Lac Otelnuk Fe Royalty

  Lac Otelnuk Iron deposit nts 24C01     

     (acknowledged battery metal)

                   

          Claim map is hyperlinked

The Lac Otelnuk mine development project is Quebec's largest iron deposit with a NI 43-101 compliant estimated mineral resource of 20.64 billion tons of ore grading 29.8% iron.

 

In 2012, 60% ownership of the iron deposit was sold to Wuhan Iron and Steel Co. (WISCO). 

In 2021, all the legal and beneficial rights, interest and title in and to all the claims were transferred to 743584 Ontario Inc.

In 2022, all the legal and beneficial rights, interest and title in and to all the claims were transferred to Metalquest Metals.

References:

https://www.mining-technology.com/projects/lac-otelnuk-iron-project-quebec/https://miningdataonline.com/property/1578/Lac-Otelnuk-Project.aspx

https://plannord.gouv.qc.ca infrastructure support pdf p 39

2015 Mineral Resource Highlights:    

The DTWR throughout the mine plan averages 26.5 % Fe2O3t and varies from a high of 33.0 % during year 1 to a low of 25.7 % in year 10.  

Below is the DDH locations with +30% Fe2O3t  data. Use Sigeom DDH function to verify.

 

Royal is for sale.

enquire to:   miningjv@yahoo.ca  

Iron Bear (Block 103) Fe Royalties

  The right to 40% of the   Iron Bear fe 1.8% GOR royalty  over licence # 014603M  and

   the right to 50% of the 2.5% GOR royalty over Licences 014855M & 014856M are for sale.

  

   Overview

   https://www.gov.nl.ca/iet/files/Iron-Bear.pdf

    Iron Bear fe 1.8% GOR royalty over the original claim block

 743584 Ontario's royalty claim block  (light blue)

Link to live map

 

DDH map 2023

                                   Gross Over Riding Royalty claim block map, pdf p10  

 Expected Milestones 2025:

- Current studies being undertaken on power and rail. These will be completed before the Scoping Study, so therefore expected in the coming weeks. (Source: MarketOpen interview).

- Scoping Study including project economics. Timing is 6 to 8 weeks (Source MarketOpen interview which said within next couple of months and 6 to 8 weeks mentioned in Proactive Investors interview). Will include economic and technical numbers. Paul Berend said in Proactive Investor interview "I can say nothing about what that is, except that there are lots of zero's involved."

- "Rapid project development plan with bulk samples of DR and BF concentrates available for steel mill clients in Q1 2025 and DR and BF pellets in Q2 2025" (Source: Half yearly report). To confirm the market demand for the product that will be produced and potentially adding confidence to the premium that could be received for high grade low impurity iron ore - the grade of ore that will be needed to make green steel which is currently only available in limited quantities.

- Drilling program planned for June to November 2025. The drilling plan is for 24,000m (source, ASX announcement 11 March 2025). To put the size and importance of this drilling program into context, previous drilling was "In 2011 this comprised 43 drill holes for 5,662 m and in 2012, drilling of 72 drillholes for 22,359 m" (source: CLE website under Geology page). 

- Another cash payment from Vale in three months time (source: ASX announcement 11 March 2025 noting quarterly payments).

2.5% GOR royalty over Licences 014855M & 014856M

  email :   miningjv@yahoo.ca

------------ Prospects for Option--------

   -  North Rae U + Th + REE prospect

   - Lac Daniel U +Th + REE prospect

            

Zone A-5 (S) Au+Ree+ Cu+Ag+U prospect

 Cogema's former zone A-5 (S) prospect

Primary Au mineralization:

   Zone A-2 (S) remains untested along two major faults where the au mineralization is similar to carlin style deposits.  (GM57979)

   Lithology:

    The structurally controlled mineralization consists of a series of quartz-carbonate and radioactive mineral veins within an altered gabbro sill inserted into the sandstones of the Upper Indicator Formation along an ESE axis over a distance of approx. 1 km.

   The mineralization is silicified and rich in sulfides found in shear zones along the sill contact
 zones similar to the Zone L's Au deposit  (further east, on sheet 23D02). 

Location:





Link to the live mapping app.

