High Tide Resources (CSE:HTRC) has reported new assays from its flagship Labrador West Iron Project in Canada, with drilling extending mineralisation beyond the existing pit as the company targets an expanded resource.
The latest results cover seven of the 22 holes completed at Labrador West, all of which intersected iron mineralisation, according to High Tide.
Highlighted results include hole 26LB0069, which returned 91.4m grading 28.7% iron, and hole 26LB0081, which intersected 112.6m grading 27.2% iron.
High Tide says all seven reported holes are located outside the current pit shell, with mineralisation remaining unconstrained to the north-northeast.
“This is how we grow the mineral resource: by drilling thick, near-continuous intervals of iron-oxide mineralisation and stepping confidently into new ground,” President and CEO Steve Roebuck says.
“These are not isolated intercepts; nearby step-out holes, for which assays are pending, display similar mineralisation, demonstrating continuity and reinforcing the potential for significant resource expansion.”
Two additional holes are still in progress as part of the drill program launched in June to test extensions to the existing Labrador West mineral resource.
The project currently hosts an inferred mineral resource of 655 million tonnes grading 28.8% iron.
Alongside the exploration results, High Tide highlighted planned infrastructure investment in Labrador, including a more than C$1 billion ($1.01 billion) government commitment towards constructing a new transmission line.
According to the company, the additional power infrastructure is needed to support the development of new mining and other industrial projects in the Labrador Trough.
The Labrador Trough, which extends into neighbouring Québec, is Canada’s primary iron-producing district and has hosted iron ore mining for more than half a century.
More than 2 billion tonnes of iron ore have been produced from the region to date, and High Tide says the Labrador Trough continues to offer substantial growth potential.
The Labrador West Project is located approximately 20km northeast of and adjacent to the Carol Lake mine complex operated by the Iron Ore Company of Canada, which is majority-owned by Rio Tinto (ASX:RIO).
High Tide Resources also has a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50km southeast of Fermont, Québec.
Write to Jackson Chen at Mining.com.au
Images: Pixabay
