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Altius’s Snelgrove Lake iron ore project is located approximately 50
kilometres southeast of the past-producing Schefferville iron ore mining
district. A range of iron formation was previously identified by Labrador Mining
and Exploration Limited in the period of 1940-60 and occurs on the property over
a strike distance of approximately 40 kilometres.
In 2008, a fixed-wing airborne survey was commissioned by Altius. The
combination of the magnetics data and a 2008-09 mapping and sampling of the iron
formation has provided encouraging results for potential iron resources. Iron
values are typical of taconite iron formation in the region. 117 grab samples of
iron formation yielded a median iron grade of 32% iron.
The Snelgrove Lake project also hosts the potential for significant areas 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. These areas will be the
focus of ongoing exploration efforts.
