Consolidated The Fire Lake North Project
Champion's Fire Lake North ("CFLN") Project is contiguous and to the north of ArcelorMittal's operating Fire Lake Mine, and 60 km to the south of Cliff Natural Resources' Bloom Lake Mine. It is situated in the Fermont Iron Ore District (FIOD), a world renowned iron ore mining camp within the Southern Domain of the Labrador Trough (Parautochthonous Belt subdivision of the Grenville Province), northeastern Quebec and western Labrador. The four current producers in the FIOD account for Canada's total Iron ore production, which is estimated at 44 million tonnes of Iron-ore concentrate per year and is expected to increase to 200 million tonnes per year over the next ten years, based on current expansion plans. CFLN is one of 14 Properties that are 100% owned by Champion.
The CFLN drilling program is progressing on schedule with the aim of increasing the quantity and quality of compliant Mineral Resources.
Consolidated Fire Lake North Geology
The geology underlying the northern part of the CFLN Property consists of a moderately northeast-dipping, overturned, curvilinear, northwest-trending synform. It is cored by Lower Iron Formation and Middle Iron Formation members of the Sokoman Formation, and quartz-biotite-feldspar schist of the Menihek Formation. This 6 km long synform parallels a ridge southwest of Don Lake and is referred to as the Don Lake Zone.
A 2008 airborne magnetic survey completed by Champion indicates that the Sokoman Formation is truncated by faulting northwest of the Property, but is continuous towards the southeast. In the southern part of the Property, the regional structure gradually changes orientation towards the south and thence to the south-southeast.
There are two distinct iron formation structures, known as the West Zone and the East Zone, in the southern part of the Property. Geophysical survey results show that the West Zone is a synform that is continuous with the Don Lake Zone synform.
The East Zone iron formation is also a syncline as revealed by Champion’s drilling results. The East Zone trends northwest-southeast, but is re-oriented to north-south at its northern extension. The geophysical signature of this structure is continuous over 6 km and appears to diverge away from the western synform, suggesting that the two structures have been tectonically juxtaposed by thrust-faulting.
The East Zone iron formation structure reflects a 3-phase, orthogonal, synclinal, fold-interference pattern, interpreted by Champion geologists to be structurally akin to the Bloom Lake deposit.