Partners Gossan Resources (VSE) and the Cross Lake First Nations Band have arrived at a resource estimate based on drilling in the eastern portion of the Main Central zone at the Pipestone Lake project in northern Manitoba.
An inferred resource of 6 million tons averaging 50% iron, 11.5% titanium and 0.7% vanadium is estimated from 57 holes. The combined minerals have an approximate in situ value of US$450 per ton.
Winnipeg-based Gossan holds a 51% interest, with the remainder held by the native band.
Preliminary metallurgical tests suggest the minerals can be economically extracted from one mill.
Seventy-eight holes, totaling 25,000 ft., have been drilled to date in an ongoing $1.1-million program. The primary focus is the Main Central zone, which lies within an anorthosite complex and averages 10 ft. true width for the eastern portion. Drilling is under way in an effort to test the western extension.
The South zone, which has been subjected to six drill holes, is 400 ft. south of, and parallel to, the Main Central zone. Typical intersections returned true widths of 10-24 ft. grading 36.9% iron, 5.1% titanium and 0.5% vanadium. A third target is the North Contact zone, 300 ft. north of, and parallel to, the Main Central structure. The five holes drilled thus far indicate a true width of 10-40 ft. averaging 5% titanium, with negligible iron and vanadium values.
An additional 9,000 ft. will be drilled in the fall, and further metallurgical testing will be applied to the South and North Contact zones.
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