Canada-based mining company Altius Minerals Corporation (Altius) announced Monday that results from both the Julienne Lake Iron Ore project and the Snelgrove Lake Iron Ore project came back positive. Altius owns both projects wholly and is in the process of looking for a business partner to help advance these opportunities in Labrador West iron ore mining district.
The Julienne Lake Iron Ore deposit contains a historic and non-NI 43-101 compliant resource of 558.8 million tons grading 35 percent iron. These results support the interpretation that the historically defined deposit extends significantly along strike in both directions onto Altius claims. The tests on the Snelgrove Lake Iron Ore project suggest that an iron concentrate with acceptable Fe and SiO2 values can be obtained and are comparable to other taconite projects being advanced in the region. The magnetite-rich samples--NL-11-02-02, NL-11-02-13, NL-11-03-05 and NL-11-03-10--yielded acceptable weight recoveries and Fe grades in the magnetic concentrate were 64 to 69.5 percent Fe.