Sector NewswireTM Sector: Mining - Metals and Minerals :
News Release - July 25, 2014 5:40 PM ET
Lamelee Iron Ore Ltd. advancing toward the next iron mine at the southern end of the Labrador Trough close to the Fermont Iron Ore camp
NEW YORK, NY, July 25, 2014 /Sector Newswire/ - Lamelee Iron Ore Ltd. (TSX-V: LIR) (Frankfurt: G11) is identified in a newly issued market bulletin report by Market Equities Research Group. LIR.V is a Canadian mining company that possesses the Lamêlée Iron Ore Project which sits in the heart of Quebec’s and Labrador- Newfoundland’s Fermont-Wabush-Labrador City Iron Ore Camp where iron concentrate production is currently at 35 million tonnes per annum. LIR.V has an experienced team with solid track record; the team tasked with advancing Lamelee are the same individuals that started up the Consolidated Thompson's iron ore operation at Bloom Lake, they advance that project to buy-out, and in the process they brought the stock of Consolidated Thompson up to where they sold it for $17.25 per share in 2011 ($4.9 billion) -- the plan is to replicate that success.
The full market bulletin report may be found at http://www.marketequitiesresearch.com/reportq3lir-2014.htm online.
Figure 1. (above) Location map (upper left inset), Lac Lamelee Ridge, containing the deposit at Lamalee, Exploration camp at Lamalee (lower right inset) -- The Project sits 10 km west/southwest of Champion’s Consolidated Fire Lake North project.
The Lamelee South deposit is interesting from an economic point of view as it has a lot of iron formation squeezed into a relatively small area, a study indicates 100% of the Inferred Resources are in the pit shell (the area where the mining is expected to take place).
LIR.V plans to conduct metallurgical test work and produce a Preliminary Economic Assessment (PEA) Study (using economic parameters with a +- 30%) for delivery in Q4-2014.
Financing requirements:
•$3M to complete STEP I including additional drilling
and to initiate environmental assessment.
Lamêlée
Iron Iron Ore will be managed and operated by members of
the team that brought the Bloom Lake iron deposit to
production within 4 years of the feasibility study. The
company was acquired for $4.9B at $17.25 per share.
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for CVs of Board of Directors. Permitting (environmental, socio-political, First Nations) will not be an issue, since the processing technology follows current industry standards (ie., water is used as the main driver of concentration and there are no deleterious elements in the iron ore); there is only one First Nations group present in the Fermont area which has dealt favorably with the Bloom Lake operation; and Quebec’s and Labrador- Newfoundland’s Fermont-Wabush-Labrador City Iron Ore Camp has a history of iron mining since the 1960’s.
Deposit insight Work performed:
• Resource Modeling (57 DDH’s / 18,220m)
Course hematite and magnetite -- the course grain lends to the expectation to having a cost efficient process. Preliminary specs show very good material with low impurity.
Infrastructure advantages
Port-Cartier layout - note proposed laydown area for LIR.V's material
Transshipment potential via Port-Cartier
Market Equities Research Group has identified the following related research
links on Lamelee Iron Ore Ltd.:
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SOURCE: Sector Newswire editorial
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