Seems China's largest steelmaker, Hegang, has bought 25% of the Kami iron ore project in eastern Canada's Labrador Trough owned by TSX listed Alderon for $C182.2 mil.
It's the first IO investment by the Chinese company in Canada.
Could see some interest rubbing off onto MAB, particularly with today's ann ...............
Mamba Minerals in exciting hematite iron discovery in eastern Canada Wednesday, April 03, 2013
Mamba Minerals in exciting hematite iron discovery in eastern Canada
Mamba Minerals (ASX: MAB) looks set for a bump up given a first drill hole to test potential for high grade iron (DSO) has returned a 275 metre intersection at the Snelgrove Lake iron project in Canada.
Snelgrove is located in the Labrador Trough in eastern Canada.
Which makes the first drill hole look mighty interesting given the Labrador Trough is home to one of the world’s largest iron ore accumulations of 78 billion tonnes of iron ore.
Annual production of about 50 million tonnes emanates from the Trough with names such as ArcelorMittal and Rio Tinto. Wuhan Iron & Steel, Mitsubishi, South Korea's Posco, India's Tata Steel, China Steel and Hebei Iron & Steel in the Trough region.
Back to Mamba's first diamond drill hole and it promises alot given the first intersection of hematite ore is just 15 metres below surface.
Assay results are expected in May and given the length of this intersection and the size of the DSO targets it should be prove interesting indeed.
Adding further spice is that Snelgrove also contains three additional untested DSO target areas with a combined area of 5 kilometres by 250 metres.
Based on gravity and magnetic anomaly data, the current target area is estimated to be 2 kilometres long by 200-300 metres wide.
The project in eastern Canada is located just 60 kilometres from the existing railway, which runs to existing and expanding port capacity. There is also access to cheap hydro-electric power - a big plus.
Mamba had cash reserves of $3.7 million at the end of the December quarter
