New Millennium Iron Corp. (TSX:NML) announced the resource estimation for its 80% owned Sheps Lake and 100% owned Perault Lake properties in Newfoundland and Labrador. Data collected from its 23-hole (1,920.1 meter) in Sheps Lake and 50-hole (3,890.8 meter) in Perault Lake, 2012 drilling program have resulted in NI 43-101 compliant mineral resource estimates, at a cut-off grade of 18% DTWR, of 3.58 billion tonnes of Indicated Mineral Resources and an additional 795 million tonnes of Inferred Mineral Resources as shown in Table 1 below.
Dean Journeaux, President & CEO of NML, said “”Once again New Millennium has discovered another significant deposit after an initial work program. This further bolsters the status of the still largely unexplored Millennium Iron Range as one of the most prolifically mineralized iron ore districts in the world. New Millennium has always planned long-term and these new resources will add to our unrivalled opportunity to create long term value. Our vast and growing resource base of iron ore would provide the ability to support several producing mines to satisfy the projected global demand growth. More importantly, with a large and varied resource base we have the utmost flexibility to plan our expansion.”
The Sheps Lake property, which is 6.0 km long and 1.25 km wide, is located south of the LabMag deposit and the Perault Lake deposit occurs immediately to its south and is approximately 9.0 km long and 1.25 km wide. These properties form part of the 210-km long Millennium Iron Range, one of Canada’s largest iron ore areas, which is controlled by NML. Results are now available from two other promising properties where drilling has been completed and currently SGS is preparing a mineral resource estimate in compliance with NI 43-101: Howells Lake and Howells River North. Results from these properties are expected to be published in Q2 this year, providing further evidence of the potential of the Millennium Iron Range.
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