Home > Project portfolio > Reserves & Resources

Reserves & Resources

Visionary projects

Champion Iron brings together tangible mining projects
and high-potential exploration projects.

Reserves & Resources

Reserves & Resources

As at March 31st, 2024CHAMPION IRON LIMITED - MINERAL RESOURCES (MILLION DRY METRIC TONNES)
PROPERTYGROUPMEASUREDINDICATEDMEAS + INDINFERREDSOURCE
MtFe%MtFe%MtFe%MtFe%
Bloom LakeBloom Lake17030.41,05628.41 22628,724626.6Bloom Lake measured, indicated and inferred resources are based on the 2023 Technical Report "Mineral Resources and Mineral Reserves for the Bloom Lake Mine", with effective date as at April 1st, 2023. Values in this table have been adjusted for depletion as at March 31st,2024.
KamiRose North8231.033929.942030,19029.9Kami measured, indicated and inferred resources are based on the 2024 Pre-Feasibility Study "Pre-feasibility Study for the Kamistiatusset (Kami) Iron Ore Property", with effective date as at December 22nd, 2023.
Rose Central9429.336428.945729,06028.0
Mills Lake3730.56130.398
30,41329.6
Total21230,276329,597529,616329,2
Consolidated Fire Lake North*Fire Lake North (West Area)2435.440532.642932,732930.9Historical estimates. See note 3.
Fire Lake North (East Area)334.226229.626529,619228.7
Fire Lake North (Subtotal)2735,266731,469431,552230,1
Bellechasse------21528.7
Oil can------96733.2
Total2735,266731,469431,51 70431,7
Moiré Lake*Moiré Lake--16430.516430,541729.4Historical estimates. See note 1.
Quinto Claims*Peppler Lake--32728.032728,021627.5Historical estimates. See note 4.
Lamêlée North--27229.427229,465330.5
Hobdad------50827.4
Total59928,659928,61 37728,9
Lamêlée South*Lamêlée South--7531.675-22930.5Historical estimates. See note 2.
Harvey Tuttle*Harvey Tuttle------94723.2Historical estimates. See note 5.
Penguin Lake*Penguin Lake (45% CIA interest)------23933.1Joint Venture with Cartier Iron Corporation. Champion has 45% interest in the mining claims, therefore 45% of the total resources are listed. Historical estimates. See note 7.
Grand total 40930,63 32329,53 73229,65 32229,0Partially historical estimates. See notes 1 through 7.
As at March 31st, 2024CHAMPION IRON LIMITED - MINERAL RESERVES (MILLION DRY METRIC TONNES)
PROPERTYGROUPPROVENPROBABLE P&PSOURCE
MtFe%MtFe%MtFe%
Bloom LakeBloom Lake16729.952328.169028.6Bloom Lake proven and probable reserves are based on the 2023 Technical Report "Mineral Resources and Mineral Reserves for the Bloom Lake Mine", with effective date as at April 1st, 2023. Values in this table have been adjusted for depletion as at March 31st,2024.
KamiRose deposits (Single Pit)16729.747629.064329.2Kami proven and probable reserves are based on the 2024 Pre-Feasibility Study "Pre-feasibility Study for the Kamistiatusset (Kami) Iron Ore Property", with effective date as at December 22nd, 2023.
Consolidated Fire Lake North*Fire Lake North (West Pit)2136.226833.428933.6Historical estimates. See note 3.
Fire Lake North (East Pit)334.217330.217630.2
Fire Lake North (Subtotal)2436.044132.446532.4
Grand total 35830.21,44029.71,79829.8Partially historical estimates. See notes 3 and 6.

