FSC / Press Release
QUINTO UPDATES PEPPLER LAKE NI 43-101
Delta, British Columbia CANADA, March 16, 2006 /FSC/ - Quinto Technology Inc. (QU - TSX Venture), has filed with SEDAR a NI 43-101 technical report dated February 28, 2006, for its Peppler Lake project, located in Quebec.
Mr. Etienne Forbes, a member of the Order of Geology of Quebec and the qualified person for this project, prepared the report.
An inferred resource of 250,000,000 metric tonnes at a grade of 28.2% iron has been estimated, based on a cut off grade of 20% Fe. Only the central part of the deposit has been included in the estimate, corresponding to about half of the area of the identified iron formation.
The Peppler Lake deposit is located in the Quebec Labrador Trough, halfway between the Mt Wright and the Lac Jeannine mines, 60km south of Fermont. The QCM railway, and the Hydro Quebec main powerline (Churchill Falls) are within 13 km and Provincial Highway 389 passes on the claims, 3 km from the deposit.
During the 1950's to the 1980's Quebec Cartier Mining (QCM), a subsidiary of US Steel at the time, had identified and explored many iron deposits in the area, culminating in the opening of the Lac Jeannine, Fire Lake and Mt Wright mines. Due to changes in the Quebec Mining Act in the early 2000's, QCM abandoned its edxploration properties. Quinto now has the option to acquire a 100% interest in ten (10) of these previously explored properties, three of which are within 8 km of the Peppler deposit.
The estimate of 250,000,000 metric tonnes is based on exploration information developed by Quebec Cartier Mining (QCM), including airborne geophysics, ground geophysics, detailed surface mapping, 21 drill holes at a nominal spacing of 150m x 300m and Davis tube testing. Quinto carried out a three week campaign last summer to relocate the drill holes, carry out an additional ground geophysics program, detailed surface mapping as well as obtaining additional information on the various work carried out by QCM. The estimate is considered relevant and reliable given the knowledge base developed for the part of the iron formation accounted by the estimate.
The mineral resource is categorized as Inferred Resources under the CIM and NI43-101 classification system. This categorization is considered conservative as the drilling pattern used by QCM was generally on 305 meter (1,000 ft) grid lines with approximately 150 meter (500 ft) or 305 m spacings. The typical drill spacing used by QCM and others for Quebec north shore iron formation deposits is 150 m x 150 m to define Measured Resource and 300m x 300m to define Indicated Resource.
The next exploration campaign will focus on two objectives.The infill drilling to upgrade the category level of the resource estimate, and to drill the remaining as yet untested iron formation at Peppler Lake. The company is also anticipating carrying out additional work programs at our satellite properties within close proximity to Peppler Lake.
On Behalf of the Board of Directors
Per: "Tyrone Docherty"
Tyrone Docherty, President
This press release was prepared by the Management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information
Please contact:
Investor Relations
Renmark Financial Communications Inc
Barry Mire or Henri Perron:
(514) 939-3989
bmire@renmarkfinancial.com
Head Office:
Frank Chaid:
(604) 952-0900
quinto@dccnet.com
www.quintotechnology.com
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