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Canada
Fire Lake North Project

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 Location:
35km SW from Fermont, Quebec, Canada

  Project Contacts:
1100 René-Lévesque Blvd. West, Suite 610
Montréal
Quebec, Canada
H3B 4N4
Phone  ...  Subscription required
Fax+1 514 819 8100
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StageFeasibility
Mine TypeOpen Pit
Commodities
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Processing
  • Gravity separation
Mine Life20 years (as of Jan 1, 2013)


Owners

Source: p. 13
CompanyInterestOwnership
Champion Iron Ltd. 100 % Direct
The Company owns a 100% interest in Fermont consisting of 11 mineral concessions covering an area of 787 square kilometres situated in northeastern Quebec (“Fermont”), subject to a net smelter return royalty of 1.5% (1.5% NSR”). For reporting purposes, Fire Lake North, Oil Can, Bellechasse and Midway properties were consolidated into one property known as Consolidated Fire Lake North.

Deposit Type

  • Iron formation hosted


Summary:

The Properties’ deposits are classified as Lake Superior-type. Such iron formations are the principal sources of iron throughout the world. Iron formation deposits in the FIOD include ArcelorMittal’s Mont-Wright and Fire Lake Mines, Mont Reed iron deposits and Cliffs Natural Resources Bloom Lake Mine, (formerly owned by Consolidated Thompson Iron Mines Ltd.) and the Lamêlée Lake and Peppler Lake iron deposits.

Iron formations are classified as chemical sedimentary rock containing greater than 15% iron consisting of iron-rich beds, usually interlayered on a centimetre scale with chert, quartz, or carbonate. Ore is mainly composed of magnetite and hematite, and commonly associated with mature sedimentary rocks.

Stratiform iron formations are distributed throughout the world in the major tectonic belts of the Precambrian shields, and in many Paleozoic and Mesozoic fold belts, as well as parts of the present day ocean floor. Gross (2009) noted that the enormous size of some of the Archean and Paleoproterozoic iron formations reflected the unique global tectonic features and depositional environments for iron formation that were distinctive of the time.

Although various models have been used to explain the deposition of iron formations in the past, current thinking (summarized in Cannon, 1992, Gross, 1996, Gross, 2009) supports the idea of iron formation deposition, resulting from the syngenetic precipitation of iron-rich minerals in a marine setting due to hydrothermal exhalative activity on the ocean floor. The iron is thought to have formed in stable tectonic-sedimentary environments where silica, iron, ferrous and non ferrous metals were available in abundance, mainly from hydrothermal sources, and where conditions were favourable for their rapid deposition with minimal clastic sediment input.

Hydrothermal processes related to volcanism and major tectonic features are thought to be the principal source of iron and other metals. Deep fractures and crustal dislocations over hot spots and high thermal gradients penetrating the upper mantle enabled convective circulation, alteration and leaching of metals from the upper crust, including possible contributions by magmatic fluids. Iron formations are important hosts of enriched iron and manganese ore, gold deposits, and are also marker horizons for massive-sulphide deposits. Deposition of the iron was influenced by the pH and Eh of the ambient water, and biogenic anaerobic processes may have also played a role (Gross, 1996, Gross, 2009).

Post depositional events such as weathering, groundwater circulation and hydrothermal circulation can modify the deposits, and the mineralogy is usually recrystallized and coarsened by medium- to high-grade regional metamorphism. Protracted supergene alteration can be an important economic fact in upgrading the primary iron formation (Gross, 1996).

Iron formations can be subdivided into two (2) types, related to two (2) major types of tectonic environments: the Lake Superior-type on the continental shelf and marginal basins adjacent to deep-seated fault and fracture systems and subduction zones along craton borders; and the Algoma-type along volcanic arcs and rift systems and other major disruptions of the earth’s crust. Development of Lake Superior-types was related to global tectonic systems that caused the breakup of cratons, shields or plates in the Paleoproterozoic. Rapitan-type have distinctive lithological features being associated with diamictite, and were deposited in grabens and fault scarp basins along rifted margins of continents or ancient cratons in sequences of Late Proterozoic and Early Paleozoic rocks.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mining method selected for the Project is based on conventional drill, blast, load and haul. Annual mining equipment fleet requirements were developed based on equipment performance parameters and average hauling distances.

