Micrex Development has completed the 14-hole preliminary drilling campaign on its St Charles magnetite project.
The company has planned to continue the additional drill holes to analyze the southward and northward extension of the "Grand Saguenay" magnetite mineralization. It will also examine certain new magnetic anomalies. The completion of the preliminary drill campaign was delayed because of the strategic plan to employ a small drilling rig so as to reduce environmental impact on the forest. In addition, drilling water freezing also delayed the drill campaign this past winter. However, these aspects did not impact the company’s overall planning.
Micrex Development mainly conducted the drilling program to revise its 43-101 resources. At present, identified resources are sufficient to meet the expected demand for magnetite from the Atlantic seaboard and Québec which is projected to be more than 100,000 t of finished products per annum.
The preliminary drill campaign has successfully assessed the structure of the "Grand Saguenay" magnetite mineralization, as proposed by the wide aeromagnetic anomaly specified on the 2011 survey. The initial results indicate the occurrence of extensive mineralization across a steady width of 20 to 30 m, a length of 300 m, and trending at 160° and dipping at 50°-65°. The mineralization is exposed laterally towards the south and the north, and at depth.
In the IOS laboratory, core samples are being processed for magnetite recovery using density measurement and Davis tube testing. An ISO-17025 accredited laboratory, ALS-Mineral is currently the assaying the core samples.
Additional news will be forthcoming on lab results from Newcastle and Québec, England.