The result is a gin unlike any other – crafted only from native Canadian botanicals that give Ungava its signature colour and unmatched flavour. Generally, the results of the testwork indicated the following characteristics for the mineralized material tested: The conceptual flowsheet and plant design proposed in the Study are based on the following: A simplified mineral processing flowsheet is shown in Figures 1 and 2. A Qualified Person has not done sufficient work to upgrade or classify these historical resource estimates as current NI-43-101 compliant mineral resources. Metallurgical testwork consisted of bench scale tests as well as a pilot test program. Even though the Hopes Advance Bay Mineral Resources are contained within ten (10) distinct deposits, the Study is limited to the Castle Mountain, Iron Valley, and Bay Zone F deposits. Oceanic is focused on the development of the Ungava Bay iron properties. L’historique des Propriétés de fer d’Ungava et des dépôts de Hopes Advance, Morgan Lake et Roberts Lake est décrite par Micon International Limited dans leur rapport technique 43-101 daté du 29 octobre 2010 intitulé « Rapport technique sur la propriété de fer d’Ungava – région de la Baie d’Ungava… A total of 45 drillholes were completed in the Morgan Lake area totalling 3,611 m. Eddy Canova, P.Geo., OGQ(403), the Director of Exploration for the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained on this website.. * Initial Phase from Yr 1 to Yr 4. The Company presents two cases as part of the Study with the only variable between the cases being the FOB selling price. A location for an identical stockpile and conveying system is proposed for the expansion to 10 Mtpa. **Source – BAIINFO Iron Ore Daily, Issue 19-227, December 4, 2019, Metallurgical Testwork and Process Flowsheet. The required footprint is adjusted to the 5 Mtpa initial plant with room provided for a parallel line for expansion to 10 Mtpa. The Project iron ore berth is designed to accommodate bulk carriers ranging from 70,000 DWT to 240,000 DWT. Each of these deposits has favorable economics (higher grade and lower strip ratios than the other deposits) and they are also the three largest resource bases of the ten deposits. The alternate case presents the economics of the Project using a spot price of approximately USD $89/t FOB (November 22nd 2019). The mineralized material and waste rock will be mined with 10 m high benches, drilled, blasted and loaded into a fleet of 292 t capacity haul trucks with diesel hydraulic shovels. For the current PEA however, construction of the initial dikes, as well as the dikes that are progressively being constructed, have been adjusted to the estimated annual tailings volumes generated by the project at 5 Mtpa followed by an expansion to 10 Mtpa. Importantly, the Project achieves an NPV / Initial Capex Ratio of 1.18, which is rare for bulk/base metal projects where capital requirements are typically very high. A 26 km access road will connect the port to the mine to be used for concentrate transport and delivery of consumables and cargo to the mine. Ungava Bay is surrounded by numerous Inuit villages, the largest of which is Kuujjuaq, Quebec, at the mouth of the Koksoak River. The design considers that marine activities will be seasonal with operations taking place only during the ice-free season, assumed to last 110 days. Hopes Advance Project: 2019 PEA A Pre-Feasibility Study was completed on the Project in 2012 (“2012 PFS”). Exploration and drilling was also carried out in the Payne River zone (26 holes), Igloo Lake zone (11 holes), Hump zone (15 hole), and Roberts Lake zone. The resource subset is reported above a cut-off grade of 25% Fe and includes mining dilution and mining losses which were estimated to be 1.5% and 5% respectively. The Company believes that the remaining resources could support continued operations well beyond 28 years. Ores thus far proved in Ungava are averaging 58.5% natural iron and have gone as high as 69%, which is approaching the “theoretical,” or pure, ore. Mesabi, the great ore range in Minnesota, is currently marketing its ore at … The Process design basis for both the initial and expansion phases of the Study is outlined in Table 5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The iron formation can be traced along both limbs of the syncline. A comminution circuit based on HPGR grinding technology. A description of the proposed process is set out below: The Hopes Advance iron deposits comprise a total of 10 mineral deposits. Such seasonal shipping results in reduced port installation costs and the avoidance of having to use higher cost ice class vessels during the winter. Oceanic is focused on the development of the Ungava Bay iron properties in Nunavik, Quebec. The 2013 VIU Study concluded that, in addition to the iron unit premium for the high grade Hopes Advance product at 66.6% Fe measured against the 62% Fe benchmark, the low impurities associated with the Hopes Advance product could attract an additional quality premium for steel producers in China, Korea, Japan, and Taiwan. Working alongside BBA was Wood (formerly, AMEC Foster Wheeler), who worked with the Company on Port related infrastructure in the Company’s previous studies. The power plant is a prefabricated, barge system that is beached and bermed at the port and includes a 120 kV substation.
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