LABRADOR – The drill results from the Howse iron ore deposit near Schefferville, QC, are positive with grades in the 65% range. The deposit is the target of a $5-million exploration program mounted by joint venture partners Labrador Iron Mines Holdings (LIM) (49%) of Toronto and Tata Steel Minerals Canada (TSMC) (51%).
Nineteen diamond drill and reverse circulation holes totalling 2,014 metres have been completed. Hole DD14-05 returned 84.1 metres grading 65.90% Fe, and hole 13-01A returned 79.5 metres grading 64.52% Fe. Only two of the holes failed to return ore-type intersections. A further 3,500 metres of drilling is in progress.
The results of the current drilling program will form part of a preliminary economic assessment to be completed in early 2015, followed by a feasibility study later next year.
Meanwhile the environmental assessment process is advancing. The environmental impact statement has been submitted, and the federal government announced that it is funding five First Nations groups to participate in reviewing the proposed mine.
The Howse deposit is proposed as a 3-million-t/y direct shipping operation. An open pit is to be developed with initial production anticipated in 2016, followed by full commercial production the following year.
Please visit LabradorIronMines.ca for additional information on all the deposits in which LIM has interests near Schefferville.