Century Iron Mines Corp. (TSE:FER) announced Monday interim results from its phase two drilling program at its 51 percent-owned joint venture Duncan Lake iron ore project in Quebec.
The 2011 phase two program follows the phase one program of 10,460 metres drilled in 52 holes in 2008 and 2009. The phase three campaign will extend the phase two program, which is under Century's management.
Notable results included 43.1 metres of 27.2% iron in hole DUN-11-41, 50.1 metres of 30.3% iron in hole
DUN-11-44, 132.4 metres of 31.3% iron in hole DUN-11-244, and 163.4 metres of 23.4% iron in hole DUN-11-349.
"We are very encouraged by the Phase II interim drilling results at the Duncan Lake Project and we look forward to receiving assay results for drill holes that that have been recently completed. Once the winter drilling of the interim Phase II program is completed in 2012, we look forward to providing an updated NI 43-101 and a PEA to our shareholders," said president and CEO, Sandy Chim.
As of December 1, Century had completed, in addition to the phase two drilling, 29,651 metres in 82 drill holes.
In 2012, Century Iron plans to update the property's NI 43-101 compliant resource estimate, after which it will prepare a preliminary economic assessment (PEA) for the project.
The Duncan Lake property is within approximately 110 kilometres of the shore of James Bay, 575 kilometres north of Matagami and is accessed via paved Highway 109.
The property is subdivided into six separate mineralized zones and consists of 531 mineral claims totaling 25,602.54 hectares.
In May 2008, a joint venture agreement was signed for the property between Century and Augyva Mining Resources (CVE:AUV). In November last year, Century completed its $6.0 million funding requirement to earn an initial 51 percent interest in the project, with Augyva holding the remainder.
Century is the operator of the venture and has the option to increase its interest in Duncan Lake to 65 percent by spending another $14 million within four years.