Business
ML Gold Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - ML Gold Corp. (TSXV: MLG) (FSE: X0VP) ("ML Gold" or the "Company") provides an update on its Bloc
About this update from M3 Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - ML Gold Corp. (TSXV: MLG) (FSE: X0VP) (\"ML Gold\" or the \"Company\") provides an update on its Block 103 Iron Ore project located in the heart of the Labrador Trough in Newfoundland and Labrador, Canada. Recent increases in the iron ore price have renewed interest in the Company's wholly owned Block 103 iron ore project. Given the positive outlook and price of iron ore and the attractive currency exchange rate for Canadian producers, the Company is currently communicating with engineering firms to update the 2013 Preliminary Economic Assessment (\"PEA\"). The 2013 PEA was based on the 7.2 billion tonne iron ore resource estimate for the Block 103 project and the production of a premium iron ore pellet. Since the completion of the PEA in 2013 much has changed in the market for iron ore and in the specifics regarding development of iron ore projects in the Labrador Trough. In addition, government investment in infrastructure including rail, shipping port and power has increased dramatically. The Block 103 Iron Ore Project The Block 103 project was discovered in 2011 and advanced by the Company to the PEA stage. The initial resource on the Block 103 project included a total of 7.2 billion tonnes at 29.2% total iron with metallurgical test results showing a 69.5% iron concentrate, 67% premium pellet product, and low 0.4:1 strip ratio. The project has seen approximately 38 million in capital previously deployed de-risking and advancing the asset. The Project is located in the heart of the Labrador Trough, Newfoundland and Labrador, approximately 30 km northwest from the town of Schefferville, Quebec and 1,200 kilometres by air northeast of Montréal, QC. Previous work by the Company includes geological mapping, geophysical surveys and diamond drilling programs. Total drilling now stands at 115 drill holes aggregating over 28,000 metres. Two zones of mineralization have been defined on the Property; namely the Northwest Zone and the Greenbush Zone where the focus of the mineral resource estimate has been on the Greenbush Zone. Additional information is available on the Block 103 Project page at www.mlgoldcorp.com Disclaimer Adrian Smith, P.Geo., is Qualified Person as defined by National Instrument 43-101 for the above mentioned project. The QP is a member in good standi...