LABRADOR and QUEBEC – Labrador Iron Mines Holdings of Toronto has revised upwards both the total iron ore resources at its Schefferville/Menihek direct shipping ore project and resources for the stage two expansion. The properties are located along the border of Labrador and Quebec.
At the end of March 2013, the total measured and indicated resources were 59.5 million tonnes grading 56.7% Fe, a 33% jump from a year earlier. Stage two plans include the Houston and Malcolm deposits containing 40.6 million measured and indicated tonnes averaging 57.6% Fe. The measured and indicated resources at the Houston 1, 2 and 3 deposits was up 37% over the same period to 31.3 million tonnes grading 57.5% Fe. The new measured and indicated resources for the Malcolm 1 deposit stands at 9.2 million tonnes grading 57.8% Fe, up significantly from the historical estimate of 2.9 million tonnes. A new resource was estimated for selected historical stockpiles: 3.5 million indicated tonnes at 49.1% Fe and 2.9 million inferred tonnes at 48.8% Fe.
Due to mine depletion and reconciliation at the James mine, the resource for LIM’s stage one Silver Yards deposits has declined to 18.9 million tonnes at 54.9% Fe.
More information about the resource estimates for all deposits is available at LabradorIronMines.ca in the press release dated May 23, 2013.