BlackRock Metals holds title to 74 square kilometers spanning a northwest axis of magnetite exposed at the surface for over 22 km. 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 219 diamond drill holes totaling 49,680meters and amassing analyses of over 61,000 samples. This work has defined two zones which cover a cumulative strike length of about 7 km, or about 40% of the mineralization controlled by BlackRock. The orebodies have been delineated to a depth of about 150m, and remain open below the current extraction plan.
The ore-grade mineralization averages 100-150 m wide, favorably dips at 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 4 years of operations, and 1:1.8 over the first 40 years. Naturally high in situ grades for magnetite and ilmenite result in an efficient weight recovery in excess of 33% for the first 40 years (27.4% 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 80 years at a 10% magnetite cut-off grade, with the strong potential to expand well past 100 years with additional drilling.
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 approximately 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.