Project Iron Bear

Project Highlights

  • 1

    WORLD CLASS IRON ORE PROJECT: mineral resource of 16.6 billion tonnes containing 29.3% total Fe and 18.2% magnetic Fe, cut-off grade 12.5% magnetic Fe.

  • 2
    MINING FRIENDLY JURISDICTION AND PROXIMITY TO INFRASTRUCTURE: Iron Bear located in Canada, less than 25km from an open access heavy haul railway with proximity to low cost to hydro-power
  • 3
    HIGH QUALITY PRODUCT: Production of high quality magnetite concentrate grading 71,3% Fe and 1.1% SiO2 in industrial pilot plant
  • 4
    LOW OPEX: Estimated1 OPEX of USD 35.6/t3 FOB Pointe Noire for blast furnace concentrate due to access to low-cost hydropower
  • 5
    STRATEGIC TIER 1 ASSET: iron ore asset with flexible development scenarios and the potential to ramp up production to over 100 Mta
  • 6
    FAST TRACK PROJECT DEVELOPMENT underpinned by the supply of bulk samples of DR and BF concentrates to mill clients by Q2 2024

About The Iron Bear Project

Cyclone Metals owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project.

The Iron Bear Project consists of ten licenses totalling 7,275 ha on 291 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montréal, QC.

The Iron Bear properties are located within 25 km of an open access heavy haul railway which is directly connected to the Sept Isles and Pointe Noire iron ore export ports. In addition, the Iron Bear has potential access to cheap renewable energy from the Menihek hydro-plant located 75km away. These two factors substantially improve the prospects for eventual economic extraction of the Iron Bear mineral resource.

Notably, large scale iron ore export operations currently operate in the Labrador Trough; including IOC (Rio Tinto), Champion Iron and Tata Steel; all sharing the same rail and port infrastructure.