Estimated 620 million tonne resource at Elizabeth No. 1 taconite deposit
Additional potential of 350 to 600 million tonnes in Elizabeth No. 2
Anglesey’s 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has announced that its exploration efforts over the past two years have identified a large iron orebody hosted within its 100%-owned Elizabeth Taconite Project, leading to an independent National Instrument 43-101 (“NI 43-101”) inferred mineral resource estimate of 620 million tonnes and exploration potential of 350 to 600 million tonnes.
The Elizabeth Project is located in Western Labrador, approximately four kilometres (“km”) west of LIM’s currently producing James Mine, alongside existing infrastructure, including roads, rail bed and power line corridor.
In 2011 and 2012, LIM identified two parallel deposit areas at the Elizabeth Project by conducting airborne and ground geophysics over the region. LIM’s exploration drilling in 2012 was successful in defining an inferred mineral resource at Elizabeth No. 1 by completing five, HQ-sized diamond drill holes totalling 1,728 metres. Exploration drilling was also successful in identifying exploration potential in Elizabeth No.2, which is oriented in a parallel zone located immediately to the southwest of Elizabeth No.1.
Elizabeth Taconite Project Highlights
- A total inferred mineral resource of 620 million tonnes at 31.8% Fe has been estimated within Elizabeth No. 1.
- A potential 350 million to 600 million tonnes at 31.9% Fe has been estimated in Elizabeth No. 2 .
- The initial Elizabeth target measures approximately four km long and is made up of magnetite and hematite dominant zones. There is significant potential for resource expansion, as the deposit remains open along strike to the northwest and southeast.
- Results from Davis Tube test work have been extremely positive, indicating concentrate grades of greater than 68.8% Fe in the magnetite zones.
- The Elizabeth Project is situated next to the former producing Wishart mine, alongside existing roads, rail bed and power line corridor and is within five km of the town of Schefferville. LIM’s current direct shipping iron ore operations are located four km from the Elizabeth Project, with direct rail access to the Port of Sept-Îles.
- Airborne and ground geophysics have also highlighted the Gagnon taconite target, located in Québec, a few km from the Elizabeth Project.
For further details of these new resources please see LIM’s release today on its website at www.labradorironmines.ca
About Labrador Iron Mines Holdings Limited (LIM)
Labrador Iron Mines (LIM) is Canada’s newest iron ore producer with a portfolio of direct shipping (DSO) iron ore operations and projects located in the prolific Labrador Trough. LIM has commenced its third year of operations and is targeting 1.75 to 2.0 million tonnes of saleable iron ore production in 2013.
About Anglesey Mining plc
Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limited which is producing high grade hematite from its James pit, one of LIM’s direct shipping iron ore deposits in western Labrador and north-eastern Quebec.
Anglesey is also carrying out exploration and development work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where a JORC Code-compliant resource of 2.1mt at 6.9% combined base metals in the indicated category and 4.1mt at 5.0% combined in the inferred category was published in November 2012.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison: RFC Ambrian +44 (0)20 3440 6800;
Emily Fenton/Jos Simson: Tavistock Communications +44 (0)20 7920 3155.