Cyclone acquires world's largest undeveloped magnetite iron ore deposit
Published by Joe Toft,
Global Mining Review,
- Cyclone Metals Limited has successfully completed the acquisition of Labrador Iron Pty Ltd, who owns 100% of the Block 103 Magnetite Iron Ore project.
- Block 103 is located within the heart of the Labrador Trough which is one of the largest iron ore belts in the world, and accounts for 99% of Canada's iron ore. The project covers an area of 7275 ha., located 30 km northwest of the mining town of Schefferville, Quebec, Canada.
- Block 103 is the largest undeveloped magnetite iron ore project in the world having a historical mineral resource of 7200 million t @ 29.2% Fe, classified as inferred in accordance with the provisions of the Canadian NI 43-101.
- Historical mineral resource is based only on 4 km of strike of the total 12 km of geological strike.
- Deposit is strategically located adjacent to Tata Steel’s iron ore operations in the Labrador Trough, Canada.
- Proximal to existing multi-user iron ore rail network, connecting to deep water shipping port which is ideal for large scale iron ore production.
- Excess of US$35 million expended on the project.
- The shift towards clean energy and reductions in global carbon emissions uniquely position magnetite ores as more desirable than hematite ores, given that they will play a vital role in further reducing the steel industry’s environmental footprint.
Cyclone Executive Director, Tony Sage, commented:
“We are very pleased to announce the acquisition of such a high-potential magnetite iron ore project in close proximity to other major iron ore producers and developers in a world class mining province and a Tier 1 jurisdiction of Newfoundland and Labrador, Canada. The strategic geographical position of Block 103 with established infrastructure, services, and transport corridors, greatly supports the development potential of the asset. The presence of neighbouring mines run by Tier 1 producers including Tata Steel, likewise, offer many future operational opportunities for Cyclone.
Read the article online at: https://www.globalminingreview.com/mining/05012023/cyclone-acquires-largest-undeveloped-magnetite-iron-ore-deposit/
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