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Cartier Iron Announces Assay Results from Its 2013 Phase I Drilling Programme Completed at the Penguin Lake Project, Southern Labrador Trough

Apr 25 2013 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwired) -- 04/25/13 -- Cartier Iron Corporation (CNSX: CFE) ("Cartier Iron" or the "Company"), is pleased to provide assay results from its ten-hole Phase I diamond-drilling programme completed on the Company's optioned Penguin Lake Project (the "Project"), located in the southern Labrador Trough, Quebec.

Ten (10), NQ-diameter drill-holes, totalling 3,315 metres (m) were completed at the Project between January 19th and February 23rd, 2013. The drill holes were designed to intersect magnetite/ hematite-rich iron formation, coincident with a strong magnetic-response anomaly(1), in the area of the catalogued "Lac Pingouin Zone 1" Occurrence(2) (http://sigeom.mrnf.gouv.qc.ca/ Cogite # 23C/01-0004), which has an historic mineral resource(3) of 46.7 Million tonnes grading 30% FeT (Total Iron)(4), estimated from the results of nine historic diamond-drill holes.

The Phase I drilling campaign intersected a total of 1600 metres of iron formation with an average grade of 29.5% FeT. A list of composite assay results from the drill programme is shown in Table 1. Selected "best" intervals include: 242 m grading 25.2% FeT from hole PL13-04; 129 m grading 34.4% FeT in hole PL13-05; 112 m of 29.4% FeT encountered in hole PL13-07, and; 300 m grading 33% FeT in hole PL13-10.

Paul Ankcorn, Cartier Iron's President, commented, "The Penguin Lake Project is the inaugural drilling programme for Cartier Iron and it has proven to be a great success. Preliminary indications show that our drill results will produce a substantial increase in resources above the Historical Resource Estimate reported for the Lac Penguin Occurrence."

Cartier Iron has commissioned MRB & Associates of Val-d'Or, Quebec to complete a National Instrument 43-101 compliant Mineral Resource Estimate for the Penguin Lake Project with results expected by early Q3 2013.

Mr. Ankcorn further stated, "Now that we have a better understanding of the sub-surface geology, we have constrained the interpretation of the magnetic survey data, and this has led us to postulate a bowl-shaped geometry to the iron formation. The Phase I drilling mainly intersected the south-east part of the 'bowl', so we see a huge upside resource potential to the west, where the iron formation is interpreted to re-surface."

The Penguin Lake Project is being carried out on the Round Lake Property, part of Cartier Iron's "Gagnon Holdings", which encompass five (5) separate mineral concessions covering 344 km2 in the Gagnon Terrane of the southern Labrador Trough. The Gagnon Holdings are currently being explored pursuant to an option agreement with Champion Iron Mines Limited (TSX: CHM), whereby Cartier Iron was granted the right to earn a 65% interest in the iron-rich mineral concessions (see Cartier Iron's press release dated December 11, 2012).

Table 1: Composite(i) Assay Results from Phase I Drilling; Penguin Lake Project---------------------------------------------------------------------------- Hole Length Azimuth From To Interval(ii) FeT(iii) CompositeHole # (m) (True) Dip (m) (m) (m) (%) Interval---------------------------------------------------------------------------- 180 -78 42.3 m @PL13-01 162.0 degrees degrees 2.7 45.0 42.3 27.8 27.8% FeT 53.0 m @ 81.0 134.0 53.0 29.4 29.4% FeT---------------------------------------------------------------------------- 180 -82 50.2 m @PL13-02 266.0 degrees degrees 119.3 169.5 50.2 28.7 28.7% FeT 54.7 m @ 194.2 248.9 54.7 28.3 28.3% FeT---------------------------------------------------------------------------- 160 -69 79.3 m @PL13-03 320.0 degrees degrees 92.2 171.5 79.3 31.1 31.1% FeT 39.9 m @ 257.0 296.9 39.9 27.8 27.8% FeT---------------------------------------------------------------------------- 180 -79 242.1 m @PL13-04 410.0 degrees degrees 99.0 341.1 242.1 25.2 25.2% FeT 17.4 m @ 368.4 385.8 17.4 30.4 30.4% FeT---------------------------------------------------------------------------- 55 -44 129.1 m @PL13-05 277.0 degrees degrees 34.5 163.6 129.1 34.4 34.4% FeT 91.3 m @ 185.9 277.2 91.3 27.4 27.4% FeT---------------------------------------------------------------------------- 110 -49 63.0 m @PL13-06 286.0 degrees degrees 3.9 66.9 63.0 26.9 26.9% FeT 44.0 m @ 106.0 150.0 44.0 26.3 26.3% FeT 54.4 m @ 202.0 256.4 54.4 30.5 30.5% FeT---------------------------------------------------------------------------- 180 -75 88.5 m @PL13-07 482.0 degrees degrees 126.0 214.5 88.5 29.0 29.0% FeT 112.4 m @ 346.0 458.4 112.4 29.4 29.4% FeT---------------------------------------------------------------------------- 75 -64 38.4 m @PL13-08 322.0 degrees degrees 80.6 119.0 38.4 30.7 30.7% FeT 50.0 m @ 237.0 287.0 50.0 29.5 29.5% FeT---------------------------------------------------------------------------- 90 -75 66.0 m @PL13-09 416.0 degrees degrees 204.0 270.0 66.0 27.4 27.4% FeT 32.1 m @ 360.0 392.1 32.1 28.9 28.9% FeT---------------------------------------------------------------------------- 180 -65 299.8 m @PL13-10 374.0 degrees degrees 31.8 331.6 299.8 33.0 33.0% FeT---------------------------------------------------------------------------- 1600 m @ Overall: 29.5% FeT----------------------------------------------------------------------------(i) The Select Composites are not necessarily representative of the averagegrade or thickness of the mineral zones or potential resource.(ii) Intervals are down-hole lengths and not true widths of the mineralzones.(iii) Grades are calculated from Total Fe% sample assays completed by ALSChemex Laboratories using the "High Grade/Ores Method" and XRF analysis.



About Cartier Iron Corporation

Cartier Iron is an exploration and development company focused on discovering and developing significant iron ore resources in eastern Canada, particularly in the province of Quebec. The Company's projects include the Gagnon Holdings in the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the Nunavik Region of northern Quebec.

The technical information in this news release was prepared John Langton, P. Geo., Vice President, Exploration and a Director of the Company, and a Qualified Person under NI 43-101 standards.

Statements in this release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements".

(1) 2008 GPR Geophysics Report & Survey Data: 2008 Airborne Survey, FermontProperties, for Champion Iron Mines Limited (GM63919); 2011 Fugro AirborneSurvey, for Champion Iron Mines Limited (GM65900).(2) The on-line documented information on the Lac Pingouin Occurrencedescribes the rocks hosting the mineralization and the historic resource,and can be viewed on-line at http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23C/01-0004).(3) All historical Mineral Resource estimates outlined in this disclosureare non-compliant to NI 43-101 Mineral Resources and Mineral Reservesstandards, and should therefore not be relied upon. A Qualified Person hasnot done sufficient work to upgrade or classify these Historical MineralResources as current NI 43-101 compliant Mineral resources.(4) Historical Mineral Resource for the Lac Pingouin occurrence are fromMRNFQ Assessment Files GM12096 and GM13035.



Please visit Cartier Iron's website at www.cartieriron.com.

The CNSX has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.



Contacts:
Cartier Iron Corporation
Paul Ankcorn
President & Director
(416) 360-8006

Cartier Iron Corporation
Jorge Estepa
Vice-President
(416) 360-8006
www.cartieriron.com





Source: Marketwire


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