ONTARIO - Toronto-based junior Rockex Limited estimates that indicated and inferred resources at its 100%-owned Western Lake St. Joseph iron ore project top 1.0 billion tonnes (no cutoff) grading between 26% and 29% Fe. The numbers apply specifically to the Eagle Island deposit 310 km north-northwest of Thunder Bay and 100 km northeast of Sioux Lookout.
The resource estimate was based on 63 drill holes within an area approximately 2.4 by 2.9 km on Eagle Island, covering the iron mineralization on the island and slightly into Lake St. Joseph. According to Rockex, the holes yielded intersections of up to 399.9 metres grading 28.38% soluble Fe, 446.53 metres of 29.94% soluble Fe and 322.48 metres of 31.58% soluble Fe. The resources were estimated by Watts, Griffis & McOuat of Toronto.
At an 18% Fe cutoff grade, the indicated resource is 590.8 million tonnes grading 28.84% Fe, and the inferred resource is 415,757,000 tonnes grading 29.47% Fe.
The iron potential of the Lake St. Joseph area was first tested in the 1920s and 1930s. Algoma Steel drilled the property in the late 1960s, and by the mid-1970s had determined that the Eagle Island mineralization could be of economic interest. No further work was done until Rockex acquired the property and began its own exploration in 2008.
A small amount of additional information about Rockex is available at www.RockexMining.com.