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The Snelgrove Lake Project comprises 5 licenses totaling 10,600 hectares (424
claims) in the Snelgrove Lake area of the western Labrador iron ore mining
district. The project is located approximately 55 kilometres southeast of the
community of Schefferville and approximately 200 kilometres north of the town of
Labrador City, within within 50 km of power and transportation infrastructure.
Exploration by Altius in the past three years includes a fixed-wing airborne
magnetics survey, trenching, geological mapping and sampling of iron formation
that intermittently outcrops along high ridges through the property. Iron values
are typical of taconite iron formation in the region and yield a median value of
32% iron (n=193 grab samples). However, the project hosts domains of
higher-grade iron ore. Analytical results from grab samples indicate several
zones of enriched iron formation in the range of 55% to 64% iron that may have
potential for relatively low-cost direct shipping ore similar to the adjacent
Sawyer Lake Deposit held by Labrador Iron Mines [historic resource: 12Mt@61.8%
Fe (IOCC, 1983)].
An airborne gravity gradiometry survey was completed in December 2011 over the
entire Snelgrove Lake property and the Company anticipates interpretation and
application of results in early 2012., which should be successful in generating
a geophysical control “signature” for identifying within the larger taconite
formation.
