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 l ........

The mining method selected for the Project, consisting of a conventional open pit, truck and shovel, drill and blast operation, has not changed from previous studies on the Property. Vegetation and topsoil will be stripped and stockpiled for future reclamation use. Overburden, as well as parts of the historic waste dumps that will be mined, will be sent to either waste dumps or to the tailings facility to be used as construction material. The mineralized material and waste rock will be mined with 15 m high benches, drilled, blasted and loaded into a fleet of haul trucks using electric cable shovels.

The overall pit slope through the iron formation is 47 degrees. This overall slope is achieved with 15 m high benches, a bench face angle of 60 degrees and a berm width of 10.6 m, which is placed every two benches. The overall pit slope through the overburden formation is 37.5 degrees which is achieved with 15 m high benches, a bench face angle of 60 degrees and a berm width of 10.9 m. Where mining will occur into the historic waste dumps, an offset of 20 m is required from the pit crest, and the dump will be mined in 5 m benches at a bench face angle of 50 degree. A catch bench of 4.2 m will be placed on every bench, resulting in an overall slope of 30 degrees.

The ramps and haul roads were designed for haulage with 228 t rigid frame mining trucks, with an overall width of 31 m. For double lane traffic, industry practice indicates the minimum running surf ........

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