The Joyce Lake DSO Project (Project) is located on the western margin of the Labrador Trough, a Proterozoic volcanosedimentary sequence wedged between Archean basement gneisses. The Labrador Trough, otherwise known as the Labrador-Québec Fold Belt, extends for more than 1,000 km along the eastern margin of the Superior Craton from the Ungava Bay to Lake Pletipi, Québec. The belt is about 100 km wide in its central part and narrows considerably to the north and south. In the vicinity of the Joyce Lake DSO Project, the Knob Lake Group is subdivided into eight formal geological units. The lowermost unit rests unconformably over Archean gneisses of the Ashuanipi Complex. From oldest to youngest, the rock units are the Seward, Le Fer, Denault, Fleming, Dolly, Wishart, Sokoman and Menihek formations. The iron formations of the Sokoman formation are classified as Lake Superior type. They consist of a banded sedimentary unit composed principally of bands of magnetite and hematite within chert-rich rocks and variable amounts of silicate-carbonatesulphide. The iron formation occurring on the Property consists mostly of subunits of the Sokoman formation characterized by recrystallized chert and jasper with bands and disseminations of magnetite, hematite and martite; a type of hematite pseudomorph after magnetite and specularite. Other gangue minerals are a series of iron silicates comprised of minnesotaite, pyrolusite and stilpnomelane and iron carbonate, mainly siderite. Field map ........

Mining of the Joyce Lake deposit will generally follow the standard practice of a conventional open pit operation, with drill and blast, load, and haul cycle using a drill/shovel/truck mining fleet. The overburden and waste rock material will be delivered to the overburden and waste disposal areas near the pit. The ROM ore will be delivered to the ore stockpile or LG ore stockpile.

Mining phases, including initial overburden and waste prestripping requirements and a mining schedule, was developed. The starter pit was designed to avoid excavation close to Joyce Lake during the pre-production and construction phases. The open pit production schedule has been developed on a 3-month basis for the life-of-mine (“LOM”) and was developed based on a fixed production target of 2.5 M dry tonnes per year (“Mtpa”) of iron ore lump and fines products at an average grade of 60% to 62% Fe.

Production
Ore production will begin in April of Year 1, following the completion of the pre-stripping period. Ore will be supplied to the crushing plant at a rate of 2.5 Mt (dry basis) per annum. Mining will first occur in a small starter pit located at the North-West end of the deposit.

During production, the ore material above 55% Fe will be delivered to the high-grade (“HG”) ore stockpiles near the crushing plant. The ore material between 52% Fe and 55% Fe will be delivered to the low-grade (“LG”) ore stockpile and re-handled and processed at the end of the mine l ........

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