Dual-listed Champion Iron has confirmed the expansion potential of the Bloom Lake mine, in Quebec, announcing a 40% increase in its measured and indicated resources.
The company has updated its mineral resource and reserves statement for the mine, having completed diamond drilling and advanced modelling to optimise mining and processing of the deposit.
Since the 2019 technical report, Champion has drilled an additional 106 core bore holes. Infill drilling has resulted in the successful conversion of inferred resources to indicated resources. Furthermore, infill drilling has demonstrated continuity of iron mineralisation, enabling grade continuity to be established and estimated. This, combined with a revised price assumption, resulted in a significantly larger estimated resource pit shell compared with the 2019 modelling.
Bloom Lake currently has measured and indicated resources of 1.25-billion tonnes at 28.7% iron.
The mineral reserves for Bloom Lake are estimated at 716-million tonnes at an average grade of 28.6% iron.
"The combination of our expanded mineral resources, skilled workforce and supportive local stakeholders positions our company to continue to positively impact the region for generations.
“The Labrador Trough, including Bloom Lake, contains one of the largest and purest iron-ore resources globally and offers a unique opportunity for local stakeholders to participate in reducing steel industry emissions, which represents nearly 10% of global emissions. In tandem with our vision to be a global leader in the green steel supply chain, we continuously strive to minimise our impact on the environment in keeping with our corporate values and respect for the land where we operate,” commented CEO David Cataford.