Cyclone acquires world's largest undeveloped magnetite iron ore deposit

Save to Reading List Posted by Joe Toft, Editorial Assistant

Global Mining Review, Thursday 05 January 2023 at 11:00 am

Cyclone Metals Limited has announced the acquisition of Labrador Iron Pty Ltd, the 100% owner of the Block 103 magnetite iron ore project located 30 km northwest of Schefferville, Quebec, Canada.

Highlights: Cyclone Metals Limited has successfully completed the acquisition of Labrador Iron Pty Ltd which owns 100% of the Block 103 magnetite iron ore project. Block 103 is located in the heart of the Labrador Trough, one of the largest iron ore belts in the world, accounting for 99% of Canada’s iron ore. The project covers an area of 7,275 hectares and is 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 with a historic mineral resource of 7,200 Mt @ 29.2%. Fe classified as derived under the provisions of Canadian NI 43-101. The historical mineral resource is based on only 4 km of strike length of the 12 km total geological strike length. The deposit is strategically located adjacent to Tata Steel’s iron ore operations in the Labrador Trough, Canada. Close to the existing multi-user iron ore rail network connecting to a deep sea shipping port ideal for large scale iron ore production. More than $35 million was spent on the project. The shift towards clean energy and the reduction of global carbon emissions are clearly positioning magnetite ores as more desirable than hematite ores as they will play a crucial role in further reducing the steel industry’s environmental footprint. Cyclone CEO 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 prime mining province and Tier 1 jurisdiction of Newfoundland and Labrador, Canada. Block 103’s strategic geographic position with established infrastructure, services and transportation corridors greatly supports the development potential of the property. The presence of neighboring mines operated by Tier 1 producers including Tata Steel also offers 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/