Labrador Iron Ore Project (NL, Canada)
The Labrador Iron Ore properties is subject of an earn in agreement with Rio Tinto Canada that includes 9 map-staked mineral licenses comprising 282 claims covering 7,050 hectares in western Labrador. The optioned licenses have been divided into six different prospects as follows: Bruce Lake, Goethite Bay, Carol Lake, Campground, Huguette Lake and Green Water Lake.
During the 2011 field season, Rio Tinto ("RT") completed a total of 2633 metres of drilling on the Goethite Bay prospect. The Geothite Bay prospect is located approximately 17 km north east of Iron Ore Company of Canada's Carol Lake operation and 6 km north of the Julienne Lake deposit. Significant iron mineralization was intersected in drill hole 11LB0027 consisting of 279 m @ 29.8% Fe, including 157 m @ 31.9% Fe and 90 m @ 31.9% Fe. Several additional drill holes also intersected iron mineralization tabled below.
|HOLEID||Total Depth (m)||Azimuth||Dip||From (m)||To (m)||Interval (m)||Fe %|
*Previously released - see press release dated Nov 30, 2011
Altius has received formal notice from Rio Tinto Canada that it intends to pursue its second option to earn an additional 19% property interest, for a total of 70%, by spending an additional $4M by December 2013. Additional drilling was completed on the project in 2012 and Altius is awaiting confirmation of Rio Tinto’s next program as part of an ongoing second phase earn-in for a 70% interest. In addition to its project interest, Altius retains a 3% gross overriding royalty as per its royalty creation strategy.
Carol Seymour, P.Geo., Senior Geologist, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.