Nov 24 2010
Rogue Resources Inc. (TSX VENTURE:RRS) has announced preliminary visual results from the first hole drilled on the Radio Hill iron-ore project.
Micon International Limited was contracted by the Company to assist with the drill program and logging core.
"The historical90 million tonne resource estimate described in the recent Radio-Hill 43-101 Property of Merit report only took into consideration mineralization for the first 150 meters below surface. Drilling has confirmed mineralization is consistent to at least 320 meters and is still open at depth. Numerous historical estimates have been completed on the project, ranging from 90 to 427 million tonnes of 25 to 27% iron," comments Company President, Steve de Jong. "Given current iron-ore prices and the newly confirmed size potential of the iron formation we are expediting exploration. The Company's primary focus is to upgrade existing resources to NI 43-101 standards to ensure the true value of the project is realized.. The Company is currently weighing its options as to the most efficient value-adding approach to fund the upgrade of the project, be it through a share issuance or JV partner. We are expecting to close the current financing in the near future and will provide a planning update at that time."
A feasibility study was completed in 1965 by FENCO which included significant metallurgical work. In this study a 3.5 concentration ratio (3.5 tonnes of ore produce one tonne of 67% iron concentrate) ratio was used, showing the projects potential ability to produce a 67% concentrate. Upon completion of the study a railroad siding was built on the CN mainline specifically for Radio Hill, approximately 5 km from the project. It is believed production on the project was never realized due to falling iron prices at the time and the developer's inability to secure financing.
Radio Hill Diamond Drill Hole RH10-01:
The Radio Hill iron formation has never been adequately tested at depth. Drill hole RH10-01 confirmed the continuity of the iron formation down to a vertical depth of approximately 320 meters, similar to the depth of the existing historic resource estimate of 327 million tonnes of 27.3% iron. Although these are historic, non-NI 43-101 resource estimates and cannot be relied upon the Company feels they provide valuable insight into the potential of the project.
Radio Hill diamond drill hole RH10-01 was 446 meters long and intersected iron formation from 71 to 425 meters for a total length of 354 meters, before terminating in footwall volcanics. The hole was drilled from north to south at a dip of -50 deg., representing an approximate, estimated true width of 260 meters, or 73% of the intersection. The thickened portion of the iron formation remains open down-dip to the north and down plunge to the northwest, indicating further drilling is required to test the potential at depth as well as determine if the higher grade iron section indicated in historic drill sections continues to expand.
The iron formation intersected by hole RH10-01 consists of magnetite interbedded with variable thicknesses of chert and chert-silicates. No siderite and only very limited sulphide iron formation was intersected.
The drill hole has been logged and samples have been selected for analysis. The samples are now cut and/or split and will be sent shortly to an independent commercial lab for Davis Tube iron analyses.
Kevin Montgomery, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Radio Hill Project. The contents of this press release have been reviewed and approved by Mr. Montgomery.