On September 13, Vancouver, British Columbia, Canada-based iron ore exploration company Alderon Resources Corporation, a company in which Canada-based mining company Altius is a significant shareholder, announced the results of its initial iron ore resource at the North Rose deposit of the Kamistiatusset (Kami) iron ore property in western Labrador, Canada.
According to the data released by Alderon, the inferred mineral resource estimate at North Rose which includes a magnetite-rich zone and a hematite-rich zone, totals 480 million mt at 30.3 percent iron based on a cut-off grade of 20 percent iron.
"These results are fantastic and we have again exceeded our own publically stated objectives," says Tayfun Eldem, president and CEO of Alderon. "The goal of our current program is to upgrade the majority of the inferred resource into the indicated category ahead of our feasibility study expected by the third quarter of 2012," he added.