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| | January 15, 2009
Romaine Iron-Titanium Assays Support Higher-Grade Mineralization
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Vancouver, BC - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V: MDL) announces that the assays for surface-core samples, collected during the Romaine Iron-Titanium Project fall field program, support the potential for higher-grade iron-titanium mineralization than recorded for the historical resource. Of the 74 samples assayed, 67 were taken from the main body of presently defined mineralization. These 67 averaged 30.39% iron oxide (Fe2O3) and 13.66% titanium oxide (TiO2). The data represent percentage increases over the historical grade of 14.76% for iron oxide and 26.46% for titanium oxide.
President William Bird reports, "The new data from our recent Romaine Iron-Titanium Project mapping and sampling program are very encouraging. These results continue to add evidence for potentially higher grades and tonnages than expressed in the historical work. First, our fall field work outlined additional outcrop area that could lead to higher tonnages. Now, we have assayed a significant population of representative samples, collected systematically over the entire continuous 2.5-kilometre outcrop of the main body of mineralization, that support potentially higher grades."
The surface-core samples were collected along 20 evenly spaced traverses, which were perpendicular to the 2.5-kilometre strike length of the mineralization, using a technique designed to produce suitable material for chemical and mineralogical analyses and for metallurgical testing. A concrete drill extracted, from each sample site, two closely spaced 30- to 35-centimetre cores. Each of these cores is four centimetres in diameter and weighs 1.8 to 2.0 kilograms. This method is more reliable than channel sampling and it provides a sample of the surface mineralization that is free of most weathering effects and of the potential high- or low-grading problems that are often associated with the usual surface-sampling techniques.
Seventy-four surface core samples, collected during the program, were analyzed at SGS Lakefield Research Limited using the industry-standard assay method of whole-rock lithium borate fusion with X-Ray-Fluorescence finish. The results for the 67 samples collected from the main mineralization area are as follows:
Sample |
% Fe2O3 |
% TiO2 |
A1 |
23.6 |
9.37 |
A2 |
28 |
12.6 |
B1 |
35.5 |
17 |
B2 |
24.1 |
9.87 |
C1 |
35 |
16.9 |
C2 |
16.4 |
5.75 |
D1 |
31.2 |
13.3 |
D2 |
24.8 |
10.3 |
E1 |
34.1 |
16 |
E2 |
29.6 |
13.4 |
E3 |
40.7 |
20.2 |
F1 |
34.4 |
16.1 |
F2 |
29.8 |
13.1 |
F3 |
35.8 |
17.5 |
G1 |
30.5 |
13.5 |
G2 |
27.9 |
11.8 |
G3 |
30.5 |
13.7 |
H1 |
27.9 |
12.1 |
H2 |
29.1 |
13.5 |
H3 |
38.5 |
19.6 |
I1 |
27 |
11.7 |
I2 |
26.6 |
12 |
I3 |
28.9 |
12.9 |
I4 |
35.5 |
17.3 |
J1 |
33.8 |
15.9 |
J2 |
27.4 |
11.2 |
J3 |
30.8 |
13.8 |
J4 |
25.6 |
11.4 |
K1 |
29 |
12.6 |
K2 |
30.6 |
12.9 |
K3 |
34.2 |
16.1 |
L1 |
30.8 |
13.1 |
L2 |
26.2 |
11.3 |
L3 |
21.3 |
8.99 |
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Sample |
% Fe2O3 |
% TiO2 |
M1 |
28 |
11.5 |
M2 |
27.4 |
11.5 |
M3 |
25.6 |
10.5 |
M4 |
26.2 |
11.2 |
N1 |
32.7 |
14.7 |
N2 |
32.7 |
14.2 |
N3 |
32.3 |
13.6 |
N5 |
19.3 |
7.27 |
O1 |
22.6 |
8.65 |
O2 |
39.5 |
18.2 |
O3 |
36.5 |
17.4 |
O4 |
31.1 |
13.7 |
R1 |
32.2 |
14.4 |
R2 |
34.1 |
15.8 |
R3 |
31.1 |
14.2 |
R4 |
31.3 |
14.6 |
P1 |
32.6 |
15.6 |
P2 |
24.7 |
9.88 |
P3 |
33.1 |
15.8 |
P4 |
32.6 |
14.1 |
Q1 |
25.5 |
10.4 |
Q2 |
36.9 |
17.2 |
Q3 |
31.8 |
15.3 |
Q4 |
32.1 |
13.8 |
S1 |
35.4 |
17.4 |
S2 |
31.5 |
14.4 |
S3 |
34.5 |
16.4 |
S4 |
30.5 |
13.1 |
T1 |
26.4 |
11.5 |
T3 |
30.5 |
14 |
T4 |
25.8 |
11.5 |
Blast 2 |
35.3 |
17.4 |
Blast 4 |
39.1 |
19.4 |
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Average |
30.39 |
13.66 |
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About the Romaine Iron-Titanium Project
Medallion is presently completing definitive documentation and seeking regulatory approval to obtain an option to acquire a 100% interest in the Romaine iron-titanium property in Quebec.
The Romaine Iron-Titanium Project, 40 kilometres north of Havre St Pierre, Quebec, includes a historical resource estimate of 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron.* The body of iron-titanium mineralization crops out along a known total length of over three kilometres and a width that ranges from 200 metres to 460 metres. It is open along strike and down dip. Recent check sampling and mapping, along with information from the 1960's and 1970's, suggests that there is a significant potential for increasing both the size and grade of the historical resource.*
The Romaine Project minerals are hematite (Fe2O3) and ilmenite (FeTiO3), which also are the minerals mined at the nearby QIT mine. Rio Tinto's QIT mine, with a 50-million- tonne reserve (as of 2006) three kilometres to the west, is a leading producer of high-quality titanium and steel products and it is presently the largest iron-titanium mine of its type in the world.
* The historical resource estimate and the Romaine property reports supporting the estimate were prepared before the introduction of National Instrument 43-101-- Standards of Disclosure for Mineral Projects ("NI 43-101"). They may not be relied upon until they are confirmed using methods and standards that comply with those required by NI 43-101. The potential for the Romaine property mineralization to replicate the historical resource estimate, or for new data to expand its tonnage and grade, is conceptual and is based on historical reports and field observations, which cite approximate lengths, widths, depths, grades, metallurgical test work and projections of the historical resource. Investors are cautioned that a qualified person has not yet completed sufficient exploration, test work or examination of past work to define a resource that is currently compliant with NI 43 -101. The Company further cautions that there is a risk that exploration and test work will not result in the delineation of such a currently compliant resource. Neither the Company nor its personnel treat the historical resource estimate or the historical data as defining a current mineral resource, as defined under NI 43-101, nor do they rely upon the estimate or the data for evaluation purposes; however, these data are considered relevant and will be used to guide exploration as the Company develops new data to support a current mineral-resource estimate in accordance with the requirements of NI 43-101.</html></html>
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo
President & CEO
For Further Information, check the website www.medallionresources.com or contact
David Fry (888) 827-6611, e-mail mdlcorpcom@shaw.ca
William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Bird and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans. |
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