234 Million Tonne Historical Resource* Iron-Titanium Property Optioned by Medallion
Medallion Resources Ltd announced that it has optioned from privately held Romaine River Titanium Inc., the right to acquire a 100% legal and beneficial interest (”Option”) in the Everett iron-titanium property (”Property”). The Property consists of 59 claims, located three kilometres east of the Rio Tinto-owned Lac Allard iron-titanium mine in Duplessis County, Quebec. The Everett Property is potentially one of the world’s largest iron-titanium occurrences with a historical 234-million-tonne estimated resource*.
President William Bird reports, “The Everett Property, represents an exceptional opportunity for Medallion shareholders and it’s rare that a project of this magnitude is available to any company.”
Historical drilling and metallurgical work support the Everett Property’s historical resource estimate of 234 million tonnes grading 10.8% titanium oxide (TiO(2)) and 17.9% iron.* The body of iron-titanium mineralization outcrops along a known length of 2.3 kilometres and a width that ranges from 180 metres to 485 metres. It is open along strike and down dip.
The Everett Property minerals are hematite (Fe(2)O(3)) and ilmenite (FeTiO(3)), which also are the minerals mined at the QIT Lac Allard mine. The QIT mine, owned by Rio Tinto and presently the largest of its type, is a leading producer of high-quality titanium and steel products.
* The historical resource estimate and the Everett Property reports supporting the estimate were prepared before the introduction of National Instrument 43-101- Standards of Disclosure for Mineral Projects (”NI 43-101″). They may not be relied upon until they are confirmed using methods and standards that comply with those required by NI 43-101. The potential for the Everett Property mineralization to replicate the historical resource estimate, or for new data to expand its tonnage and grade, is conceptual and is based on historical reports, which cite approximate lengths, widths, depths, grades, metallurgical test work and projections of the historical resource. Investors are cautioned that a qualified person has not yet completed sufficient exploration, test work or examination of past work to define a resource that is currently compliant with NI 43-101. The Company further cautions that there is a risk that exploration and test work will not result in the delineation of such a currently compliant resource. Neither the Company nor its personnel treat the historical resource estimate or the historical data as defining a current mineral resource, as defined under NI 43-101, nor do they rely upon the estimate or the data for evaluation purposes; however, these data are considered relevant and will be used to guide exploration as the Company develops new data to support a current mineral-resource estimates in accordance with the requirements of NI 43-101.
