Advanced Explorations' Tuktu 2 Iron Project Drill Results

Advanced Explorations' Tuktu 2 Iron Project Drill Results Confirm
Potential for High Grade Iron 
TORONTO, ONTARIO -- (Marketwire) -- 11/26/12 -- Advanced Explorations
Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) (the "Company" or "AEI") today
announced encouraging results from the recently completed 2012 drill
campaign at its Tuktu 2 Iron Project located 60 km north of the Roche
Bay Iron Project on the Melville Peninsula in Nunavut, Canada. 
This drill program was launched to validate the existence of very
high grade iron mineralization typical of deposits containing Direct
Ship Ore ("DSO") type material. As presented in the summary table,
the drill results indicate a consistent existence of DSO material in
drill core over several intersections, and the Company believes that
an intensive follow-up drill program of approximately 5,000 metres is
required, along with metallurgical studies, to define a DSO resource
that would support more advanced studies as to the potential of an
economic DSO mining operation at Tuktu. 
John Gingerich, President & CEO, commented: 
"We are very encouraged by the results of this validation drill
program as the assays clearly indicate the consistent presence of
very high grade iron within the Tuktu 2 deposit. After the sampling
program, this drilling confirms the existence of DSO-type material at
Tuktu 2, which bodes well for discovering similar lenses not only at
the overall Tuktu Project but also along the 140 km of banded iron
formation extending across Roche Bay.  
A narrow intersection of 63% iron reported from the 2007 drill
campaign at Roche Bay has a more significant meaning now given our
enhanced understanding of the area's DSO potential. While development
on Roche Bay will focus on the traditional BIF asset, work will be
needed to fully assess the DSO potential of the C-Zone area." 
The Company's 2012 exploration program at the Tuktu 2 Project, which
commenced late August and was completed mid-October, was comprised of
surface sampling and prospecting, ground magnetometer and gravity
surveys and 1,536 metres of diamond drilling in eleven drill holes,
four holes (12TK001-004, 413 metres) at the T2-A Prospect and seven
holes (12TK005-011, 1,123 metres) at the T2-H Prospect. 
Tuktu 2-H (T2-H) Results: 
The most significant
 drill results (Table 1) were obtained from the
Tuktu 2-H occurrence that was discovered during this summer's
prospecting and mapping program. High grade pods of iron
mineralization occur within an alteration zone ranging from 50 to 150
metres in width. From mapping and geophysics, the inferred strike
length of the BIF which hosts the mineralization is approximately
1,500 metres. Orientation drilling tested only 300 metres of the
apparent strike. All holes intersected high grade sections of +50% Fe
with the best intersections in hole 12TK007 with approximately 59%
iron content over 64 metres and hole 12TK007 with over 37.5 metres of
66.3% iron. 
Summary Table 1 
Significant Drill Intersections -TUKTU 2-H Zone 
September-October 2012 


 
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Drillhole  From (m)  To (m) Interval (m) % Fe2O3 (total XRF) % Fe (from XRF)
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12TK005        2.18  127.06       124.88               56.52           45.29
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including     90.05  127.06        36.56               80.52           56.31
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including    101.84  127.06        25.22               96.49           67.49
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12TK006       56.00  147.50        91.50               39.96           27.95
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including    141.50  144.50         3.00               86.65           60.60
----------------------------------------------------------------------------
12TK007        3.41  209.66       206.25               56.87           39.78
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including    146.00  209.66        63.88               84.12           58.84
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including    146.00  189.50        43.50               89.42           62.54
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including    147.50  185.00        37.50               94.78           66.29
----------------------------------------------------------------------------
And          195.50  209.66        14.16               94.94           66.40
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12TK008       15.00  269.33       254.33               49.33           34.50
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including    153.00  207.00        54.00               74.21           51.90
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including    153.00  165.00        12.00               88.04           61.57
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And          172.50  180.00         7.50               94.09           65.81
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And          193.50  207.00        13.50               87.83           61.43
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12TK009       62.00   71.00         9.00               84.52           59.11
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12TK010       43.50   85.50        42.00               70.66           49.42
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including     46.50   60.00        13.50               86.49           60.49
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And           66.00   72.00         6.00               97.71           68.33
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12TK011        5.00   35.00        30,00               72.12           50.44
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including     18.50   26.00         7.50               86.37           60.41
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              53.00   56.00            3               78.94           55.21
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Notes: Mineralized intersections are down hole intersection widths
and may not be true thicknesses; hole locations were non-optimal due
to proximity and location of nearby lakes. 
Delineation of shallow (less than 150 metres from surface) high grade
iron resources (greater than 58% Fe) within the zone will require
tighter drill spacing than used on traditional BIF program, but
average depth of the holes will be substantially lower. The Company
anticipates initiation of the delineation drill program in the spring
of next year. 
Tuktu 2-A (T2-A) Results: 
Drilling along the original prospect, Tuktu 2-A (Table 2) intersected
similar style mineralization but within a narrower zone of alteration
and similarly narrower lenses of high grade iron (greater than 60%
Fe). Holes drilled immediately beneath the high grade channel samples
collected over the summer of 2012 intersected shallow zones of
east-dip
ping mineralization associated with specular schist
characterized by fine to medium grained specular hematite (10%
magnetite, 90% hematite). All holes intersected high grade sections
of +50% Fe with the best intersection in hole 12TK002 with 10.51
metres of 65.6% iron content.  
The high grade lenses associated with this style of mineralization
typically pinch and swell along strike. The mineralization is open
along strike to the east and southeast, and the Company believes
there is still substantial potential for the discovery of additional
high grade iron along the 1.6km magnetic anomaly which hosts the T2-A
Prospect. Another showing 1.6km south of T2-A has yet to be drilled
where a 62.26% Fe surface grab sample was found at the T2-E Prospect.
T2-E may prove to be the strike extension of the T2-A zone as
suggested by the geophysics and limited geologic exposures. A
definition drill program would also further investigate this
prospect. 
Summary Table 2 
Significant Drill Intersections -TUKTU 2-A Zone 
September-October 2012 


