QUEBEC – Toronto-based Century Iron Mines has counted the resources at its Rainy Lake deposit and estimated 7.26 billion indicated tonnes grading 30.18% Fe and 8.69 billion inferred tonnes at 29.86% Fe. The deposit is also known as Full Moon, and it is part of the 100%-owned Sunny Lake project near Schefferville.
Century said it has drilled 148 core boreholes totalling 30,941 metres at Rainy Lake. The resource estimate is based on core from 124 holes on a 500- by 400-metre grid.
According to the company’s news release … “the deposit is a relatively large taconite iron deposit hosted in banded iron formations of the Proterozoic Sokoman Formation. The deposit is relatively flat, with sedimentary units dipping gently to the east at approximately 12°. The iron mineralization is stratabound and sedimentary in origin. The area investigated by drilling measures approximately 11 km along strike and up to 4 km across strike. The combined true thickness of the iron-bearing units often exceeds 200 metres. The sedimentary units are deformed, locally folded and the iron formations have been displaced and thickened by thrust faults that are sub-parallel to sedimentary strata.”
Details are available at CenturyIron.com.