Toronto, Ontario-based Baffinland Iron Mines Corporation announced Wednesday high grade iron assay results from another new discovery, Deposit No. 9. The deposit was discovered as part of regional exploration during the Company's 2010 advanced exploration program on its wholly-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory, Canada. Deposit No. 9 is located approximately 120 kilometres east-southeast of the Mary River camp and Deposit No. 1.
Assays from surface sampling, at Deposit No. 9, average 70.3 percent iron across an east-southeasterly striking zone. The two samples were taken from a high grade iron oxide mineralized zone exposed for a 400- to 500-meter zone that is slightly oblique to the regional strike and up to a 200-meter width. The samples are composed of primarily high grade magnetite-dominant mineralization.
The high grade mineralized zone is part of a much larger seven kilometer exposure of the folded Mary River Group, host of the high grade iron ore deposits. Preliminary interpretation of regional airborne magnetics indicates that the total strike length of the Mary River Group exceeds some 15 kilometers.
Richard McCloskey, Chairman and Acting CEO of Baffinland stated, "Once again our exploration efforts have provided support for our strong belief that what we have is a mining district with considerable long term potential. The mining of these deposits will have long lasting benefits for the people of Nunavut Territory and all those that contribute towards the successful development thereof."
"The 2010 field program continues to produce outstanding results that is evidence of both the district's incredible mineral potential and the exceptional work completed by Tom Iannelli, Baffinland's Principal Geologist, and his team." stated Michael Zurowski, Baffinland's Executive Vice President.