Cap-Ex Ventures has closed the option agreement with Kal Malhi to acquire Redmond Properties.
These properties comprise four neighboring iron ore properties in the Labrador Trough, which is 12 kilometers south-southeast of Schefferville, Quebec.
The Redmond Properties has 112 claims and covers 2,800 hectares, planned ironstone stratigraphy of the Sokoman structure and the feasible southeast expansion of the stratigraphic prospect, which has high-grade direct shipping ores (DSO) in the Sokoman structure.
Labrador Iron Mines possess the main Redmond deposits, 3 to 6 kilometers northwest through the length of the belt. Around 35 million tonnes of DSO grading 52-54% Iron was explored in the 1970s and early 1980s. Still, there remain many millions of tonnes of varying iron ore grade.
Several iron zones are present inside Cap-Ex’s Redmond Properties. All these zones lie within the favourable horizon of the Sokoman structure on the western claims of the Redmond Properties. This property covers 6.5 kilometer in the historical iron ore deposits.
The company has concluded the option agreement with Canarc Resources on TAY-LP property with the aim to focus on the newly acquired iron ore properties.
Source: http://www.cap-ex.ca/