Advanced Explorations Inc. (TSX-V: AXI; OTC Other: ADEXF) announced today final drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Results show that drill-hole 11TT018 contained an interval of 196 m of 31.32% iron. This hole further demonstrates the quality of banded iron formation (“BIF”) at the Tuktu 1 deposit. Drill-hole 11TT019 was collared in the granite with the purpose of locating the banded iron formation contact at depth while confirming the dip angle of the hanging wall for the resource block-model which is expected to be released within Q4 of this year A plan map showing drill-hole locations and a complete table of all released drill results can be found on the company website at http://www.advanced-exploration.com.
In the release, John Gingerich, President and CEO, stated: “The Company is pleased with the successful completion of the Tuktu 1 drill program. Our focus now is completing the NI 43-101 resource estimate expected to be released soon. The drilling at Tuktu 1 has tested only about 10% of the BIF strike within the Tuktu claim group indicating the resource potential of this area. Together with the other strike extensive BIF in the Roche Bay area, the Melville Peninisula is emerging as a significant iron ore district. We have accomplished much in 2011, and through drilling, mapping, sampling and observation, our understanding and knowledge of the Banded Iron Formations and the associated rock suites of the Melville Peninsula continues to grow”.