The plan at Clear Hill is intended to see Ironstone through the commercialisation phase, Polo said.
Ironstone’s partner, North American Coal, has outlined a conceptual mine plan for Clear Hills which features a relatively low-cost open pit mine design and environmentally-friendly electric drag-lines for overburden removal and surface miners to strip the ore body.
According to the plan, at least 5mln tonnes of ore will be mined each year in order to support Ironstone’s mill operations.
Polo also highlighted in the update that a steel market study, by the Alberta Government, due in the third quarter of 2016, will provide important data determine the type of finished steel products to produce for domestic consumption.
Ironstone also intends to transition its image and brand from a metallics resource company to a diversified manufacturer of high strength steel, vanadium and related value-added by-products.
As part of that initiative the company will be renamed Prism Diversified Limited.