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Mining Explorers 2012: Canadian Orebodies Inc.

 

Last updated 11/11/2012 at Noon



CO: TSX-V

President and CEO: Gordon McKinnon

Resource Consultant: George Wahl, P. Geo

Project Manager, Haig Inlet: Henry Hutteri, P. Geo

Canadian Orebodies Inc. focused in 2012 on its Belcher Islands Project in Nunavut.

In June the company began evaluating high-priority exploration targets in areas around Haig Inlet and Belcher Islands, and selected three large untested targets thought to have the highest potential for near-surface iron mineralization that may be amenable to open pit mining.

In two phases of exploration, the company drilled widespread holes on three separate targets - Haig West, Kihl Bay Anticline, Haig North Extension - followed by infill drilling in the most favorable areas.

By Sept. 20, Canadian Orebodies had drilled 12 holes at Haig West, two holes at Kihl Bay Anticline and four holes at Haig North Extension, with a total of 4,269 meters in 24 drill holes and one rig operating on the property.

The company also collected of 1,128 samples.

Canadian Orebodies said it has successfully expanded its knowledge of the extent of the iron formation; confirmed a magnetite trend on Haig West; acquired three highly prospective targets, increasing its land position by 57 percent; intersected iron mineralization 17 kilometers north of Haig Inlet Deposit; and upgraded the existing Haig South mineral resource category.

"We have intersected both magnetite and hematite dominant mineralization over very long strike lengths in two new areas thus far," said Canadian Orebodies President and CEO Gordon McKinnon.

"The success of this program to date combined with the identification and acquisition of three new target areas reinforces management's belief that the Belcher Islands could represent a new iron ore district in Canada." Drilling is expected to continue well into October with the intent of outlining additional inferred mineral resources.

Cash and short-term deposits: C$2.74 million (July 31, 2012)

Working capital: (at July 31, 2012; raised C$1 million in financing in August)

Market capitalization: C$20.23 million (Oct. 5, 2012)

Canadian Orebodies Inc.

Suite 301 - 141 Adelaide St. West

Toronto, Ontario Canada M5H 3L5

Tel: 705-268-9000 • Fax: 705 268-5532

http://www.canadianorebodies.com

 

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