ASSESSMENT OF SNETTISHAM IRON ORE POTENTIAL

N27 IC ASX Snett 3D Mag Model WEB

 

Executive summary:

  • Northern Cobalt has completed an assessment of the potential for iron ore to contribute to the Snettisham Project

  • A three (3) hole diamond drilling program testing the validity of the magnetic model and Geophysical Exploration Target is due to commence before the end of the June 2019

  • Historic metallurgical test work suggests the Snettisham material can produce a high grade and quality magnetite concentrate of 66.1% Fe, 2.85% TiO2, 0.66% V2O5 and < 0.01% P

Snettisham Iron Ore Potential

Previously the company had been primarily focussing on the vanadium content of the iron ore as the main value driver for the project, and now with the recent sustained price increases for iron ore we have undertaken an assessment of the value of the magnetite iron ore to contribute to the economics of the project in addition to vanadium.

Exploration Target Range

Table 1. Magnetite iron ore Exploration Target (ET) for the Snettisham Project

Prospect

Low-grade*

High-grade**

 

Tonnage (Bt)

Grade (Fe%)

Tonnage (Mt)

Grade (Fe%)

Snettisham

1.1-2.1

14-26

297-551

28-52

 

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