NOTES ON MINERAL RESOURCES AND MINERAL RESERVES FOR THE BLOOM LAKE MINE

Mineral Resources
  1. Mineral resources are not mineral reserves and have not demonstrated economic viability under the assumptions contained in the 2023 Technical Report. All figures have been rounded to reflect the relative accuracy of the estimates.
  2. The resource estimate is reported undiluted at a cut-off grade of 15% iron.
  3. The 2023 resource shell is based on a long-term P65 iron price of US$110.24/dmt, a premium of US$2.04/dmt for the 66.2% Fe concentrate and an exchange rate of 1.27. It was made using Geovia Whittle (software version 4.7.2).
  4. The qualified person (“QP”) for the mineral resource estimate, as defined by NI 43-101, is Erik Ronald, P. Geo., of SRK. The effective date of the estimate is April 1, 2023.
  5. The geological interpretations for the Bloom Lake deposit were based on lithological logging, analyses from drill core, grade control data, geological maps, historical models, and ground magnetic surveys. The geology and controls on the mineralization are considered well understood.
  6. The mineralized iron formation units in the lithology model include iron formation, silica iron formation, and limonite. The iron formation model further differentiates the iron formation units into operational quality categories of low (under 0.6%,), moderate and elevated (over 16%) CaO + MgO values.
  7. All 3D digital geological modelling was performed using Leapfrog Geo™ software. In the QP’s opinion, the geological model is appropriate for the size, grade distribution, and geometry of the mineralized zones and is suitable for mineral resource estimation of the Bloom Lake project.
  8. The mineral resource model is based on 6.0 m composite intervals within the iron formation. Grade capping was reviewed but deemed unnecessary and was not applied. Ordinary kriging (OK) was used for the estimation of CaO, Fe, MgO, and SAT. Al2O3 was estimated into the block model using inverse distance weighting to a power of three (ID3) estimation.
  9. Mineral Resources were classified into measured, indicated, and inferred mineral resources categories based on the geological understanding of mineralization and structure on the property, the quality of the underlying drilling data, history of mining production and reconciliation, mineralization and grade continuity, and drillhole spacing.
  10. The QP is satisfied that the mineral resources were estimated following CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November 2019). The mineral resources may be affected by further infill and exploration drilling that may result in increases or decreases in subsequent mineral resource estimates. The mineral resources may also be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic, and other factors.
Mineral Reserves
  1. The mineral reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014.
  2. The QP for the mineral reserve estimate, as defined by NI 43-101, is Olivier Hamel, P. Eng., of Quebec Iron Ore Inc. (“QIO”), a subsidiary of the Company. The effective date of the estimate is April 1, 2023.
  3. In the ultimate pit design, all measured resources and associated dilution/ore loss were converted to proven mineral reserves. All indicated resources and associated dilution/ore loss were converted into probable mineral reserves.
  4. Stockpiles are excluded from reserve calculations due to their small size (<1 Mt).
  5. Bulk density of ore is variable but averages 3.39 t/m3 (pre-dilution).
  6. Remaining strip ratio is 0.96:1 (including overburden).
  7. Mining dilution was calculated using a 2-m contact skin.
  8. The average mining dilution is 1.73% at a grade of 0% Fe. Dilution was applied block by block and shows a wide range of local variability.
  9. The average ore loss is 1.91% at a grade of 29% Fe. Ore loss was applied block by block and shows a wide range of local variability.
  10. Mineral reserves are based on a mining surface projected to April 1, 2023. The last survey was done in Q3 2022.
  11. Mineral reserves are estimated at a cut-off grade of 15% Fe (diluted), which has historically been used. Current cost/revenue model allows to calculate a break-even cut-off grade and the result of 14.1% Fe supports the current practices.
  12. Mineral reserves are estimated using a long-term iron ore reference price (Platt’s 65%) of USD99/dmt and an exchange rate of 1.27 CAD/USD. A price adjustment to 66.2% of USD1.83/dmt was added.
  13. Reserve open pit optimization was conducted using Geovia Whittle (software version 4.7.2) to determine the optimal economic shape of the open pit to guide the pit design process.
  14. SAT stands for SATMAGAN, an industry standard device that measures the magnetic content by weight of a sample. This value is assumed to be the magnetite content by weight.
  15. The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in the 2023 Technical Report, that could materially affect the mineral reserve estimate.
  16. Numbers may not add up due to rounding.

