Cyclone Metals’ (ASX:CLE) Block 103 magnetite project in Canada...

Cyclone Metals’ (ASX:CLE) Block 103 magnetite project in Canada can produce 69.5 per cent Fe concentrate, and at a whopping 7.2 BILLION tonnes, is a monstrous undeveloped magnetite resource. The project is nestled in the Labrador Trough, one of the largest iron ore belts in the world, which hosts 99 per cent of Canada’s iron ore production and the only one which benefits from open access rail and port infrastructure. Extensive metallurgical testwork has been conducted by the company, recently demonstrating a capability to produce high-quality Fe magnetite concentrate. In September, CLE embarked on an extensive program of comprehensive metallurgical testing using bulk sediment samples, aimed at demonstrating the seamless production of a premium 69.5 per cent Fe magnetite concentrate. The company is confident that it can showcase its magnetite concentrate to steel clients as early as February 2024.CLE says there’s also early indications that direct shipping ores (DSO) could exist at Block 103 as it’s adjacent to Tata Steel’s own 2Mtpa DSO operation. “Exploration activities are planned for Q2 2024 to identify and quantify this opportunity, which could deliver early cash flows for a modest capex outlay,” the company said.
The Australian