- Cyclone metals owns 100 percent of the world-class Iron Bear iron ore project in Canada and has approximately AU$8 million of liquid investments in ASX listed resource companies
- The world class Iron Bear iron ore project has a mineral resource of 7.2 billion tonnes containing 29.2 percent total Fe and 18.9 percent magnetic Fe (JORC and NI 43-101- compliant at the inferred status)
- The Iron Bear mineral asset is located in the Labrador Trough, less than 15 kilometers from an open access heavy haul railway directly connected to the Sept Isles iron ore export port.
- Metallurgical test work completed on representative bulk sediment samples delivered a magnetite blast furnace concentrate produced grading 68.7 percent Fe with very low deleterious elements and silica below 3.5 percent. The magnetite recovery ration was over 97 percent achieved with industrial processing equipment.
- A preliminary economic assessment suggests that the cash costs for producing blast furnace pellets could be very low, estimated at US$46.5 /t FOB Sept Isles due to a low stripping ratio (1/4) and access to hydropower.
- Iron ore is the world’s second largest commodity by value and underpins the growth of developing nations including China and India. The benchmark 62 percent Fe price has been on average US$95/t CFR China over the last decade. As of 04/12/23 the price of the 62 percent Fe benchmark was US$130/t and the price for BF pellets was US$182/t.
- The Iron Bear iron ore products will be tailored to minimise the carbon footprint of steel producers – further enhancing the value of the project for investors. Test work is ongoing to define an ultra-low carbon direct reduction pellet and concentrate.
- The management team of Iron Bear has communicated a very structured plan to develop the project and deliver value for stakeholders (investors and local communities). The achievement of each milestone is monitored and has clear accountabilities
Cyclone Metals (ASX:CLE) is a listed exploration and development mining company focused on developing a world-class iron ore project in Canada referred to as project Block 103 or project Iron Bear. The company completed its acquisition of Labrador Iron, which owns 100 percent of the Block 103 magnetite iron ore project in Canada.
Iron Bear is located in the Labrador Trough in Canada, 30 kilometers from the town of Schefferville, and is within 20 kilometers of an open-access heavy haul railway directly connected to the Sept Isles iron ore export port. The Labrador Trough is a well-established and stable iron ore exporting district which harbors numerous iron producers including IOC (Rio Tinto), Champion Iron and Tata Steel, all of which benefit from the same rail and port infrastructure.