Advanced Explorations (OTC Other: ADEXF; TSX-V: AXI) intersected 126 metres of 33% iron in drill hole 11TT016. Similarly, other broad intervals of greater than 32% iron have been previously reported by the Company, with some holes intersecting very high grades of 50.2% iron over 9 metres and 46.3% iron over 14 metres.
According to John Gingerich, President and CEO, “The consistent high quality results from Tuktu 1 continue to demonstrate its potential to become another large tonnage iron ore deposit on the Melville Peninsula, where the Company has secured all of the available banded iron formation within 50 km of the coast. Our 4,000 metre 20 drill-hole program has only tested one magnetic anomaly within the Tuktu claim block; there are many more untested magnetic anomalies, and mapping this summer has confirmed that they are in fact Banded Iron Formations. We are now working on a NI 43-101 resource statement for Tuktu 1 and expect to release the results within this quarter.”