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Re: Canadian Orebodies Announces Successful Completion of Summer
Drill Program at Haig Inlet
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TORONTO, Oct 12, 2011 -- Canadian Orebodies Inc. (TSXV:CO)
("Orebodies") is pleased to announce the successful completion of the
summer drill program at the Haig Inlet Iron Ore Project ("Haig Inlet"),
located on the Belcher Islands in Nunavut, Canada.
In total, 9,117.5 meters (m) were drilled in 64 holes, including two
holes that were abandoned above the mineralized zone and one hole that
was abandoned in the mineralized zone due to complications while
drilling.
Orebodies is extremely pleased that all the completed holes intersected
iron oxide mineralization and initial assay results have shown
excellent continuity of grade and thickness. Assays for the first 14
holes were released on September 12, 2011, and further assay results
will be released when they are received.
All 64 holes have been focused on the Kipalu Formation of iron-bearing
rocks, following up on the work previously carried out on Haig Inlet in
the 1950's by Belcher Mining Corporation Ltd. Resource and technical
information gained from this program will be used to generate an
initial NI 43-101 compliant resource estimate by the first quarter of
2012.
"We are very pleased that we were able to exceed our target drilling
meterage during our first summer drill program at Haig Inlet," says
Gordon McKinnon, President & CEO of Canadian Orebodies. "The pending
results of this program will provide us with an excellent information
base with which to formulate a plan for further exploration and
development of the project."
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. 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 excellent continuity in the zone to the north is shown in the
initial results.
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(i) ".
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
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.
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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
mailto:info@canadianorebodies.com
Message sent on Wed Oct 12, 2011 at 6:52:38 AM Pacific Time
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