MetalQuest Mining
MetalQuest Mining
The Lac Otelnuk Iron Ore Project is one of the most advanced projects we have been able to acquire in our many years in the mining industry. To date, the development of this project has revealed an established historic multi-billion-ton resource upon which a feasibility study was completed in 2015. The project is paid for and there are no mandatory property payments, exploration expenditures, project expenditures, and/or pre-royalty payments. Lac Otelnuk Project has multi million dollars in assessment credits which will allow it to remain in good standing for years to come. The only obligation of the company to the previous owner is a 2.5% royalty on production that can be bought down to 0.7%. We are very pleased with the results of our recent restructuring of our company and the acquisition of a world class mineral asset and we look forward to our continued development of this new project.
- Lac Otelnuk Iron Ore project is one of the largest iron ore projects in North America situated in Labrador Trough, Northern Quebec, Canada. It is 100% owned by MetalQuest Mining. Lac Otelnuk Project is surrounded by huge projects, including by majors like Rio Tinto, Tata Steel, Arcelor Mittal, mid-tier like Champion Iron and juniors such as Oceanic Iron Ore.
- MQM owns 306 claims in the block shown in this figure, including the concentration of 75 claims in the middle that will cover the main historic resource.
- To date, over $150 million has been spent on the project to date, with Met-Chem presenting a historic NI 43-101 compliant Feasibility Study and Technical Report in 2015. MQM now plans to do the following:
- Complete project due diligence and data collection
- Complete the next phase of technical and strategic development of the Lac Otelnuk Iron Ore Project
- Continue to work with First Nations and Quebec government officials
- Establish a Joint Venture partner to fund the project
- The Labrador Trough Advantage – A large iron ore belt developed on banded iron formations and has had mining operations since 1954. The vast majority of North American iron ore is mined in this region.
