Cyclone Metals Limited (ASX: CLE) has released a maiden JORC compliant Mineral Resource Statement, and related mineralogical test work results, at its 100% owned Block 103 Magnetite Iron Ore Project (Block 103 or the Project), located in the Labrador Trough region of Canada.
Highlights
- Inferred mineral resource of 7.2 billion tonnes containing 29.2% total Fe and 18.9% magnetic Fe.
- Block 103 maiden mineral resource is based on the Greenbush zone which represents only ~ 25% of the total target mineralised area in Block 103
Initial metallurgical test work highlights:
- The production of high-quality concentrate containing 69.5% Fe with low deleterious elements was achieved consistently through one stage grinding and wet magnetic separation,
- Low Bond Work Index BWi (kWh/t at P80 32μm) of 15.5 is expected to drive low grinding costs – enhanced by access to cheap renewable hydropower,
- Very high Fe magnetite recovery rate of 93.7% by mass.
CEO, Paul Berend, said the company is committed to rapidly advancing its metallurgical test work, environmental mitigation studies, engineering studies, and mine development studies to identify the optimum pathway to maximise shareholder value.
We are extremely pleased with the scale and quality of the maiden iron ore mineral resources of Block 103,” Mr Berend said.
“What makes this project exciting and unique is that the Block 103 mineral resource is located less than 20km from an open access heavy haul railway and it very soft and easy to upgrade to 69.5% Fe concentrate.
“The BWi index is a measure of the ‘hardness’ of the ore and typically one of the main cost drivers to produce a magnetite product. A BWi of 15.5 is very encouraging – particularly combined with the access to plentiful renewable energy, which is fantastic from a sustainability perspective. In comparison, the BWi of FMG’s comparable Iron Bridge project in Australia is 40.”
