GILBERT,
Minn., Aug. 5, 2024 /PRNewswire/ -- MagIron LLC
("MagIron" or the "Company) is pleased to announce a maiden
Inferred Mineral Resource estimate of 2.6 billion metric tonnes
with an average iron content of 36.82%. This mineral resource
estimate was prepared by Qualified Persons ("QP") as defined by NI
43-101 at independent firm Global Minerals Engineering ("GME") who
performed this estimate in accordance with generally accepted mine
and geologic engineering methods and standards for mining engineers
and geologists licensed by the State of
Minnesota.
The mineral resource is based on data from historical
drillings assays, mine maps and mine cross sections, and is
consistent with MagIron's own internal estimates. GME also
confirmed that the identified mineral resource should be amenable
to Direct Reduction ("DR") ore concentration using developing
technologies as proven by recent test work on Canisteo samples
conducted by the Natural Resources Research Institute of the
University of Minnesota. This mineral
resource excludes the legacy iron-bearing stockpiled materials
available to MagIron, which themselves are expected to support over
20 years of MagIron Plant 4 operations. The 2.6 billion metric
tonne iron oxide resource is located within land effectively
controlled by MagIron and the majority of the in-situ resource is
owned by MagIron or within lands already under lease to
MagIron.
David Meineke, President and CEO
at Global Minerals Engineering and one of the QPs for the resource
estimate said, "This area has great potential for inground mining
of hematitic resources using present and future mineral processing
technologies."
Larry Lehtinen, CEO of MagIron
said, "We are delighted to announce this maiden in-situ mineral
resource that illustrates the globally significant endowment of DR
quality iron ore effectively controlled by MagIron. While our
immediate strategy continues to focus on the low capex, low risk
restart of our iron ore concentrator to process stockpiled legacy
iron-bearing materials from historical mining operations, the
presence of this large, partially pre-stripped DR quality iron
oxide deposit adjacent to MagIron's Plant 4 presents a compelling
growth opportunity. This resource positions MagIron to become a
major supplier of DR grade iron products that will be critical to
the transition to green steel for many decades, both in
North America and globally."
He added, "We continue to make advancements in financing,
engineering and permitting and we look forward to providing further
updates on our progress shortly."
About MagIron
MagIron was established to support and accelerate the
decarbonization of the steel industry by becoming a key supplier of
high quality, low carbon iron units which will be critical for the
future success and decarbonization of the US steel industry. The
Company is focused on the restart of Plant 4, a modern,
past-producing iron ore concentrator benefiting from over
$170 million of prior investment. The
facility has previously operated at an annualized run-rate of
approximately 2.0 million tonnes per annum ("mtpa") of BF grade
concentrate and was designed to expand to 3.0 mtpa relatively
quickly and at low capital intensity. Plant 4 is designed to
process previously discarded waste materials from historical mining
operations and convert such feed materials into high grade, low
impurity iron ore concentrate. Given the significant historical
mining operations across the Mesabi Iron Range in northern
Minnesota, there are vast amounts
of waste material close to Plant 4, which are suitable as feedstock
to support a multi-decade business plan.
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SOURCE MagIron LLC