Champion Iron (TSX: CIA; ASX: CIA; OTCQX: CIAFF) has updated the mineral resource and reserve estimates for its Bloom Lake mine near Fermont, Que.
The update includes an optimized mine plan with an 18-year life based on the mineral reserves, including a 40% increase in measured and indicated resources and a 360% increase in inferred resources.
According to the audited mineral resources statement, the 2023 mineral reserve estimate for Bloom Lake at a cut-off grade of 15% iron is as follows: total measured and indicated resources are 1.25 billion tonnes with an average iron content of 28.7%, while the inferred resources are 246.3 million tonnes with an average iron content of 26.6%.
The mineral reserves for Bloom Lake are estimated at 716 million proven and probable tonnes at an average grade of 28.6% iron.
The life-of-mine average iron metallurgical recovery is 82%, with a plant feed grade of 28.6% iron and an average yearly production of 15.2 million wet metric tonnes of high purity iron ore concentrate at 66.2% iron.
Champion CEO David Cataford said the extended life of mine fits into global carbon reduction goals.
“The Labrador trough, including Bloom Lake, contains one of the largest and purest iron ore resources globally and offers a unique opportunity for local stakeholders to participate in reducing steel industry emissions, which represents nearly 10% of global emissions,” Cataford said.
For more information, visit www.ChampionIron.com.
