NUNAVUT - Baffinland Iron Mines of Toronto reports that its latest discovery, the No.9 deposit, is high grade. Assays from surface sampling averaged 70.3% Fe across an east-south-easterly striking zone. The two samples were taken from an iron oxide mineralized zone exposed for a 400-500 metre zone that is slightly oblique to the regional strike and up to a 200-metre width. The samples are composed of primarily high grade magnetite-dominant mineralization. The high grade mineralized zone is part of a much larger 7-km exposure of the folded Mary River Group, host of the high grade iron ore deposits. Preliminary interpretation of regional airborne magnetics indicates that the total strike length of the Mary River Group exceeds 15 km.
The No.9 deposit was discovered as part of regional exploration during the company's 2010 advanced exploration program on its Mary River iron ore deposits on Baffin Island. The new discovery is located approximately 120 km southeast of the Mary River camp and deposit No.1.
Baffinland is the target of a hostile takeover bid by Nunavut Iron Ore Acquisition, that has extended its offer to Dec. 2, 2010.
Baffinland's latest corporate presentation, posted at www.Baffinland.com, outlines the board's reasons for preferring a competing bid from ArcelorMittal.