Cyclone receives first $6.3m from Vale for Canada project
Australia-headquartered Cyclone Metals is preparing for a large drilling campaign at its Iron Bear iron-ore project in Canada.
The programme, set to run between June and November this year, will involve drilling a total of 24 000 m, CEO Paul Berend said on Tuesday.
The company has recently received its first payment of $6.3-million from diversified major Vale as part of their joint development of the Iron Bear project.
Vale’s total Phase 1 contribution to the project amounts to $18-million, aimed at de-risking the Iron Bear project.
“This is a great milestone for the company and provides us with the necessary funding to advance the Iron Bear project in collaboration with our partner Vale,” said Berend.
Vale in February committed to provide up to $138-million in funding for the project in two phases, earning a 75% interest in Iron Bear. Should Vale proceed to a decision to mine, the company would have the option to acquire the remaining 25% at fair market value or carry Cyclone to production without dilution.
The Iron Bear project is located less than 25 km from an open-access heavy haul railway connected to an iron-ore export port at Schefferville. The project hosts an iron-ore resource of 16.6-billion tonnes at 29.3% iron, with pilot plant production confirming a high-quality direct reduction concentrate grading 71.3% iron.
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