MAMBA TO ACQUIRE HIGHLY PROSPECTIVE IRON ORE PROJECT
-Prominent iron formation with 33km of strike, 200m wide, potential for both
-DSO and a multi-billion tonne magnetite deposit
-Exploration permit has been issued with drilling to commence in Sep 2012
-Located within Canada’s premier iron ore district, the Labrador Trough
-65km east of heavy gauge rail connection at Schefferville with available capacity and 565 km from Schefferville to the Port of Sept-Iles
-Hydropower available 45km from Snelgrove Lake at around C$0.04/kwh.
-The Port of Sept-ÃŽles is currently undergoing a C$220 million expansion increasing the port capacity to 50 million tonnes per annum by March 2014
-There is significant activity within Canada’s Labrador Trough with numerous projects underway including with Tata Steel, Rio Tinto, Cliffs Natural Resources and ArcelorMittal.
-Altius has a proven track record of sourcing Labrador iron ore projects including Alderon Iron Ore Corp’s (Market cap of C$245M) Kami Iron Ore Project and Century Iron Mines Corporation’s (Market cap of C$104M) Astray, Grenville, Menihek and Schefferville Iron Ore Projects
It seems MAB hit paydirt with the acquisition of the previously mentioned iron ore project.
New hematite deposit discovered with 275m intersection at Snelgrove Lake
● First diamond drill hole (MM-13-05) to test potential DSO (direct shipping ore) has returned a 275m intersection of hematite ore from 15m below surface.
● The current hole, MM-I3-05, continues to be in massive hematite mineralization at time of release and drilling is ongoing.
● Based on gravity and magnetic anomaly data, the target area is estimated to be 2km long by 200-300m wide.
● Snelgrove contains three additional untested DSO target areas with a combined area of 5km by ~ 250m.
● Further drilling to test width and length of this hematite deposit will follow immediately.
● Assay results are expected in May.
First hematite hole returns 303m intersection with mineralisation still open Second hole now underway
-Drilling of the discovery diamond hole (MM-13-05) to test potential DSO (direct shipping ore) has been completed after the intersection of hematite ore reached 303m
-The hole remained in massive hematite mineralisation at the time it was terminated 235m below surface
-The second hole to test this target is now underway 150m to the northwest of the first hole
-Based on gravity and magnetic anomaly data, the target area is estimated to be 2km long by 200-300m wide
-Snelgrove contains three additional untested DSO target areas with a combined area of 5km by ~ 250m
-First assay results from the hematite holes are expected in May