Secondary U mineralization:
Mineralization consists primarily of pitchblende in quartz and carbonate veins. 
A large number of minor secondary minerals are also present, including pyrite, 
chalcopyrite, hematite, native copper, bornite, galena, chalcedony, pyrolusite, 
leucoxene, malachite, ankerite, gypsum, and dolomite (GM 57979). 
A zebra-like texture of carbonates is noted cutting the gabbro (GM 65244).

Major structural control:
Feeder dykes cutting the sandstones of the uppermost Indicator Formation and
shear zones along the sill contact zones.

Grade Results:
 GM37384:   L-36g: 8056 ppm U; L-36d: 1102 ppm U. 
GM57979:   731084: 37 g/t Au, 75.5 g/t Ag, 1.57% Cu, 1% Pb, 771 ppm Te;
                   731083: 12.3 g/t Au, 100.6 g/t Ag, 0.29% Cu, 1% Pb, 1169 ppm Te.
GM58683: 5 out of 19 grab samples returned gold grades above 1 g/t in athin vein, trench S-2, of 
the S showing: 1.396 g/t Au (M764116); 1.837 g/t Au (M764118); 4.868 g/t Au.

M764104:13.22 g/t Au 
M764110:13.63 g/t Au 
M764115:Grab samples 2678, 2679 and 2682, located between 300 and 400 meters to
the southeast, returned respective contents of 1065 ppm U, 3106 ppm U and 2147 ppm U. 
The values ​​vary between 609 and 5098 ppm U3O8. 
GM65244: Sample 2678 also returned contents of 725 ppm Au, 11.6 ppm Ag and 2060 ppm Pb. 

Boréale Exploration (GM57979) conducted a limited resampling of the Cogema's  trenches & 
drill core results as per charts below:
 

trench resampled data

Limited DDH core is resampled 

The GM57979 report concludes:

"only a small proportion of the drilling conducted on the property has been resampled. It is

 therefore encouraged that all available drilling be reexamined and resampled. 

Furthermore, with a view to a Carlin-type context, the Lac Carré and Lac Cigare faults, along

 which the carbonate horizon is offset, remain targets to be tested."

and states:

 "Two hypotheses have been put forward to classify this deposit. 

COGEMA considers that it is a deposit similar to the L zone, consisting of uranium 

mineralization in a lithological and structural trap marked by a particular stratigraphy and 

by the albitization of the gabbro. 

Another hypothesis recently put forward by Boréale Exploration suggests that the mineralization

 is more gold than uranium and that many similarities exist between the model proposed by 

COGEMA and the Carlin-type deposits. 

Gabbro is invoked as a source of heat for the water table and the Péribonca carbonate 

formation would have constituted both a thermal screen and an oxidizing aquifer."

Inquire to miningjv@yahoo.ca

Lac Connelly adv. Fe (DSO) deposit

  A DDH ready DSO prospect.

The 2011 exploration program consisted of prospecting and rock sampling to confirm the presence of hematite bearing horizons to the north of Lac Connelly. 

The first hematite bearing horizon was traced for 2.5 kilometres along a northeast strike, with a minimum width of 30 metres. 

The second hematite bearing zone is located 1.5 kilometres to the northwest of the first horizon and was traced for 1.2 kilometres along a northeast strike, and based on preliminary mapping is at least 50 metres wide. 

A total of 96 grab and channel samples were collected during two separate site visits to Lac Connelly. On average the samples returned 56.8% Fe203. 

Under microscopic examination the rock samples collected consist of coarse grains of hematite and quartz that are not intergrown but rather appear to form separate grains. 

There was no drilling at the Lac Connelly property to enable estimation of the DSO (direct shipping ore) potential for a mineral resource. 

It is recommended that drilling be initiated in the near term to delimit the actual extents of the iron formation in the Hematite rich DSO zones outlined by the field prospecting and sampling programs.

      

Report's Conclusion:

"Based on the sampling results and microscope exams it is recommended that metallurgical studies be conducted to test the beneficiation of the Lac Connelly hematite targets. If beneficiating of the metallurgical samples proves successful the property could be confirmed as a direct shipping ore (DSO) prospect. There is presently no drilling at the Lac Connelly property to enable an estimation of the DSO potential for a mineral resource. It is recommended that drilling be initiated in the near term to delimit the actual extents of the iron formations in the Hematite rich DSO zones outlined by the prospecting and sampling programs. The cost of the diamond drill program is estimated at 2 million dollars."

Link to direct live map.

Link to >68% Fe2O3t

Link to report.

enquire to miningjv@yahoo.ca