Cyclone Metals (ASX:CLE) has announced a 7.2-billion-tonne maiden mineral resource for its Block 103 Magnetite Iron Ore Project in the Labrador Trough region of Canada.
The company reports the inferred resource of 7.2 billion tonnes contains 29.2% total iron and 18.9% magnetic iron. The maiden mineral resource is based on the Greenbush zone, which represents only about 25% of the total target mineralised area in Block 103.
Cyclone says it is committed to ‘rapidly’ advancing its metallurgical testwork, environmental mitigation studies, engineering studies, and mine development studies to identify the optimum pathway to maximise shareholder value.
Initial metallurgical testwork highlights include the production of ‘high-quality’ concentrate containing 69.5% iron with low deleterious elements, which was achieved consistently through first-stage grinding and wet magnetic separation, while a low bond work index (BWi) of 15.5 is expected to drive low grinding costs, enhanced by access to cheap renewable hydropower.
Additionally, metallurgical testwork has recorded a ‘very high’ iron magnetite recovery rate of 93.7% by mass.
Commenting on the mineral resource, Cyclone Metals Chief Executive Officer (CEO) Paul Berend says: “We are extremely pleased with the scale and quality of the maiden iron ore mineral resource of Block 103.
“What makes this project exciting and unique is that the Block 103 mineral resource is located less than 20km from open-access heavy haul railway and is very soft and easy to upgrade to 69.5% Fe concentrate”
What makes this project exciting and unique is that the Block 103 mineral resource is located less than 20km from open-access heavy haul railway and is very soft and easy to upgrade to 69.5% Fe concentrate.
The BWi index is a measure of the ‘hardness’ of the ore and is 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.”
Cyclone Metals is an Australian mineral developer with a portfolio of projects and investments that provide exposure to gold, lithium, iron ore, copper, uranium, and lead-silver-zinc assets in Australia, Canada, Europe, Africa, and South America.
Along with the Block 103 Magnetite Iron Ore Project in Canada, the company holds the Nickol River Gold Project in Western Australia and the Wee MacGregor Copper Project in Queensland, as well as the Marampa and Kukuna Iron Ore projects in Sierra Leone.
Write to Harry Mulholland at Mining.com.au
Images: Cyclone Metals Ltd