Champion expands iron property in Labrador

Champion Minerals (CHM-V) is buying up yet more land next door to its wholly owned Attikamagen Lake iron property in Labrador.

The company has staked 29 additional claims on the Quebec side of the Labrador-Quebec border, adjacent to the northern section of its Attikamagen extension claim block.

The acquisition brings Champion’s total claims in the area to 503, covering nearly 140 sq. km.

The newly acquired properties have seen little historical work. But earlier mapping by Hollinger North Shore Exploration in 1959 outlined taconitic iron formations as well as enriched iron formations in outcrop.

Champion said it staked the additional claims containing favourable iron formations after completing airborne geophysics and surface sampling at Attikamagen.

Twenty-one grab samples were taken from Attikamagen’s magnetic iron formation. The result: an average total iron content of 37.7%. Eleven of the higher-grade grab samples averaged 45.12% total iron.

Historically, there has been no definition drilling of the Attikamagen deposit, 15 km northeast of Schefferville, Que. All previously reported work was focused only on surface outcrops.

But the company believes Attikamagen contains a significant metallic iron formation, which has been investigated at surface over a strike length of 8 km.

The iron formation is “massive, dense and very fine-grained, with hematite/magnetite as the main iron oxides,” Champion notes on its website.

The Toronto-based explorer is currently trading at about 45 per share and has a 52-week trading range of 30-60.