Company
ASX:CLE
Cyclone Metals Ltd owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project. The Iron Bear Project consists of ten licenses totalling 7,275 ha on 291 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montréal, QC.
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The company has appointed William Scott, who has extensive practical experience in the region around the newly acquired Nickol River Gold Project, as a non-executive director.
The mineral exploration company recovered up to 92.9% copper during its stage one metallurgical test-work program on the copper-gold asset, with the results representing a considerable improvement on traditional acid-leach results.
The new land package is described as a “small but significant acquisition in a very desirable location for gold”, where groundwork will kick off imminently.
The company will also provide an update on the status of its financing facilities and investments and a working capital statement.
"This is yet another exciting project we have been working on and with rare earth prices at high levels we will continue to work on this project for the benefit of shareholders,” says chairman.
The company has completed drilling at its Lady Ethleen Project in Queensland and sufficient samples have been sent to conduct Glyleach test-work at the MPS facility in Western Australia.
The funds raised from the placement will be used to reduce ATO debt and for general working capital at the company’s Lady Ethleen Copper Project.
Cyclone has engaged Allender Exploration, a geological consultant with extensive experience in the project area, to undertake an initial exploration program.
