LabMag Project

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Mine TypeOpen Pit
StatusInactive / Suspended
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
ShapshotPursuant to the reorganization agreement dated August 5, 2020, between NML and the Tata Steel Group, NML retained its interests in the LabMag and KéMag properties (the “Taconite Properties”), and TSGMH was granted a 1% gross revenue royalty on the Taconite Properties.

The shares of NML are expected to delist from the Toronto Stock Exchange (the “TSX”) at the close of business on December 14, 2020, and the Resulting Issuer Shares are expected to begin trading on the NEO Exchange under the symbol “ABXX” on December 18, 2020.
Related AssetKeMag Project


New Millennium Iron Corp. 80 % Direct
New Millennium is 100% owner of the KéMag deposit and 80% owner of the LabMag deposit, with the remaining 20% of LabMag held by the Naskapi Nation of Kawawachikamach.

Deposit type

  • Banded iron formation


The LabMag Property is located in the western margin of the Labrador Trough, adjacent to Archean basement gneisses. The Labrador Trough, also known as the LabradorQuebec Fold Belt, extends for more than 1,000 km along the eastern margin of the Superior Craton, from Ungava Bay to Lac 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 Labrador Trough.

The Deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior type. BIFs are sedimentary rocks composed of alternating mm- to cm-scale beds of quartz (chert or jasper) and iron oxides (predominantly magnetite and hematite).

The taconite at LabMag consists mostly of alternating small-scale (mm to cm) beds of
recrystallized chert or jasper and massive or disseminated magnetite. Magnetite is the predominant iron oxide mineral, while hematite and martite occur in subordinate amounts. Gangue minerals are represented by iron silicates (minnesotaite and stilpnomelane), iron carbonate (siderite) and manganese carbonates (rhodochrosite and kutnahorite).

This iron formation has been explored by diamond drilling over a strike length of 9.5 km (Blocks A, B and C) and it extends beyond the northwest and southeast Property boundaries.



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Mining Methods


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Crushers and Mills

Milling equipment has not been reported.



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Iron Ore kt 525,000
All production numbers are expressed as concentrate.

Production Costs

Commodity production costs have not been reported.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscribe
Sustaining CapEx $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
OP OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 8,671
G&A costs $M CAD 1,832
Total OpEx $M CAD  ......  Subscribe
Gross revenue (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 8% $M CAD  ......  Subscribe
After-tax NPV @ 8% $M CAD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment


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