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Schefferville Area Projects
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Schefferville Area Projects
| LIM's 20 direct shipping (DSO) properties comprising our Schefferville Projects are located in the western central part of the iron-rich Labrador Trough, one of the most prolific iron ore producing regions in the world. The Schefferville area has a tradition in iron ore production that dates back to the early 1950s. LIM's DSO deposits contain hematite lump and sinter fine ores and are part of the original IOC Schefferville operations, forming part of the 250 million tonnes of historic reserves and resources identified by IOC. Today, the area is home to established infrastructure, which includes the town, airstrip, hydro power and railway service to the Port of Sept-Iles, Quebec. |
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LIM's mine operations involve the extraction of iron ore by developing open pit mines, starting with the James Mine, which commenced initial production in June 2011. Commercial production was achieved in April 2012 and LIM completed its first full season of production in November 2012. LIM is now entering its third operating season in April 2013.
LIM continues to make good progress in advancing the Schefferville Projects with ongoing active programs, including drilling, metallurgical testing, environmental, permitting, marketing, engineering, purchasing and construction.At present, LIM has confirmed NI 43-101 compliant indicated resources of 45 million tonnes at a grade 56.5% Fe on the James, Redmond, Denault, Knob Lake and Houston deposits including NI 43-101 compliant measured and indicated resource of 23 million tonnes on the Stage 2 Houston deposit. In addition to these deposits, the remaining 15 deposits have a total combined historical resource estimated to be approximately 121 million tonnes based on work carried out by IOC prior to the closure of its Schefferville operations in 1984. The historical estimate was prepared according to the standards used by IOC and, while still considered relevant, is not compliant with NI 43-101.
The Company plans to bring the historical resources on these other deposits into NI 43-101 compliant status sequentially in line with their intended phases of production.
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