
Investor Relations
(416) 742-5600
jfrawley@firstcanadiancapital.com
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