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Champion Minerals Inc. is a Canadian iron ore exploration company with properties located in northeastern Quebec and western Labrador. Champion is one  the largest stakeholders of highly prospective iron ore properties in the Fermont and Schefferville iron ore districts of Quebec/Labrador. The Fermont group of properties currently has over 1.0 billion tonnes of iron resources (combined NI 43-101 and historical non-NI 43-101 resource estimates). There are 603 million tonnes of Inferred Resources grading 29.0% iron (“Fe”) (NI43-101) on two of the 16 Fermont claim blocks ("Bellechasse” and “Fire Lake North" claim blocks). The Fire Lake North claim block is adjacent to the north of ArcelorMittal's operational "Fire Lake Mine". Hosted within 6 of the other 14
Fermont claim blocks is an additional 578.0 million tonnes of historical Mineral
Resources (non-NI 43-101 compliant) grading 30.4% Fe.
The Fermont property is located in northeastern Quebec, and the 16 individual
claim blocks are adjacent or proximal to Consolidated Thompson Iron Mines Ltd.'s
properties (TSX: CLM) and ArcelorMittal's properties (NYSE: MT). They are all
located close to power, roads and rail connecting to ports on Quebec's northern
shore of the St. Lawrence seaway.
A 7,000 metre drill program is underway on the Harvey Tuttle Claim Block with
the objective to outlining several 200 – 500 million ton lenses. Volumetrics and
Conceptual tonnages show a range of 2 to 4 billion tonnes of ore. This zone
encompasses an area of magnetic anomalies that have a footprint greater than 5km
x 5km that represents large tonnage potential to be quantified with a NI 43-101
resource report later this year. There has been a recent new discovery at the Fire
Lake North property. It is the third multi-kilometric iron formation discovered thus
far, which could enhance the current Mineral Resource Estimates. A 15,000 metre
drill program is currently underway at Fire Lake North.
In the past year Champion has raised over $20 million; including a $12 million
bought deal financing ($1.15 hard dollar units) by Canaccord, Haywood &
Macquarie.