The Jean Iron Ore Project
, owned a 100% by AsiaBaseMetals Inc, located within the Thunder Bay Mining District in the northwestern part of the province of Ontario, Canada (approximately 65 kilometers to the southwest of the city of Thunder Bay & approximately 2 kilometers north of Whitefish Lake on Highway 588) encompasses approximately 1,584 hectares (15 mineral claims consisting of 99 units). A diamond drilling program, undertaken in 2012 by a previous owner, which included eight vertical NQ-size drill holes totaling 492.88m bounding 3km by 0.5km area verified the known surface geology with additional detailed stratigraphic information. All eight holes intersected iron bearing Lower Taconite Member, whereas two complete Lower Taconite Member vertical intersections were delineated in 2 holes. The average true thickness was estimated to be 57.06m. In 2015, the Company completed a surface sampling, trenching and channel sampling program on the Property.
Weighted Assay: Lower Taconite Member -May-June 2012 Drilling Program
- Lower Taconite Member of Lower Gunflint Formation is the main and most economically-interested iron formation member within the property and was intersected in all eight holes. Two holes completely intersected Lower Taconite Member and true thickness was estimated to be 57.06m.
- The iron content (Fe%), pursuant to samples/exploration results of Lower Taconite Member ranges from the low 23.44% Fe to the high of 26.16% Fe (23.44% Fe in fresh drill cores to 24.44% Fe in oxidized drill-core to 26.16% Fe in surface oxidized samples, and finally 25.71% Fe in mixed surface and drill-core samples). The feed grade of DDT test done on Lower Taconite Member varies from 24.05% Fe to 24.58% Fe.
- 2015 Exploration work results of eight grab rock samples indicate that iron oxide is in the range of 12.29% to 41.03%. The results of five trenches show consistent values of iron, in the range of 22 to 36% iron oxide.
Under industry standards, the key economic parameters for magnetite ore being generally economic in BIF are, the crystallinity of the magnetite, the grade of the iron in the host rock, and the contaminant elements which exist within the magnetite concentrate. To make a magnetite-bearing banded iron formation economic, typically, a minimum iron grade of 25% Fe is required. A concentrate grade of 64% iron by weight or more is viable with a 33% to 40% recovery yield of magnetite (Source: Rai Technology University - World Economic Geography - Section 2.1.3 - Magnetite Ores).