Drill results for Advanced Explorations’ (AXI-V) Roche Bay iron ore project in Nunavut confirm a higher grade core within a broader zone of lower grade banded iron formation over a 4 km strike length, the company says.
The latest assay results from the Toronto-based junior’s 2008 exploration program include highlights such as Hole 08-92 that hit 66 metres averaging 31.74% iron within a broader zone of 233.1 metres averaging 26.61% iron.
Drill-hole 08-78 cut 149.7 metres of 24.50% iron including an interval of 85.4 metres of 26.98% iron. In addition, drill-hole 08-79 returned 137.6 metres of 25.98% iron, including an interval of 28 metres of 31.67% iron.
The Roche Bay deposit on Nunavut’s Melville peninsula “benefits from transportation efficiencies possibly making it one of the world’s premium iron ore prospects,” the company noted in a press release.
The project is 5-10 km away from a naturally deep harbor (depths of more than 20 km) and just nine days sailing to Europe. Despite its northern location, it still averages a 270-day ice class shipping window.
Advanced Explorations acquired the option to earn an interest in the Roche Bay magnetite project in early 2007 and on Dec. 5 signed a memorandum of understanding with its joint-venture partner, Roche Bay, to acquire 100% of the project.
The company went on to raise $3 million through a private placement announced on Dec. 15.
At midday in Toronto, Advanced Exploration was trading at 19¢ per share. The junior explorer has a 52-week trading range of 4.5¢-$2.57 per share and has 37.8 million shares outstanding.
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