BlackRock Metals holds title to 45 square kilometers covering 17 km of magnetite exposed at the surface. Our mineral claims are located entirely on government controlled land and are fully permitted for mineral extraction. Since 2008, BlackRock has focused its development on a small portion of this large body completing 205 diamond drill holes totaling 45,800 meters and amassing analyses of almost 20,000 samples. This work has defined two zones which cover a strike length of about 7 km or about 40% of the BlackRock mineralization and delineated the ore to a depth of about 150m; it remains open below the current extraction plan.
The ore-grade mineralization is 100-150 m wide, near vertical dipping 70-80 degrees and holds up the top of a broad hill resulting in low waste to ore estimates of 1:1 for the first 10 years of operations. Naturally high in situ grades for magnetite and ilmenite result in an efficient weight recovery of 33% for the first 40 years (and 25% thereafter), resulting in low unit cost concentrator operations. At an initial processing rate of 3.1 million tonnes annually, BlackRock’s project life would exceed 70 years at a 10% magnetite cut-off grade with the strong potential to expand well past 100 years.
World-class VTM deposits like BlackRock’s are very rare but often host tonnages measured in billions of tonnes. The BlackRock deposit is very old (2.7 billion years), formed at an early time in geologic history, enabling the minerals to crystalize with very low levels of deleterious elements and in a primitive chemical state. The area was scraped clean by continental glaciers and sealed under ice until about 10,000 years ago. Unlike all other VTM operations, BlackRock’s mineralogy is pristine with virtually no contaminants and exhibits exceptional metallurgical recoveries of all three metals rendering unit production costs the lowest of any commercial deposit known in the world.