NOTES ON MINERAL RESOURCES AND MINERAL RESERVES FOR THE KAMI PROJECT

Mineral Resources
  1. The Mineral Resource estimate described above has been prepared in accordance with the CIM Standards (Canadian Institute of Mining, Metallurgy and Petroleum, 2014) and follows the Best Practices Guidelines outlined by the CIM (2019).
  2. The qualified person for this Mineral Resource Estimate is Christian Beaulieu, P.Geo., consultant for G Mining Services Inc. Mr. Beaulieu is a member of the Professional Engineers and Geoscientists of Newfoundland & Labrador (#10653) and of l’Ordre des géologues du Québec (#1072).
  3. The effective date of the Mineral Resource Estimate is November 15, 2022.
  4. The cut-off grade used to report Open Pit Mineral Resources is 15.0% total iron (TFe).
  5. Density is applied by rock type and is related to the amount of iron in each block.
  6. Pit optimization parameters are described as follows:
    1. I. Based on a P65 index iron price of US$115/dmt
    2. Concentrate grade of 65.2% Fe
    3. Exchange rate of 1.30 C$:US$
    4. Metallurgical recoveries of 83.55%
    5. Mining costs of US$2.11/t mined
    6. Total ore based costs of US$5.33/dmt
    7. Overall slope angle varies from 48.4° to 51.6° for the footwall and hanging wall domains respectively.
  7. Measured, indicated and inferred mineral resources have been defined mainly based on drill hole spacing.
  8. Mineral resources (Rose Central, Rose North and Mills Lake combined) have a stripping ratio of 2.0:1 (W:O).
  9. The tonnages and grades outlined above are reported inside a block model with parent block size of 10 m x 20 m x 10 m, and subblocks of 5 m x 10 m x 5 m.
  10. Tonnages have been expressed in the metric system and metal content as percentages. Totals may not add up due to rounding.
  11. Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred mineral resources are uncertain in nature.
  12. The qualified person is not aware of any factors or issues that materially affect the mineral resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, political factors and additional risk factors regarding indicated and inferred resources.
  13. See the appendix to the Company’s quarterly activities report filed on January 31, 2024, on the ASX at www.asx.com.au on January 31, 2024, for additional information regarding Joint Ore Reserves Committee (“JORC”).
Mineral Reserves
  1. The qualified person for this Mineral Reserve Estimate is Alexandre Dorval, mining engineer at G Mining Services Inc. Mr. Dorval is a member of the Professional Engineers and Geoscientists of Newfoundland & Labrador (#11042), of the Professional Engineers of Ontario (#100214598) and of l’Ordre des Ingénieurs du Québec (#5027189).
  2. Mineral Reserves based on an updated Lidar dated September 2011.
  3. Mineral Reserves are estimated using a long-term iron price reference price (Platt’s 62%) of US$ 80/dmt and an exchange rate of 1.30 C$/US$. An Fe concentrate price adjustment of US$ 20/dmt was added as an iron grade premium.
  4. The effective date of the Mineral Reserve Estimate is November 15, 2022.
  5. Bulk density of ore is variable but averages 3.1 t/m3.
  6. Cut-Off Grade of 15% TotFe used to calculate reserves.
  7. The average stripping ratio is 1.6:1 W:O.
  8. The Mineral Reserve includes a 1.4% mining dilution.
  9. The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding; with rounding following the recommendations detailed in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
  10. See the appendix to the Company’s quarterly activities report filed on January 31, 2024, on the ASX at www.asx.com.au on January 31, 2024, for additional information regarding Joint Ore Reserves Committee (“JORC”).

NOTES ON HISTORICAL ESTIMATES

HISTORICAL ESTIMATES
  1. The historical Moiré Lake resource estimates are based on the NI 43-101 technical report titled “Technical Report and Mineral Resource Estimate on the Moire Lake Property” by P&E Mining Consultants Inc. dated May 11, 2012 and having an effective date of March 28, 2012. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near the Company’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
  2. The historical Lac Lamêlée resource estimates are based on the NI 43-101 technical report titled “NI 43-10 Technical Report and Mineral Resource Estimate on the Lac Lamêlée South Resources Quebec – Canada” by Met-Chem, a division of DRA Americas Inc. dated July 28, 2017 and having an effective date of January 26, 2017. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near Champion Iron Limited’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
  3. The historical Consolidated Fire Lake resource estimates are based on the National Instrument 43-101 technical report titled “Preliminary Feasibility Study of the West and East Pit Deposits of the Fire Lake North Project” by BBA Inc., P&E Mining Consultants Inc. and Rail Cantech Inc. dated February 22, 2013 and having an effective date of January 25, 2013. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near Champion Iron Limited’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
  4. The historical Quinto Claims resource estimates are based on the National Instrument 43-101 technical reports titled “Mineral Resource Technical Report, Peppler Project, Quebec” (as regards Peppler Lake), “Mineral Resource Technical Report, Lamelee Project, Quebec” (as regards Lamêlée) and “Mineral Resource Technical Report, Hobdad Project, Quebec” (as regards Hobdad), each by G H Wahl & Associates Consulting dated February 15, 2013 and having an effective date of December 31, 2012. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near Champion Iron Limited’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
  5. The historical Harvey Tuttle resource estimates are based on the National Instrument 43-101 technical report titled “Technical Report and Resource Estimate on the Harvey-Tuttle Property Québec, Canada” by P&E Mining Consultants Inc. dated April 13, 2011 and having an effective date of February 25, 2011. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near Champion Iron Limited’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
  6. Certain resources mentioned are foreign estimates from an Australian perspective.
  7. The historical Penguin Lake resource estimates are based on the National Instrument 43-101 technical report titled “43-101 Technical Report and Mineral Resource Estimate on the Penguin Lake Project” by MRB & Associates  dated February 3, 2014 and having an effective date of May 1, 2013. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near Champion Iron Limited’s existing mining tenements and therefore the reports on these mineralisations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.
Photo for resources/reserves: MFQ-205_Photo credit Joe Alvoeiro

« Back to all projects