New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX Venture: NML) announced today that based on its ongoing evaluation of historical drill results incorporating recent airborne magnetic survey data it has identified another high priority target. The target coincides with drill hole HR179D drilled on the strike extension of the taconite formation connecting the LabMag and KéMag deposits. This zone extends for approximately 18 km from the north end of the LabMag Deposit to the south end of the KéMag Deposit. The taconite band in this area coincides with NL-1 and NL-2 airborne magnetic anomalies outlined (Refer to Figure 1) based on the Airborne Magnetic survey conducted in 2010 (refer to NR11-03).
Hole HR1279D was drilled in 2006 as an exploratory hole to check the taconite extension north west of the LabMag deposit. The hole was drilled to a depth of 105 m intersecting all economic stratigraphic units. Although the results of the testing and analysis were encouraging no additional drilling was carried out as NML decided to concentrate its efforts on KéMag and LabMag. However, the Airborne Magnetic survey conducted in 2010 indicated the presence of groups of magnetic anomalies over the taconite extension between LabMag and KéMag deposits (Figure 2). Recent analysis by the Corporation demonstrates a strong connection between the drill hole results and certain anomalies that support further exploration. NML will conduct an initial drilling program this fall, comprising at least five or six holes, to outline the extent of a potential additional deposit.
Dean Journeaux, NML’s President and CEO, said: ”The results of our ongoing studies suggest the possibility of a continuity between the LabMag and KéMag deposits and warrant further investigation. Based on the complementary evidence of the test hole and magnetic survey, we have now decided to further explore anomalous area NL1, which is 100% owned by NML. This next development target further underscores the additional resource potential of the Millennium Iron Range and demonstrates further potential value for our shareholders beyond the Taconite Project.”
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