Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
Sheps Lake and Perault Lake Mineral resource Estimate
The effective date of this mineral resource estimate is February 7, 2013
The resources of the Sheps Lake and Perault Lake deposits are estimated using the same methodology used for the Lac Ritchie deposit approximately 135 km to the north. The estimation was done using block modeling methodology with Inverse Distance interpolation of the drill hole composites. Each stratigraphic unit ("Seam") was estimated independently. Within the Sheps Lake and Perault Lake Properties, the iron formation is generally northwest-southwest striking and dipping 50 to 100 to northeast. Folds where present are monoclinic to gently inclined and rolling.
To carry out the resource estimation SGS has used all the diamond drill hole data available to construct a computerized resource block model. Drill cores were delivered by helicopter on a daily basis for logging, splitting and collecting samples for testing. The core logging procedure begins with the recording of the overburden depth and identification of the stratigraphic units based on the mineralogical assemblage. The overall thickness, magnetism, texture, color of the chert bands and structural features such as bedding thickness, banded and or massive nature of the units, fault zones are all determined and described. Rock Quality Designation ("RQD") logging, core recovery percentage and core loss intervals are also recorded.
Each stratigraphic unit is sampled separately with sample lengths varying from 1.0 m to a maximum of 8.0 m. All iron formation units are sampled. The cores are split using a hydraulic core splitter. The split half core samples are collected in canvas bags with a tag showing the sample number and the required analysis. The split half save of the core is placed on the original core trays and stored.
The samples were sent to the Midland Research Center (MRC) located at Nashwauk, Minnesota, USA. Each sample was tested for DTWR and assayed Fe in head, Fe in concentrate and SiO2 in concentrate. Check samples were randomly selected which were actually the second half of the original core sample. At MRC, those samples were subjected to same Davis Tube testing as the original half core of the same intervals. SGS verified the QA-QC data and found that the duplicated data reproduced compare reasonably well with the original data.
SGS visited the site in August, 2012 and collected drill hole samples corresponding to NML's original samples which were made of the remaining half core. Check samples were sent to the SGS Lakefield lab for preparation and Davis Tube testing with a protocol similar to that of the MRC lab.
The drilling at Sheps Lake and Perault Lake is on an approximate 1000 X 450m grid (The spacing between holes on section lines varied from 600m to 300m). The rectangular block chosen is 25m across the strike and 50m along the strike and 15m high. This block grid covers the entire drilled area. Each block within the grid is interpolated for the surrounding composites. The block model has been interpolated by Inverse Distance. All elements had been interpolated with a power of 2 applied to distance weighing. Each seam is interpolated independently from one another. The geological continuity of the mineralized units is evident from the results of the 73 drill holes. In all of them the stratigraphic sequence LC, GC, JUIF, URC, PGC, LRC and LRGC can be recognized by its geochemical and mineralogical signature with similar thickness data. Based on the geological and grade continuity between the 73 holes, the mineralization in the drilled area has been classified as Indicated Resources. As was done in Lac Ritchie deposit a fringe of Inferred material has been added all around the drill hole lay out to the north, east and south. Since it is reasonable to expect the iron formation extends beyond the limits of drilling, a fringe of 250m (across strike) and 500m (along strike) was added.
New Millennium Iron Corp.
President & Chief Executive Officer
New Millennium Iron Corp.
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