 
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Drillhole  From (m)  To (m) Interval (m) % Fe2O3 (total XRF) % Fe (from XRF)
----------------------------------------------------------------------------
12TK001       10.00   20.11        10.11               96.37           67.40
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12TK002        9.00   71.70        62.70               57.63           40.31
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including     10.23   20.74        10.51               93.79           65.60
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And           45.69   59.00        13.31               81.26           56.83
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including     45.69   47.89         2.20               98.48           68.88
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12TK003        6.50    9.50         3.00               84.73           59.26
----------------------------------------------------------------------------
including     29.00   45.50        16.50               76.46           53.48
----------------------------------------------------------------------------
And           33.50   39.50         6.00               90.68           63.42
----------------------------------------------------------------------------
12TK004       15.40   89.15        73.75               54.66           38.23
----------------------------------------------------------------------------
including     72.00   88.00        16.00               77.49           54.20
----------------------------------------------------------------------------
including     73.50   79.50         6.00               86.22           60.30
----------------------------------------------------------------------------

 
Notes: Mineralized intersections are down hole intersection widths
and may not be true thicknesses.  
The work referred to in this press release was performed under the
supervision of Mr. Andrew Turner, P. Geol., of APEX Geoscience Ltd.,
who has also compiled and tabulated drill assay results contained
herein. Mr. Turner is a "Qualified Person" as defined by National
Instrument 43-101 and has reviewed and verified the results described
in this press release. 
Assay results described herein have been derived from samples of NQ
sized drill core prepared on site where it was sawn in half using a
rock saw with 1/2 of the core removed for sampling, normally in 1.5m
lengths, and the other half remaining on site. Samples were sent by
helicopter to a sample preparation facility in Hall Beach, Nunavut,
where they were crushed and homogenized and a approx. 250g sub-sample
was collected and shipped by commercial airfreight for laboratory
analysis in Ancaster, Ontario; both facilities are operated by
Activation Laboratories Inc. ("Actlabs") who are responsible for
sample security from their arrival in Hall Beach. The total iron
analyses discussed herein were performed using X-ray fluorescence
(XRF). Advanced Explorations Inc. employs a rigorous Quality
Assurance/Quality Control (QA/QC) program with respect to all drill
core sampling, which includes the insertion into the sample stream of
standards, blanks and duplicate samples. The 2012 QAQC data was
examined by Mr. Turner and no significant issues were identified with
respect to the overall accuracy and precision of the data described
herein.  
ON BEHALF OF THE BOARD 
John Gingerich, President & Chief Executive Officer 
ABOUT Advanced Explorations Inc. 
Advanced Explorations Inc., based in Toronto, Ontario, is a resource
development company focused on developing its Roche Bay and Tuktu
Iron Ore Projects in one of the world's largest developing iron ore
districts, the Melville Peninsula in Nunavut. The Ocean-based Roche
Bay Project boasts an NI 43-101 compliant resource estimate of over
500 million tonnes outlined within a small portion of the potential
140 km of banded iron formation. A positive feasibility study for the
project's C Zone revealed a net present value of $642M on a base case
5.5 Mtpa start-up concentrate operation and substantial upside
potential including becoming a low quartile cost producer. To date,
the Company has delineated over 1 billion tonnes of iron under NI
43-101 among its Roche Bay and Tuktu deposits and continues to
explore other targeted deposits in areas to the north, south and west
of Roche Bay. The management team has extensive technical,
exploration and Canadian Arctic mining expertise to effectively
develop the high quality iron ore opportunities on the Melville
Peninsula.  
This news release also includes forward-looking statements that
involve a number of risks and uncertainties. The information reflects
numerous assumptions as to industry performance, general business and
economic conditions, regulatory and legal requirements, taxes and
other matters, many of which are beyond the control of the company.
Similarly, this information assumes certain future business decisions
that are subject to change. There can be no assurance that the
results predicted here will be realized. Actual results may vary from
those represented, and those variations may be material. 
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available. 
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE. 
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226
 
 
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