07 March 2011
SUDBURY, ONTARIO, March 7, 2011/ - HTX Minerals Corp ("HTX") is pleased to announce that it has completed preliminary mineralogical and processing tests on a large composite sample taken from the 100% held North Spirit Lake property located roughly 170 km northeast of Red Lake. HTX has also completed a mapping and sampling campaign to characterize the grade and distribution of Iron formation at surface.
The Property consists of 8 claims (1808 ha) in the Red Lake Mining District held 100% by HTX. Based on mapping and airborne magnetic surveying the property has potential to host >500mt of Iron Formation that includes a non NI-43-101-compliant historic resource of >40mT @ 38% Iron to 30m depth from surface.
HTX completed mapping and sampling of the Iron formation as well as the collection of a large test sample for grinding, mineralogy and metallurgical test work. An estimated area of 3,750,000m2 (2.5km x 1.5km) is underlain by high quality Iron Formation (average grade of 35% Fe with low MgO, CaO, Pb, S and As). The average total Fe for the HTX test sample is 34.16 wt. % with Specific Gravity of 3.68 g/cm3 which are similar to the historic estimates and closely matches the average of all samples taken by the company within the mineralized area. The preliminary results of the work indicate good mineralogical separation of Magnetite and Silica, high Magnetite to Hematite ratio, very low deleterious elements and relatively low energy consumption for grinding.
Commenting on the project, HTX President and CEO stated, "The results of the field and laboratory work indicate that the North Spirit Lake property hosts potential for a high quality iron deposit that is within 70km an all weather road. We are pleased with the results and feel the property now requires a focused drill program to advance the property." HTX is actively looking for a partner to move the project ahead by completing diamond drilling and further metallurgical work.
The Qualified Person responsible for the technical content of this press release is Joel Hrominchuk P.Geo., Vice President of Exploration for HTX.
HTX is a privately held company that was incorporated in late 2007. Its primary focus is the exploration for nickel, copper and platinum group metals ore within North America. Currently it manages projects in north-western Ontario and east-central Minnesota. HTX also holds a 37% interest in Transition Metals Corp.
For further information: Please visit the Company's PDAC Booth (2217b) on March 8th & 9th, or contact: HTX Minerals Corp, Scott McLean, President & CEO, Tel: (705) 669-1777, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
