New Millennium Iron (NML) has released the results of drilling program conducted at its Lac Ritchie property located in North Quebec.
Indicated Mineral Resources of 3.330 Bt and Inferred Mineral Resources of additional 1.437 Bt have been brought through the data obtained from the company’s 40-hole drill program.
The CEO and President of NML, Dean Journeaux stated that the company is delighted by these drilling results, because they indicate that there exists huge potential at the Lac Ritchie location when compared to LabMag and KéMag deposits.
He added that the company prioritizes on working with Tata Steel in order to bring the DSO project into production by this year end and to complete the feasibility study for the Taconite project, and many opportunities are confirmed through these findings. The company’s long-term plans are reinforced by the continued development of the exploration work and the resource base.
The Lac Ritchie property is situated around 70 km towards the northern part from the KéMag property, which is one of major iron ore deposits in Canada. Drilling at the Lac Ritchie is part of NML’s exploration project that has included drilling at other two potential properties, namely Perault Lake and Howells Lake. The company will announce the drilling results from these properties later this year.
SGS Canada has been contracted for modeling the iron ore deposit, depending on the available 2011 drill hole results, and for completing a compliant NI 43-101 mineral resource estimate.
Source: http://nmliron.com/