The Company presents two cases as part of the Study with the only variable between the cases being the FOB selling price. Figure 1: Simplified flowsheet for comminution and spiral circuits, Figure 2: Simplified flowsheet for magnetic separation, regrind and dewatering circuits. While the 2019 VIU Study focuses on Chinese demand, steel producers in China, Korea, Japan, Taiwan and Europe could still benefit considerably from the product’s low impurity chemistry. Table 3 –Mineral Resource Estimate Hopes Advance (25% Fe Cut-off). The objective of the PEA was to rescope the Project profile and production scale using Measured and Indicated Mineral Resources estimated within three of the 10 defined deposits in order to reduce the up-front capital required to bring the Project to commercial production. The properties comprise three project areas: Hopes Advance, Morgan Lake and Roberts Lake, which cover over 300 kilometres of iron formation and are located within 20 – … Exploration and drilling was also carried out in the Payne River zone (26 holes), Igloo Lake zone (11 holes), Hump zone (15 hole), and Roberts Lake zone. The Roberts Lake area was first discovered in 1952 with active exploration commencing that same year and continuing through 1957. The required footprint is adjusted to the 5 Mtpa initial plant with room provided for a parallel line for expansion to 10 Mtpa. The Base Case assumes an FOB selling price of approximately USD $82/t (approximately US $105/t CFR). The initial capacity is 48 MW plus 19 MW stand-by. These historical resource estimates were described as "drill indicated" and "potential" at the time of reporting which does not correspond to the categorization set forth in sections 1.2 and 1.3 of NI 43-101. For the Study, BBA is proposing a modified process flowsheet which is more energy efficient, aimed at reducing power requirements (and fuel storage) and expected to improve the Project’s carbon footprint compared to the initial phase in the 2012 PFS which required significantly more electric power which was generated using heavy fuel oil. Ores thus far proved in Ungava are averaging 58.5% natural iron and have gone as high as 69%, which is approaching the “theoretical,” or pure, ore. Mesabi, the great ore range in Minnesota, is currently marketing its ore at … Hopes Advance Project: 2019 PEA Oceanic is focused on the development of the Ungava Bay iron properties. The trucks transport the concentrate to the port area concentrate stockpile year-round. An extension to the northwest of the syncline was also identified and is the location of the Armand Lake zone. Importantly, the Project achieves an NPV / Initial Capex Ratio of 1.18, which is rare for bulk/base metal projects where capital requirements are typically very high. The Study was led by the Montreal office of BBA, a Canadian consulting engineering firm with over 900 employees, who have extensive experience with iron ore projects, particularly in the Labrador Trough. For the shipment of the iron ore to European and Asian markets, Oceanic also wants to build a deep water port facility on Ungava Bay with a 330-metre loading wharf, a tug moorage area, a commercial wharf and a causeway. Even though the Hopes Advance Bay Mineral Resources are contained within ten (10) distinct deposits, the Study is limited to the Castle Mountain, Iron Valley, and Bay Zone F deposits. Exploration work completed on the property includes exploration drilling, surface sampling, surface mapping, and metallurgical test work. The Process design basis for both the initial and expansion phases of the Study is outlined in Table 5. Working alongside BBA was Wood (formerly, AMEC Foster Wheeler), who worked with the Company on Port related infrastructure in the Company’s previous studies. Table 4: Subset of Mineral Resources within the PEA mine plan (25% Fe Cut-Off Grade). The rescoped approach eliminates costs related to regrinding and drying the concentrate at the port). The 2013 VIU Study concluded that, in addition to the iron unit premium for the high grade Hopes Advance product at 66.6% Fe measured against the 62% Fe benchmark, the low impurities associated with the Hopes Advance product could attract an additional quality premium for steel producers in China, Korea, Japan, and Taiwan. Generated during the summer shipping season, concentrate is reclaimed using a common conveyor belt discharges! The other mineralized areas are left unencumbered in consideration of future mining of approximately USD 89/t! 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