Business
LIM - Elizabeth taconite resource
LIM - Elizabeth taconite resource.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n24 June 2013 LSE:AYM\n\nLIM - Elizabeth taconite resource\n\nEstimated 620 million tonne resource at Elizabeth No. 1 taconite deposit\n\nAdditional potential of 350 to 600 million tonnes in Elizabeth No. 2\n\nAnglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has\nannounced that its exploration efforts over the past two years have identified\na large iron orebody hosted within its 100%-owned Elizabeth Taconite Project,\nleading to an independent National Instrument 43-101 (\"NI 43-101\") inferred\nmineral resource estimate of 620 million tonnes and exploration potential of\n350 to 600 million tonnes.\n\nThe Elizabeth Project is located in Western Labrador, approximately four\nkilometres (\"km\") west of LIM's currently producing James Mine, alongside\nexisting infrastructure, including roads, rail bed and power line corridor.\n\nIn 2011 and 2012, LIM identified two parallel deposit areas at the Elizabeth\nProject by conducting airborne and ground geophysics over the region. LIM's\nexploration drilling in 2012 was successful in defining an inferred mineral\nresource at Elizabeth No. 1 by completing five, HQ-sized diamond drill holes\ntotalling 1,728 metres. Exploration drilling was also successful in identifying\nexploration potential in Elizabeth No.2, which is oriented in a parallel zone\nlocated immediately to the southwest of Elizabeth No.1.\n\nElizabeth Taconite Project Highlights\n\n * A total inferred mineral resource of 620 million tonnes at 31.8% Fe has\n been estimated within Elizabeth No. 1.\n \n * A potential 350 million to 600 million tonnes at 31.9% Fe has been\n estimated in Elizabeth No. 2 .\n \n * The initial Elizabeth target measures approximately four km long and is\n made up of magnetite and hematite dominant zones. There is significant\n potential for resource expansion, as the deposit remains open along strike\n to the northwest and southeast.\n \n * Results from Davis Tube test work have been extremely positive, indicating\n concentrate grades of greater than 68.8% Fe in the magnetite zones.\n \n * The Elizabeth Project is situated next to the former producing Wishart\n mine, alongside existing roads, rail bed and power line corridor and is\n within five km of the town of Schefferville. LIM's current direct shipping\n iron ore operations are located four km...