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Intersection of 287.78 metres of 32.38% Fe2O3 on Hole GR-11-01 including 80.0 metres of 43.27% Fe2O3 and 58m of 39.09% Fe2O3.
Vancouver, British Columbia, Canada – February 7th, 2012
Northern Iron Corp. ("Northern") (TSX-V: NFE) (FRANKFURT: N8I) today released assay results for drill hole GR-11-01 on the Griffith property, and an additional set of 3 drill holes on the Karas Property. The Karas holes continue testing the true thickness and extent of the magnetite mineralized zone towards the east and at depth.
“The exploratory drill hole on the Griffith confirms the result that the team was expecting. We can now work towards the pit dewatering program, which will enable us to start drilling from the pit benches. In the meantime, definition drilling continues on the Karas property and the drill results continue to show consistency as expected.” said Basil Botha, President & CEO.
Hole GR-11-01 tests non-mined magnetite mineralization under the Griffith mine’s north pit, and intersects a continuous interval of magnetite mineralization, still open at the bottom of the hole. The hole was directed as perpendicular as possible to the mineralized zone and didn’t hit the footwall of the magnetite rich iron formation. Iron grades are comparable to the historically reported grades on the Griffith mine.
Highlights of hole GR-11-01 are summarized in the table below.
*Mineralization open at depth.
Holes KA-11-23, 24 and 25 were drilled in the easternmost part of the Karas magnetic anomaly. All three drill holes are collared in magnetite mineralization and intersect the footwall of the magnetite mineralized zone. These holes are definition holes, designed to test the outer extent of the magnetite mineralized zone and as would be expected the reported iron grades are considerably lower than in previously reported holes.
The magnetite rich beds are inter-bedded with schist rich bands.
Highlights of holes KA-11-23, 24 and 25 are summarized in the table below.
To date, 29 of the planned 35 drill holes (approximately 14,000 metre program) have been completed on Northern Iron’s 100% owned Karas property, located 15km northeast of the town of Ear Falls, Red Lake mining district, Ontario.
All 2011 and 2012 drill holes were surveyed using a Reflex Maxibor II probe to monitor drill hole deviations in magnetic disturbed environments. Northern’s personnel were trained "on-site" by Reflex personnel to operate the instrument and process the survey data. All collars are surveyed by Northern’s personnel using an APS differential GPS with 3cm accuracy immediately after the holes are completed. The QA/QC protocol system employed during the 2011 exploration program included procedures for monitoring the chain-of-custody of samples and the insertion of blank samples in every batch of samples. Cross-check analyses are planned to be conducted at a second external laboratory from blind duplicate samples. Drill core samples are being prepared at SGS Canada Inc. in Red Lake, Ontario and assayed at SGS Canada Inc., in Lakeview, Ontario.
Raul Sanabria, P. Geo., is the Qualified Person for the purposes of National Instrument 43-101 for the Karas Exploration Project. Mr. Sanabria has verified and approved the contents of this news release.
About Northern Iron Corp.
Northern Iron is a mineral resource company engaged in reviving a past producing iron mine and concurrent exploration of high quality iron ore resources in the Red Lake mining division, district of Kenora, Ontario, Canada.
Northern Iron holds 100% interest in minerals claims covering approximately 14,672 hectares, comprised of the El Sol Property, the past producing Griffith Property, the Karas Property, the Papaonga Property and the Whitemud-Slate Property.
The Griffith Mine owned at the time by Stelco, produced 78.8 million tonnes of iron ore for conversion to pellets and DRI from 1968-1989. Total magnetic iron recovery was 86.26%.
The Red Lake area is accessible year round by Highway 105, which joins the Trans Canada highway at Vermillion Bay, 175 km south and 100 km east of Kenora. Commercial air services operate to Red Lake from Thunder Bay, Ontario and Winnipeg, Manitoba.
The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved of disapproved the information contained herein.
For further information, please contact:
President & CEO
Northern Iron Corp.