Cartier Iron (CNSX:CFE) has announced its consultants have completed a first NI43-101 compatible resource estimate for the Penguin Lake iron ore project in Québec, Canada. The in-pit inferred resource came in at in excess of 530 million tonnes at an average iron content of 33% using a cutoff grade of 15%. If one would raise this cutoff grade to 30%, the in-pit resource would only decline marginally to 464 million tonnes at almost 34% Fe. This is an excellent indication of the continuity of the mineralization.
Cartier Iron will now initiate metallurgical studies to determine the main parameters for a Preliminary Economic Assessment which is expected to be released later this year.
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Disclosure: The author holds no position in Cartier Iron. Please see our disclaimer for current positions.
