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Canada
KeMag Project (LabMag Project)

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 Location:
40 km NW from Schefferville, Quebec, Canada

  Project Contacts:
83 & 85 Atlantic
Schefferville
Quebec, Canada
G0G 2T0
Phone  ...  Subscription required
Fax418-585-2304
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Filings & News

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Overview

StatusInactive / Suspended
Mine TypeOpen Pit
Commodities
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life22 years (as of Jan 1, 2014)
Abaxx is the owner of the LabMag and KeMag iron ore assets, resulting from the reverse take-over of New Millennium Iron Corp, the Company is not currently pursuing any viable economic development. During the quarter ended June 30, 2021, the Company became aware that the market for Green commodities may include iron ore at some point in the future and this may offer an opportunity. At this juncture the company has no plans to develop these properties and may entertain offers from third parties if any interest is shown over the next fiscal period.


Owners

 
CompanyInterestOwnership
New Millennium Iron Corp. 100 % Direct

Contractors

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Deposit Type

  • Banded iron formation


Summary:

The Property is located in the western margin of the Labrador Trough that extends for more than 1,000 km, from Ungava Bay to Lake Pletipi in Quebec. The belt is about 100 km wide in its central part and narrows considerably to the north and south. The Grenville Front crosses the southern part of the Trough. The rocks in the Labrador Trough are subdivided into an upper volcanic-dominated suite (Doublet Group) and a lower sedimentary sequence (Knob Lake Group) that includes the Sokoman Formation hosting the iron formations found in the region.

The KéMag iron deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior type. BIFs are sedimentary rocks composed of alternating mm- to cmscale beds of quartz (chert or jasper) and iron oxides (predominantly magnetite and hematite). Variable amounts of gangue minerals, mostly silicates, carbonates and sulphides are present. Banded iron formations have greater than 15 % iron content and represent the principal sources of iron throughout the world and are mined in the Great Lakes region of the United States. The Lake Superior-type BIF are associated with typical shelf-type sedimentary rocks with minimal volcanic input and most formed during the Paleoproterozoic era.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mining method selected for the Project is conventional truck and shovel. Vegetation and topsoil will be cleared using a mining contractor and be carried out with a fleet of dozers, small excavators and articulated haul trucks ahead of the mining operation. Suitable organic material will be stockpiled for future reclamation use. Overburden will then be stripped using a fleet of excavators and hauled to the overburden dump. The ore and waste rock will be mined with 15 m high benches, drilled and blasted then loaded with large mining shovels into a fleet of rigid frame trucks which will haul the material either to the waste dump, the Class 2 ore stockpile or the primary crushers.

The mining operations for the Project will be 365 days per year, operating around the clock on two (2), 12 hour shifts. A total of seven (7) days per year have been accounted for when the mine will be shut down due to severe weather conditions. These conditions may occur during peak rainfall or snowfall periods or at times when the ambient temperature is extremely low.

During peak production, the total number of 363-tonne haul trucks is expected to reach 35, along with eight (8) shovels, ten (10) production drills and a large fleet of support and service equipment. The total mine workforce during peak production is expected to reach 535 employees.


Crushing and Grinding


Processing

Source: Subscription required

Summary:

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Projected Production:

CommodityUnitsAvg. AnnualLOM
Iron Ore kt 22,000472,000
All production numbers are expressed as concentrate.

Operational Metrics:

Metrics
Stripping / waste ratio 0.3 *
Waste tonnes, LOM 766 Mt *
Total tonnes mined, LOM 3,126 Mt *
Annual processing capacity 88 Mt of ore *
* According to 2014 study.

Reserves at May 9, 2018:

CategoryTonnage Commodity
Proven & Probable 2,384 Mt Iron
Inferred 1,007 Mt Iron

2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 7,614
G&A costs $M CAD 1,615
Total OpEx $M CAD  ......  Subscription required
Net revenue (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 10% $M CAD  ......  Subscription required
Pre-tax NPV @ 8% $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 May 9, 2016:
HME TypeSizeQuantity
Drill ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
Feasibility Study Report 2014
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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