New Millennium Capital Corp. (“NML” or “the Company”) (TSX-V: NML) announced today the completion of the first phase of the Airborne Gravity Gradiometer and High Sensitivity Magnetometer survey, conducted by Fugro Airborne Surveys Corp. at Schefferville, Quebec. The preliminary data has been received and is being reviewed and interpreted by a geophysical consultant.
The preliminary interpretation of the data indicates several strong gravity anomalies associated with low magnetic values. These occur in the iron formation and trend in a north-westerly direction over a length of approximately 50 km from near Schefferville to beyond the large Goodwood deposit. All of the anomalies are located on NML’s 100% owned claims and licences in Quebec (“QC”) and Newfoundland and Labrador (“NL”). High gravity anomalies associated with low magnetism are favourable targets for locating enriched Direct Shipping Ore (“DSO”) deposits.
The second phase of the survey, an airborne magnetometer survey over the claims and licences in QC and NL covering magnetic taconite formations, is underway. The LabMag and KéMag taconite deposits occur in this belt, which is called the Millennium Iron Range. Follow-up ground work is planned for the next summer season over both DSO and taconite claims.
Robert Martin, New Millennium President and CEO, said, “We are pleased that this airborne survey demonstrates the potential to expand our DSO resources. We are also looking forward to the results of the survey on the Millennium Iron Range. Only a small fraction of this range has been drill tested and the remainder has never been properly explored until now with sophisticated airborne geophysical equipment.”
Dean Journeaux, Eng., Chief Operating Officer of NML, is the Qualified Person as defined in NI 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.
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