Northern Iron Corp provides its first annual summary of significant exploration and operational activity on its high-potential iron ore properties in the prolific Red lake Mining District of Red Lake, Ontario, Canada.
Mr Basil Botha president and CEO of Northern Iron said that "We are extremely pleased with the progress the Company has made toward qualifying and quantifying our estimated mineral resources, and ultimately in establishing Northern Iron as a North American supplier of premium concentrated raw material for use by domestic and Asian foundries hungry for supply of near pure forms of DRI (direct reduced iron). Though we have been on the ground on our properties for just eight months, we are on track to achieving both our near term exploration and strategic partnership goals, and our mid-term goal of addressing the global shortfall of DRI. We look forward to a highly successful new year.”
Exploration Activities
In May 2011, Northern initiated a drill program at its 100% owned, 3,200 hectare Karas property in the Karas Lake Township, with a view to providing an NI 43-101 measured, indicated and inferred resource estimate in the first quarter of 2012.
The drill program on the Karas property will be approximately 35 holes (12,000 metres). Each hole is angled at 45 degrees and is drilled to a depth of between 250m and 550m. To date 26 holes have been drilled on the Karas property.
Hole Ka-11-18 intersected 443.15 Metres grading 32.43% Fe2O3, including 77.6 Metres of 43.21% Fe2O3, being the best magnetite intersection to date in the Karas property.
18 holes have been assayed by SGS Canada and the details have been released into the market. SGS Canada is an accredited mineral assay laboratory in Lakefield, Ontario. Assays show long intervals with consistent magnetite mineralization and no sulphides. The magnetite on the Karas property has been locally recrystallized due to metasomatism resulting in coarse grained magnetite compared to other banded iron formations in the area, and this fact is expected to require less grinding for magnetic separation to achieve an Fe concentrate, which could possibly lower the cost of production.
In mid November 2011, a second drill arrived on the Karas property. Drilling will continue during the early part of the winter of 2011.
On August 26, 2011, Northern completed an Initial Purchase Offering of USD 14,140,190 and was listed on the TSX Venture Exchange.
In November 2011, Roscoe Postle Associates Inc. (RPA) was engaged to produce a mineral resource estimate on the Karas property.
Drilling on the 100% owned, 1,776 hectare, past-producing Griffith property mine (formerly Griffith Iron Mine) near the Bruce Lake Township, should commence by mid 2012.
Metallurgical Studies
Historical analysis completed by Stelco during the 1960s suggests that the mined ore at the Griffith mine produced a pellet product grading 66.5% Fe2O3 and 3.6% silica. 'In addition to pellet production, 300,000 tonnes of sponge iron was also produced. Sponge iron is reduced iron oxide (magnetite - Fe3O4) to iron and is used in the steel making process. It is important to note; these analyses pre-date NI 43-101'. As a result, Northern will be conducting metallurgical studies. Moreover, management believes that there have been many technological advances since the 1960s that provide substantial opportunities for improvement in processing methods, recoveries and products.
