Howells Lake and Howells River North Mineral Resource Estimate
The effective date of this mineral resource estimate is April 30, 2013.
The resources of the Howells Lake - Howells River North 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 squared interpolation of the drill hole composites. Each stratigraphic unit ("Seam") was estimated independently. Within the Howells Lake and Howells River North Properties the structure is very simple, the iron formation is generally northwest-southwest striking and dipping 5 degrees to 10 degrees 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 was 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 NML 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 Howells Lake and Howells River North is on an approximate 1000 X 450 m grid (The spacing between holes on section lines varied from 600 m to 300 m). The rectangular block chosen is 25 m across the strike and 50 m along the strike and 15 m 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 56 drill holes present in the data base used by SGS, provided by NML. 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 56 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 & CEO
New Millennium Iron Corp.
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