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Re: Press Release - Monday, September 12, 2011
Canadian Orebodies Announces First Drill Results From Haig Inlet
Iron Ore Project
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TORONTO, September 12, 2011 -- Canadian Orebodies Inc. (TSXV: CO)
("Orebodies") is pleased to announce the first set of drill results
from the ongoing drill program at the Haig Inlet Iron Ore Project
("Haig Inlet"), located on the Belcher Islands in Nunavut, Canada.
Assay results have now been received for the first fourteen holes
drilled at Haig Inlet, and highlights include:
.. Average iron (Fe) grade of 29.2% over the first fourteen holes.
.. Iron mineralization delineated over an area of roughly 9 square
kilometers and remains open to the north and south.
.. Infill drilling now underway for preparation of initial NI 43-101
compliant resource estimate by Q1/2012.
The first phase of drilling this season was completed on seven lines
spaced approximately 500 metres (m) apart on an area measuring roughly
3km by 3km immediately north of Haig Inlet. On each line, drill holes
were also spaced approximately 500m apart. These initial assays
comprise a number of holes on lines A, B, C and D, covering an area of
roughly 1.5km north-south by 2.5km east-west.
The Kipalu Iron Formation in this target area is essentially flat lying
with only very slight changes in dip. Drilling has indicated that the
iron formation shows excellent continuity over the entire 9 square
kilometer area in the drilling completed during the first phase of the
program.
In the first set of assays, the top of the iron formation averages 59m
below surface and ranges from 41m to 94m below surface. Thickness of
the iron formation ranges from 32m to 52m and averages 45m, while
average Fe grades over these intervals range from 28.4% to 30.2% and
average 29.2%Fe.
The assays received to date are divided amongst four lines of vertical
drill holes as follows:
Line A contains holes 1 through 5.
Line B contains holes 6 through 10.
Line C contains holes 15 and 16.
Line D contains holes 17 to the eastern extent and 22 to the western
extent.
A table of intercepts, average grades and depths below surface are
included in the following table.
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Average Depth to
Hole ID Intercept Width of Top of
Fe % Zone (m) Zone (m)
Grade
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CO11-01 29.4 52.1 43.5
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CO11-02 29.4 44.8 49.7
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CO11-03 28.4 32.2 72.9
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CO11-04 28.5 47.0 59.1
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CO11-05 28.6 42.0 54.3
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CO11-06 29.4 50.7 46.8
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CO11-07 29.9 43.7 67.8
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CO11-08 29.1 48.3 67.8
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CO11-09 29.1 48.2 56.9
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CO11-10 29.3 44.0 41.5
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CO11-15 29.4 44.0 65.7
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CO11-16 29.5 44.0 43.9
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CO11-17 30.2 41.7 94.0
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CO11-22 28.6 46.0 65.2
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Average 29.2 44.9 59.2
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Minimum 28.4 32.2 41.5
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Maximum 30.2 52.1 94.0
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A Fe regression formula based on 50 initial samples indicates a mean
density factor of 3.34g/cc.
"It's very exciting to see such positive results from Phase 1 of our
drill program. The first set of assay results clearly demonstrates the
potential of Haig Inlet to be a large-tonnage iron ore project," says
Gordon McKinnon, President & CEO of Canadian Orebodies. "These results
cover a small area of a very large and continuous iron formation of the
Superior type, which we believe will allow us to confirm and
potentially expand the historical resource estimate."
The Kipalu Iron Formation is a Paleoproterozoic Superior-type banded
iron formation that was deposited between an extensive shallow marine
carbonate succession and deep marine turbidites interbedded with mafic
volcanics and gabbro sills, which covers a vast area around the Haig
Inlet area.
Canadian Orebodies has acquired and staked portions of land around Haig
Inlet that Orebodies believes to be the most amenable to open pit
mining. The area immediately north of Haig Inlet represents one of
these target areas which has been the focus of Orebodies' current
drilling program. Other highly prospective areas, including the
continuation of the Kipalu Iron Formation stratigraphy south of Haig
Inlet, are being assessed in preparation for further anticipated
drilling in 2012. This area represents an untested continuation of the
iron mineralization which could hold considerable upside based on the
fact that this deposit is of the Superior type and that excellent
continuity in the zone to the north is shown in our initial results.
Drilling Program Update
The second phase of drilling is currently underway utilizing 3
Diamonddrills, infilling between the current 500m drill hole spacing in order
to prepare for an initial NI 43-101 compliant resource estimate. This
phase of drilling should be completed by the end of September with
assay results expected this fall. A resource estimate and technical
report is anticipated to be completed by the first quarter of 2012.
Orebodies has now completed over 7,430 meters (m) in 50 drill holes to
date on the Haig Inlet Iron Ore Project. All 50 holes have been focused
on the Kipalu Formation of iron-bearing rocks, following up on the work
previously carried out on the Property in the 1950's by Belcher Mining
Corporation Ltd ("BMC"), in the central location around and north of
Haig Inlet. All 50 of the holes completed have intersected iron oxide
mineralization and further assay results will be released when they are
received.
About the Property
The Haig Inlet Iron Ore Project covers over 14,180 hectares on Flaherty
Island in Nunavut. A significant amount of exploration work, including
numerous widely-spaced
Diamond drill holes, was carried out on the
property during the 1950's by BMC. BMC's exploration programs targeted
the Kipalu Formation of iron-bearing rocks containing laterally
extensive magnetite (with subordinate hematite) iron formations of the
Superior type. The Haig Inlet project is host to a significant
unclassified historical resource estimate of 907 million tonnes grading
27% iron as defined in the government publication, "Northern Mineral
Policy Series; NM1: Mines and Important Mineral Deposits of the Yukon
and Northwest Territories, 1982* ".
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS Minerals
Services ("SGS") which is independent of Orebodies. Sample preparation
and analyses were performed at the SGS laboratories based in Garson,
Ontario and Lakefield, Ontario respectively. The samples were analyzed
by XRF.
A thorough QA/QC program is in place which includes the submission by
Orebodies of systematic standards samples within every sample batch
submitted to SGS. In addition, SGS inserts its own duplicate samples.
The results from these control samples indicate acceptable consistency
of analysis.
This press release has been prepared under the supervision of Mr. Henry
Hutteri (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. Hutteri has verified the technical data disclosed in this
press release.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
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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Copyright (c) 2011 CANADIAN OREBODIES INC. (CO) All rights reserved.
For more information visit our website at
http://www.CanadianOrebodies.com/ or send
mailto:info@canadianorebodies.com
Message sent on Mon Sep 12, 2011 at 1:46:41 PM Pacific Time
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