Northern Iron reports 114.0 metres at 39.06% FE(2)0(3) from the
drill program on Karas Property
VANCOUVER,
Jan. 29, 2013 /CNW/ - Northern
Iron Corp. ("Northern" or the "Company") (TSX-V: NFE) (OTCQX-
NHRIF) (FRANKFURT: N8I) today reported the final assay results
from the infill program on the Karas Property, Ear Falls, Northern
Ontario.
Basil Botha, President and CEO of
Northern Iron said; "We have continued to encounter high-grade
magnetite mineralization during this drill program and we are
looking forward to incorporating these results into the upcoming NI
43-101 resource calculation on the Karas property. The grades from
this round of drilling are excellent and compare favourably with
other iron ore projects in Canada
and globally especially when one considers the project is
year-round accessible by road with excellent infrastructure."
"The next step is to complete the drill program on the
Griffith property during the
summer of 2013, which will provide the necessary data required for
the completion of an NI 43-101 resource calculation. Our goal is to
put the past producing Griffith
mine back into production. Additional ore for the mine can also be
sourced from the neighbouring Karas property located 14 km from the
Griffth mine."
A total of 14 holes were drilled on the Karas property for a
total of 4,498 metres as part of the program aimed at infill
drilling and the testing of additional targets for the final
mineral resource estimation on the property. Assays were performed
at SGS Lakeview (Ontario) using an
iron ore assay package (XRF7C6) including sulphur.
Highlights of the drill programs on the Karas
property
Hole |
From (m) |
To (m) |
Interval (m) |
%Fe2O3 |
Ka-12-47 |
86.3 |
203.0 |
114.7 |
39.06 |
Ka-12-48 |
227.6 |
284.3 |
56.7 |
32.06 |
Ka-12-48 |
386.5 |
514.5 |
128.0 |
35.36 |
Ka-12-50 |
221.0 |
293.1 |
72.1 |
31.36 |
*True thickness to be determined.
The geological information in the news release has been verified
by Raul Sanabria, P.Geo., who is the
Qualified Person for Northern Iron Corp. under NI 43-101.
About Northern Iron Corp.
The Company is a 100% owner of five iron ore properties in the
Red Lake district containing over
500 million tonnes of historical resources with grades ranging from
22% to 31% Fe. The Red Lake
district is situated in an established mining area in Ontario, where the company has two near term
development projects, the past producing Griffith mine and the Karas property.
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, the issuer is not
treating the historical estimate as current mineral resources.
The Company is currently working towards the production of HBI,
a transportable form of direct reduced iron. HBI is complementary
and a viable metallic alternative to scrap steel. Quality scrap is
a critical raw material in the steel making process. With the
diminishing supply of quality scrap steel and ever increasing
market demand, steel producers around the world will be looking to
secure alternative supplies of metallic products.
As part of the business plan, the Company acquired the past
producing Griffith mine, which
produced pellets and sponge iron (Direct Reduced Iron/DRI) from
1968 to 1986. The mine was owned and operated by STELCO and
supplied pellets and sponge iron to the Hamilton and Nanticoke steel mills in Ontario. The metallurgy of the deposit has
been proven over eighteen years of production.
Almost the entire transportation infrastructure is currently in
place to both produce HBI and to ship produced HBI into the North
American market via rail and lake barges and into Asian markets via
rail through the port of Prince
Rupert. Existing infrastructure includes all weather roads,
115kV power line, natural gas line, rail bed and port
facilities.
The Company is focusing on de-risking the project by seeking out
potential joint venture partners, off-take agreements or a
combination thereof.
Cautionary Statement
The foregoing information may contain forward-looking statements
relating to the future performance of the Company. Forward-looking
statements, specifically those concerning future performance, are
subject to certain risks and uncertainties, and actual results may
differ materially from the Company's plans and expectations. These
plans, expectations, risks and uncertainties are detailed herein
and from time to time in the filings made by the Company with the
TSX Venture Exchange and securities regulators. The Company does
not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
Website: www.northernironcorp.com
Follow us on: LinkedIn, Twitter, Facebook and YouTube
http://www.linkedin.com/company/2587969?trk=tyah
http://twitter.com/#!/NorthernIC
http://www.facebook.com/pages/Northern-Iron-Corp/435045436545872
http://www.youtube.com/user/NorthernIronCorp?feature=guide
SOURCE Northern Iron Corp.