Lion Energy Corp. as received an updated technical report on its El Sol iron ore property in the Red Lake district of northwestern Ontario.
Their exploration work is intended to prove up a historical ore reserve from the late 1950s.
The Vancouver junior miner conducted a first phase of exploration in December 2008, with ground magnetic surveying and helicopter-supported diamond drilling.
The El Sol property is 75 kilometres northeast of Ear Falls.
In a Jan. 22 news release, the company said steeply dipping magnetite iron formation was encountered on each hole. The best drill intercept yielded 31.04 per cent 'total iron' and 29.39 per cent 'magnetic iron' over a length of 131.85 metres.
The company said the program confirms both the extent and range of iron mineralization thickness encountered during historical drilling.
In 1956-1957, El Sol Mines conducted more than 10,000 metres of drilling into two zones of mineralization with almost 70 drill holes along with some metallurgical testing. This work outlined a reserve of 312 million tons with an average grade of 31.1 per cent iron.
The company is cautious in saying this report does not represent any current economic viability, but the historical results provide a good indicator of the property's potential for ongoing exploration.
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