SYDNEY, AUSTRALIA: Cyclone Metals Limited (ASX: CLE) introduced the acquisition of Labrador Iron Pty Ltd, 100% proprietor of the Block 103 Magnetite Iron Ore Project (Block 103, or the Project), located 30km northwest of Schefferville, Quebec, Canada.
Cyclone Executive Director, Tony Sage, commented: “We are very happy to announce the acquisition of such a high-potential magnetite iron ore project in shut proximity to different main iron ore producers and builders in a world class mining province and a Tier 1 jurisdiction of Newfoundland and Labrador, Canada.
The strategic geographical place of Block 103 with established infrastructure, services, and transport corridors, greatly helps the event potential of the asset. The presence of neighbouring mines run by Tier 1 producers together with Tata Steel, likewise, offer many future operational alternatives for Cyclone.
Block 103 is the largest undeveloped magnetite deposit globally and comparable to different world-class producing assets and large developers. The acquisition positions Cyclone compared to different main iron ore gamers on the ASX and different exchanges.
The inexperienced transition and global targets towards net-zero carbon emission have made magnetite ore extra fascinating because it will be pivotal in emissions discount for the iron ore and metal industries. We see tremendous potential for Block 103 to become a essential piece of the iron ore provide worldwide while selling the discount of carbon emissions within the metal industry”.
Cyclone Metals Limited will issue the shareholders of Labrador Iron (or their nominees) a complete of 2,160,000,000 CLE shares on the deemed price of $0.0025 per share (Consideration Shares).