The primary equipment at the peak in the mine life consists of 40 x 222 t diesel haul trucks, 2 x 28 m3 bucket rope shovels, 1 x 22 m3 bucket hydraulic electric shovel in ore, 2 x 27 m3 bucket hydraulic electric shovels in waste, a 15 m3 bucket wheel loader and 5 x 12¼ inch rotary blast hole drills.

The mine operating and capital costs have been estimated by BBA and consist of equipment energy, equipment maintenance and replacements, blasting and drilling, personnel, and other costs. It is assumed that the mine equipment will be owned by Champion and the workforce will be directly employed by Champion, except for contracted blasting services.


Crushing and Grinding


Processing

  • Gravity separation

Source: Subscription required

Summary:

A conventional gravity circuit flowsheet will be used to produce concentrate from the Fire Lake North deposits. Run-of-mine (ROM) material will be transported by the mine trucks before being dumped into a gyratory crusher at one of two (2) dump points. The crushed ROM material will discharge into a surge pocket then onto an apron feeder, before being sent to a stockpile by a conveyor belt. The crushed ROM from the stockpile will be collected by three (3) apron feeders located in a reclaim tunnel and sent to the concentrator via a mill feed conveyor belt. The crushed ROM material will be combined with the oversize material from the AG mill screens and the coarse middlings from the cleaner spirals and fed to the AG mill. The undersize from the classification screens will feed the 3-stage gravity spirals circuit. The rougher spirals will yield two (2) products: a concentrate and a tailings stream. The concentrate stream will feed the cleaner spiral circuit while the tailings will be pumpe ........

Recoveries & Grades:

CommodityParameterAvg. LOM
Iron Ore Recovery Rate, %  ......  Subscription required
Iron Ore Head Grade, % 30
Iron Ore Concentrate Grade, %  ......  Subscription required
Subscription required - Subscription is required.

Projected Production:

CommodityUnitsAvg. AnnualLOM
Iron Ore Mt 8.7182
All production numbers are expressed as concentrate.

Operational Metrics:

Metrics
Stripping / waste ratio 2.74 *
Annual mining capacity 23 Mt of ore *
Waste tonnes, LOM 1,108 Mt *
Ore tonnes mined, LOM 464.59 Mt *
Total tonnes mined, LOM 1,738 Mt *
Tonnes milled, LOM 464.59 Mt of ore *
Annual milling capacity 23 Mt of ore *
* According to 2013 study.

Reserves at July 23, 2012:

CategoryTonnage CommodityGrade
Proven 23.73 Mt Iron 35.96 %
Probable 440.86 Mt Iron 32.17 %
Proven & Probable 464.59 Mt Iron 32.37 %
Measured 26.6 Mt Iron 35.2 %
Indicated 666.9 Mt Iron 31.4 %
Inferred 521.6 Mt Iron 30.1 %

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Iron Ore CAD 34.6 / t *
Total cash costs (sold) Iron Ore CAD 44.1 / t *
Assumed price Iron Ore CAD 111.34 / t *
* According to 2013 study / presentation.

2013 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 798.3
G&A costs $M CAD 738.1
Total OpEx $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 0% $M CAD  ......  Subscription required
Pre-tax NPV @ 5% $M CAD  ......  Subscription required
Pre-tax NPV @ 10% $M CAD  ......  Subscription required
Pre-tax NPV @ 8% $M CAD  ......  Subscription required
After-tax NPV @ 0% $M CAD  ......  Subscription required
After-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 10% $M CAD  ......  Subscription required
After-tax NPV @ 8% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.

Proposed Heavy Mobile Equipment as of December 31, 2013:
HME TypeModelSizeQuantity
Backhoe ....................... Subscription required 2
....................... Subscription required ....................... Subscription required 6
....................... Subscription required ....................... Subscription required 2
....................... Subscription required ....................... Subscription required 5
....................... Subscription required ....................... Subscription required 2
....................... Subscription required ....................... Subscription required 3
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 2
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 2
....................... Subscription required ....................... Subscription required 40
....................... Subscription required ....................... Subscription required 2
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 8, 2020
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Pre-Feasibility Study Report 2013
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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