Overview

Mine Type	Open Pit
Stage	Permitting
Commodities	Iron Ore
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	Despite the ongoing war in Ukraine, Black Iron Inc.’s team has progressed the Shymanivske iron project through discussions with Ukraine’s Ministry of Defence regarding land transfer for the Project, execution of a Ukraine Government investment support agreement, and Project permitting. To ensure our permits remain in good standing, work is currently ongoing in Ukraine to update geological and mine plans. Finally, while Black Iron’s stakeholders wait for peace in Ukraine to advance its Shymanivske Project to construction, management has been reviewing new potential projects to generate shareholder value.

Deposit type

• Iron formation hosted

Summary:

The iron formation on the Property is of the Lake Superior-type. This type of iron formation consists of banded sedimentary rocks composed principally of bands of iron oxides, magnetite and hematite within quartz or chert-rich rock with variable amounts of silicate, carbonate and sulphide lithofacies. Such iron formations have been the principal sources of iron throughout the world (Gross, 1996).

Mineralization of economic interest on the Property is the oxide facies iron formation (OIF) or oxide facies banded iron formation and it is magnetite-rich taconite that contains minor hematite throughout. The Soviet literature commonly refers to this mineralization as “un-oxidized ferriferous quartzite”.

Concentrations of martite and goethite/limonite mineralization also occur on the Property. This latter type of mineralization is an alteration product derived from the taconite. In the Soviet literature, this type of mineralization is called “rich iron ore” or “oxidized quartzite mineralization.” This supergene enriched iron mineralization is commonly associated with the faults and fault zones, perhaps coincident with an unconformity that occurs along the western margin of the Shymanivske deposit adjacent to the Archean basement.

On the Shtmanivske property, only the magnetite-rich taconite is considered of immediate economic interest. WGM understands that under Ukrainian law martite mineralization, if not exploited, must be stockpiled for possible later use.

The iron formation on the Property is mainly confined to the Saksagan sequence and is folded into a NE gently plunging anticline (west part of the deposit) and an adjacent open syncline (central and east parts of the deposit). The taconite extends the entire NE-SW extent of the Property, 2.2 km and beyond, and occurs over a width of 800 m to 1 km in a NW-SE direction. The taconite is folded and its true thickness varies throughout because of tectonic thickening, erosion and possibly the original basin topology. The true thickness of the iron formation package, including the intervening inter-oxide iron formation “slate” members, is in the order of 200 m to 250 m. Because of the folding, there is no consistent relationship between drill hole orientation and the true width of mineralization. Drill testing has been completed, generally to a vertical depth of 300 m to 500 m. Mineralization along the western margin of the deposit, particularly the steeply dipping NW limb of the main anticline, extends to an unknown depth and has been tested by drilling to a maximum vertical depth of 500 m.

Mining Methods

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Comminution

Crushers and Mills

Processing

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Production

Operational metrics

Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Dec 19, 2023
.......................	.......................		Dec 19, 2023