OPERATIONAL SUMMARY
Drilling
In 2007, Advanced Explorations Inc. led the first major drill campaign on site since the exploration activities in the 1980s. The newly established exploration camp accommodated up to 60 workers at a time; 9,300 metres were drilled in 36 holes.
The exploration camp re-opened in March 2008 with an increased staff and a prep-lab run by SGS Lakefield in Hall Beach, 60 km north of site. Until the closing of camp in September, the 2008 drill campaign accomplished over 16,000 metres of drilling in 52 holes.
Drill operating on the deposits C-Zone during the 2008 drill campaign.
C-Zone
Results to date indicate the C-Zone magnetite bearing banded iron formation has a strike length of approximately 5.7 kilometres of which slightly more than 4.8 kilometres has been drill tested. The C-Zone at surface varies in width from approximately 100 metres to locally in excess of 300 metres. The C-Zone dips steeply to the east and is thicker to the north characterized by a higher grade core. The mineralization comes to surface but is locally covered by shallow overburden generally ranging from only one to three metres in thickness. Drill-hole RBC-08-84 released previously is typical of the style of mineralization illustrating the higher grade core within a broader zone of banded iron formation. RBC-08-84 intersected a broader interval of 216 metres averaging 28.55% iron with a core interval of 33.80% iron over 90.0 metres.
A and B Zones
Previous exploration on the property had indicated the A and B Zones to be potentially as large as the C-Zone. The A-Zone has a strike of approximately 1.34 kilometres and an average width of 133 metres, The B-Zone extended 1.83 kilometres with an average width of 159 metres. These zones, along with the C, D and E Zones are subsets of a much larger regional iron formation that pinches and swells along strike that extends from the shore of Roche Bay to more than 30 kilometres the Southwest. The defined zones are simply locations along strike where the iron formation swells. Mineralization of the various zones is thus expected to be similar. Most of the historic drilling is along the A and B Zones that are slightly closer to the Ocean than the C-Zone. Although only two holes were drilled in 2008, the style of mineralization and results from the historic work suggest mineralization similar to the C-Zone.
Milestones
2007
• Project launch – June 4, 2007.
• 9,300 metres in 2007 with a total of 36 holes.
• C$25.9 mm equity raised.
2008
• 16,500 metres in 2008 with a total of 54 holes.
• Hybrid PF&F plan.
• NI 43-101 Resource and Preliminary Economic Assessment near completion.
• 3rd year baseline environmental study complete.
• C$9.1 mm raised in 2008.
On site core cutting shack at the AEI exploration camp summer 2008.
2009
- 43-101 report – inferred resource report & preliminary economic assessment.
- 4th year of environmental baseline study.
- Ongoing of metallurgical and desktop engineering studies in support of DFS.
- C$ 3.5 mm raised in 2009.
2010
- Application for Mine Permit.
- Initiate Impact Benefits Agreement (IBA) negotiations.
- DFS in Q4.
2011- 2013
• IBA/Mine permit
• Project Financing/Pre-construction
• Project construction
