Cartier Iron (CNSX:CFE) last week announced the completion of a mineral resource estimate (MRE) for its Penguin Lake Project located within the recently consolidated Round Lake Property, one of Cartier Iron’s Gagnon Holdings.
The Gagnon Holdings are being explored through an option agreement with Champion Iron Mines (TSX:CHM).
According to a press release, the MRE reported 531.1 million tonnes grading 33.1 percent iron, with in-pit inferred resources at a 15 percent total iron cut-off grade.
As quoted in the press release:
Thomas Larsen, Champion’s President and C.E.O. commented, “I would like to echo the comments made earlier by Cartier Iron’s President John Langton and state that this inaugural drilling campaign was indeed an unqualified success. With the ten-fold increase of the historic resource, the updated resource makes the Penguin Lake deposit the largest iron resource in the southern Gagnon Terrane in the southern Labrador Trough. It is significant to note that the current resource comprises less than half of the modelled bowl-shaped deposit, pointing to a huge upside resource potential in the areas to the north and west, where the iron formation is interpreted to re-surface.”