IRON ORE EXPLORATION – High-Grade Deposit Attracts Baffinland

NUNAVUT - As drilling continues to intersect high-grade mineralization, BAFFINLAND IRON MINES of Toronto has releas...
NUNAVUT - As drilling continues to intersect high-grade mineralization, BAFFINLAND IRON MINES of Toronto has released the first assay results from its wholly-owned Mary River project, 160 km south of Pond Inlet on Baffin Island. The company has drilled two deposits and identified a new high-grade Upper zone of Deposit No.1. High-grade iron oxides dominantly in the form of hematite, assayed 66.0% Fe over three intervals totalling 95.4 metres in one hole. In another the zone graded 65.6% Fe over three intervals totalling 81.4 metres. Assays are still pending for substantial intersections in the Upper zone in three additional holes. Fuller results are available at www.baffinland.com.

The Mary River deposits were drilled in the 1960s and estimated to contain a resource of 120 million tonnes at 68% Fe. A pure hematite grade of 69.94% Fe and a pure magnetite grade of 72.36% Fe were established.

Baffinland hopes to delineate a resource that will support a direct-shipping iron ore operation at a rate of 10 million tonnes/year. Customers will be sought in Europe. A further 10,000 metres of drilling is planned for 2005.

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