Northfield Metals Inc has announced the signing of a binding provisional agreement with Champion Iron Mines Limited, granting Northfield an option to acquire a 65% interest in seven iron rich mineral concessions totaling 200.24 square kilometers in the southern Labrador Trough, Fermont Iron Ore District, of north eastern Quebec.

The Gagnon Holdings, referred to as Cluster 3 by the Vendor, comprise 378 claims and are adjacent and in close proximity to ArcelorMittal's Mont Reed property, which encompasses the suspended Mont Reed Mine open pit.

This transaction represents Northfield's second acquisition of strategic iron mineral concessions in Quebec, having recently acquired the Borel River Property, in the northern Labrador Trough, west of Ungava Bay.

Five of the seven acquired mineral concessions enclose catalogued iron occurrences, which, in the aggregate, host historic mineral resources of 267.5 million tonnes @ 30.0% iron. These historical mineral resources estimates pre date National Instrument 43-101 and, accordingly, are not compliant with the requirements of NI 43-101- Standards of Disclosure for Mineral Projects. As a result, the historical estimates should not be relied upon.

Mr Paul Ankcorn president and a director of Northfield stated that "We are pleased to have been granted this opportunity to build an extensive and highly prospective iron property portfolio. Northfield's near term aims are to secure sufficient capital to pursue a listing on a Canadian stock exchange and to rapidly determine the quality and quantity of the iron mineralization on the new properties."

Source - Northfield Metals Inc

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