Altius

Goethite Bay Iron Ore Project (Labrador Trough)

Altius' 100% owned Goethite Bay Project is located in the Labrador Trough, Canada's premier iron ore mining district. The project is ~22 km northeast of the Iron Ore Company of Canada's Carol Lake Mine and ~7 km northeast of the undeveloped Julienne Lake deposit. The Goethite Bay project was initially staked by Altius in 2008 and optioned to Rio Tinto. In 2018, Rio Tinto allowed the Goethite Bay claims to lapse and Altius subsequently staked 28 claims covering the Goethite Bay prospect. Work conducted on the Goethite Bay project by Rio Tinto from 2008 to 2018 included compilation of publically existing data, prospecting, a LiDAR survey, an airborne magnetic survey, a ground gravity survey, diamond drilling, an airborne RESOLVE EM survey, an airborne HeliFALCON Gravity Gradiometer survey, digital elevation surveying, acquisition of Pleiades Satellite true color and infrared false color images and preliminary metallurgical testwork.

Eighteen holes totaling 4226.95 m were drilled by Rio Tinto at Goethite Bay during 2010, 2011 and 2012. Significant iron mineralization was intersected in multiple drill holes including drill hole 11LB0027 which yielded 279 m @ 29.8% Fe, including 157 m @ 31.9% Fe and 90 m @ 31.9% Fe. Other significant intercepts from drilling are reported in the table below. To date wide spaced drilling has intersected iron mineralization over an area of 1.8 km x 2.5 km to a vertical depth of 420 m and is still open at depth and along strike. Preliminary metallurgy suggests that it should be possible to produce a high quality, low impurity concentrate at reasonable grind sizes.

HOLEID Total Depth (m) Azimuth Dip From (m) To (m) Interval (m) Fe %
11LB0026 255 350 -80 25.5 118 92.5 29.6
and 185.1 223.65 38.6 29.7
11LB0027* 348 360 -80 56.27 336 279.73 29.8
including 56.27 213.58 157.31 31.9
and 246 336 90 31.9
11LB0029 306.25 355 -80 114 234 120 29.4
including 114 167 53 30.6
11LB0030 255 6 -80 16.5 231 214.5 26.4
including 16.5 39 22.5 33.2
and 61.6 108 46.4 28.2
11LB0031 207 5 -80 25.5 125.92 100.42 28.1
including 72 123 51 30.3
11LB0032 446 357 -80 77 124 47 28.4

*Previously released - see press release dated Nov 30, 2011

Altius is currently seeking a partner to advance the Goethite Bay iron ore project

Carol Seymour, P.Geo., Senior Geologist, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.

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