Century Iron reports initial results at Sunny Lake, hits 28.4% iron over 341.1m

Century Iron Mines (TSE:FER) said Tuesday it received initial assay results from its 2011 summer drill program on its wholly-owned Sunny Lake project in northeastern Quebec.
Significant assays returned 341.1 metres grading 28.4% iron in hole RL 11-0002. Hole RL 11-2604 also intersected 126.3 metres grading 31.1% iron.
The drill program was focused on a large potential taconite iron target at the project. It included over 5,000 metres of diamond drilling, testing a strike length of about 13.5 kilometres.
"The 2011 drilling program shows that the Sunny Lake iron formation has the potential to become a taconite iron deposit," commented president and CEO, Sandy Chim.
"These results validate the company's current direction of its exploration programs on the taconite and DSO [direct shipping ore] potential in Canada.
"We look forward to receiving the assay results for drill holes that were just recently completed and are very pleased and encouraged by the exploration program thus far."
Other notable results include 30.2% iron over 223.8 metres in hole RL 11-0003, and 135.7 metres grading 29.7% iron in hole RL 11-2602.
Sunny Lake consists of about 530 mining claims covering 25,692 hectares in the Labrador Trough region of northeastern Quebec.
Century Iron said it is continuing with the current diamond drill program on the property, intended to evaluate the overall size and grade of the resource. This phase of drilling is expected for completion sometime this month.
Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in northern Quebec and Labrador.
The company has two key strategic partners in WISCO Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.