IRON ORE RESOURCES: Duncan Lake update exceeds expectations

QUEBEC – Toronto-based Century Iron Mines (51%) and Augyva Mining Resources (49%) say the updated 43-101 estimate for their Duncan Lake iron ore property 70 km south of Radisson in the James Bay area exceeds their expectations. Since the last estimate in 2010, Century has drilled an additional 44,000 metres of core at the project.

The updated 43-101 report defines 1.05 billion tonnes of measured and indicated resources at a grade of 24.4% Fe, compared to a previously reported 31.3 million tonnes at a grade of 23.7% Fe in 2010. Inferred resources are 563 million tonnes at a grade of 24.7% Fe, compared to a previously reported 821 million tonnes at a grade of 24.6% Fe.

“This resource estimate update clearly adds solid fundamentals that underline the potential and value of the Duncan Lake project,” said Century president and CEO Sandy Chim in a news release. “The new mineral resources will form a sound basis for the preliminary economic assessment is being prepared by Met-Chem, which is targeting an annual production of 12 million pellet tonnes at better than 67% iron grade and with all other elements within commercial specification. The PEA is targeted for about year end."

In the meantime, additional information about Duncan Lake is available at CenturyIron.com.