VANCOUVER, June 18 /CNW/ - Logan Resources Ltd. (TSXV:LGR) As previously reported, the Redford property hosts the Brynnor Iron (magnetite) deposit, located 15 km east of Ucluelet on the Pacific west coast of Vancouver Island, British Columbia. The deposit is situated 12 km (7.5 miles) from tidewater, which can be accessed directly via an existing, well maintained 2-lane road. Logan holds a 100% interest in the Redford property with no third party royalties or interests.
Noranda Exploration Ltd. operated an open pit mine from 1962 to 1967 and produced 3 million tonnes of iron concentrate with an average grade of 63.8% iron (from 4.5 million tonnes of ore mined). In 1964 Noranda completed a shaft to 260 metres and cut stations at the 122, 183 and 228-metre levels. A permanent steel head frame was completed in 1965. In June 1966, due to a labor dispute, operations ceased and were not renewed until March 1967. Open pit production continued until year-end 1967 with stockpiled ore being processed until April 1968 when all operations ceased. No underground mining was undertaken.
The shaft sinking by Noranda was based on drilling which identified a fault-offset extension of the open pit zone. The zone extends from near surface to at least 250 metres below surface along a strike length of 240 metres, with an average true thickness of approximately 20 metres. The zone strikes in an east-southeast direction, dips approximately 60 degrees to the north and is open at depth and along strike to the east. Based on two drill sections available in BC government records, the geological potential of the drilled area of the undeveloped deposit is 8 to 10 million tonnes at similar grades to the historic average grade of the open pit, which indicates potential for 5 to 7 million tonnes of iron concentrate grading 63.8%. This potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a "Mineral Resource" as defined in NI 43-101, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
Logan is currently attempting to acquire detailed information related to the historical drilling on the property. Logan intends to drill a number of holes later this year to confirm the historical data and to extend the zone at depth and along strike to the east. The historical data and new drilling will provide the basis for a NI43-101 compliant resource estimate.
In November 2007, prices for ore grading 63.5% iron were approximately US $ 190 per tonne for iron ore imported into China (based on US Geological Survey publications), compared to iron ore prices in the US$ 9 to 10 per tonne range when Noranda was operating during the 1960's.
Peter T. George, P.Geo, Consulting Geologist, is the Qualified Person as per NI43-101, responsible for the technical information contained herein.
Logan has initiated its 2008 exploration program on the Cheyenne gold property northeast of Dawson City, Yukon and will complete geological and MMI soil geochemical surveys in order to define specific drill targets. The work on Cheyenne will be completed by mid July and field crews will then initiate 2008 work on the Heidi and Shell Creek properties, which are also located in the Dawson area.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing early-stage Canadian mineral properties. For more information on the Company's diversified property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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information contained herein.