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Black Iron Inc. (BKI:CA)
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Web site:
http://www.blackiron.com/
Black Iron is a Canadian iron ore exploration and development company advancing its 100% owned Shymanivske Project located in Krivoy Rog, Ukraine, to production. This Shymanivske Project contains 646 million tonnes measured and indicated resources grading 32% iron and 188 million tonnes inferred resources grading 30% iron of which will be concentrated to ~68% iron. The project is surrounded by five other operating mines including ArcelorMittal’s iron ore complex. Existing infrastructure, including access to power, rail and port facilities, allows for a quick development timeline to production.
Black Iron also holds an exploration permit for the adjacent Zelenivske Project, which it intends to further explore to determine its potential.
Projects
Shymanivske
Highlights
- 646 Mt Measured & Indicated resource @ 31.6% Fe
- Additional 188 Mt of Inferred resource @ 30.1% Fe
- Ability to produce a concentrate of ~68% iron
- Potential for resource expansion from further drilling at depth
- Potential for near term iron ore production
- Excellent access to existing rail, port and power infrastructure and strategic workforce
Project Description and Location
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The Shymanivske iron ore deposit is strategically well-positioned in Ukraine between markets in Europe, Russia, Asia and the Middle East. It is located 330 kms southeast from Kiev in central Ukraine, in the heart of the KrivBass iron ore mining district. The Shymanivske deposit is located in the southern part of KrivBass, 2 or 3 kms away from two open pit mines, the No. 3 mine of NKODPE and Novaya which are primarily magnetite quartzites deposits owned by other companies. There are currently seven operating mines in the district, including the adjacent ArcelorMittal operations purchased in 2005.
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The Shymanivske Project operates under Special Permit No. 4537, granted on February 13, 2007, which covers an area of 2.56 square kms and is valid until 2024. This permit authorizes the extraction of the subsurface ferriferous quartzite minerals from the Shymanivske deposit. The Company does not currently have the necessary surface rights to conduct mining activities on the Shymanivske Project. However, the Company does not need surface rights to conduct its proposed exploration activities. Surface rights use approval for the Shymanivske Project will be obtained after completion of a feasibility study.
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Zelenivske
Black Iron’s second iron ore project is the Zelenivske deposite located a few kms south of the Shymanivske Project.
Black Iron holds an exploration permit at Zelenivske covering 3.36 square kms valid until 2014.
During 2011 and 2012 Black Iron intends to assess historical data for the Zelenivske deposit and commence an initial exploration program.
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BKI:CA
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