Advanced Explorations Initiates Tuktu Drill Campaign
Advanced Explorations Inc. is pleased to announce it has initiated its drill program at the Tuktu project located 60 km north of the Company’s Roche Bay Project on the Melville Peninsula in Nunavut, Canada. A 20 person exploration camp is being established at the site and drilling is expected to commence by mid-April.
The initial drill program will comprise up to 3,000 m of drilling and is designed to define strike, width, depth and grade of the mineralization mapped on the Tuktu 1 claim where a systematic surface sampling program in 2009 indicated average grades of approximately 34% Fe. The iron formation may be folded and is believed to have resulted in a lensoid shape that stretches for approximately 2,600 m in length and is 700 metres wide at the center. This exceptional width and high grade potential banded iron formation provides the possibility of a very low strip ratio for an open pit operation. Based on size and surface sampling of the iron formation, the Company believes there is multi-billion tonne discovery potential in the Tuktu area.
John Gingerich, President and CEO, commented:
“The Tuktu project is well located in respect to our flagship Roche Bay project. There is an excellent opportunity to establish Tuktu as a satellite operation utilizing the infrastructure from a future Roche Bay mine. As the drill campaign more precisely defines the merits of the Tuktu project, the Company will be better positioned to conclude a more favorable agreement with interested JV Partners”.
Advanced Explorations is currently exhibiting at the Hong Kong Mines & Money Show, and AEI’s president and CEO John Gingerich has been invited to participate in a panel discussion on “China mining and investment outlook” on Thursday, March 24th at 10:00 a.m. The Company’s next presentation will be at the Haywood Iron Ore Conference on April 7th, 2011 in Toronto. More information on the Company’s current corporate activities is available at www.advanced-exploration.com