Issue link: http://resourceworld.uberflip.com/i/1152269
A U G U S T / S E P T E M B E R 2 0 1 9 www.resourceworld.com 33 of Saguenay-Lac-Saint-Jean. Arianne has signed a non-definitive Memorandum of Understanding with SINOCONST, a major Chinese public company. Under the terms, Arianne and SINOCONST agreed to put in place a definitive agreement regarding the development of the Lac à Paul Project, which would include complete financing. In parallel, efforts to secure product pur - chase contracts are planned to be put in place by SINOCONST in order to support the overall financing of the project. The phosphate deposits will produce a high quality igneous apatite concentrate grading 39% P 2 O 5 . Azimut Exploration Inc. [AZM-TSXV] is conducting the 2019 exploration pro- gram on the Munischiwan property in the James Bay region of northern Québec. This phase mostly consists of surface sampling on the InSight discovery to prepare for the first diamond drilling program later this year. The property is jointly owned with Soquem Inc., under a strategic alliance covering the James Bay region. The InSight discovery is a 600-metre- by-150-metre envelope based on outcropping mineralization. Grab samples yielded up to 100.5 g/t gold, 435 g/t silver, 156 g/t tellurium and 1.67% copper. BonTerra Resources Inc. [BTR-TSXV; BONXF-OTC; 9BR1-OTC] reported drill results from continuing exploration at its 100%-owned Gladiator, Moroy and Barry projects. The objective of the current drill - ing campaign is to step out from known mineralization. At the Gladiator, 170 km northeast of Val d'Or, drilling extended gold mineralization on the Barbeau and North zones. Drill hole BA-19-40 inter - sected 101.1 g/t gold over 3.9 metres on the Barbeau Zone, approximately 50 metres down plunge of known mineral- ization. Hole BA-19-37 intersected 8.1 g/t gold over 1.8 metres on the North Zone, about 50-metres down plunge of known mineralization. At the Moroy Project, 1 km south of the Bachelor Mine 90 km northeast of Lebel- sur-Quévillon, there is both underground and surface drilling. Drill hole MY-19-155 intersected 12.8 g/t gold over 5.6 metres and drill hole MY-19-158 intersected 12.2 g/t gold over 5.4 metres. At the Barry Project 100 km east of Lebel-sur-Quévillon, drilling extended known mineralization along strike and at depth on multiples zones. Hole MB-19-209 intersected 8.7 g/t gold over 1.5 metres and 6.1 g/t gold over 2.0 metres on zone H1, approximately 75 metres deeper than known mineralization. Champion Iron Ltd. [CIA-TSX, ASX; CHPRF-OTC] has several iron ore projects in the Labrador Trough along the Québec- Labrador border, including Fermont, Round Lake, Consolidated Fire Lake North and the flagship Bloom Lake Mine. The company reported positive results of the NI 43-101 compliant Phase II Feasibility Study prepared for the Bloom Lake min - ing complex near the town of Fermont, northeastern Québec. The study envisions further exploiting Bloom Lake which would increase overall capacity from 7.4-million tonnes per annum to 15 Mtpa of 66.2% iron ore concentrate. After-tax NPV (8%) of $2,384-million combining Phase I & II. After-tax IRR of 33.4% with a 2.4-year pay - back. Initial Capex is $589.8-million. Commerce Resources Corp. [CCE- TSXV; CMRZF-OTCQX; D7H-FSE] released the final drill hole results from Saville Resources Inc. [SRE-TSXV] on the Mallard prospect at the niobium claim group property, a subset of the company's Eldor claims located about 130 km south of Kuujjuaq, northern Québec. Starting from 17-metre in depth (core length), results include 0.80% Nb 2 O 5 (niobium pentoxide) over 31.5 metres, including 0.98% Nb 2 O 5 over 13.5 metres or 1.36%t Nb 2 O 5 over 4.5 metres, as well as a second subinterval of 1.04% Nb 2 O 5 over 7.7 metres. Saville can earn a 75% interest. Commerce's flagship project is the Ashram rare earth project, also on the Eldor property. Current resources stand at: measured – 1.59 Mt averaging 1.77% TREO; indicated – 27.67 Mt averaging 1.90% TREO; and inferred – 219.8 Mt averaging 1.88% TREO. A PEA contem - plated a 4,000 t/d, open-pit operation with 0.19:1 (waste:ore) strip ratio over a 25-year mine life; a pre-tax NPV of $2.32 billion (10% discount rate); and a pre-tax IRR of 44% and pre-tax payback period of 2.25 years. Estimated capital cost is $763 million (including 25% contingency). A prefeasibility study is underway. Critical Elements Corp. [CRE-TSXV; CRECF-OTC; F12-FSE] recently changed its name to Critical Elements Lithium Corp. with no share consolidation and the same ticker. The company has awarded the Primero Group with the Early Contractor Involvement contract for the 100%-owned Rose lithium-tantalum project in the James Bay region of northern Québec. Primero Group is an industry leader in the assess - ment and development of global mineral processing projects. A recent feasibility study for the Rose Project, based on price forecasts of US $750/tonne for chemical-grade lithium concentrate (5% Li 2 O), US $1,500/tonne for technical-grade lithium concentrate (6% Li 2 O) and US $130/kg for Ta 2 O 5 in tantalite concentrate, and an exchange rate of US $0.75/CDN$. The IRR is estimated at 34.9% after-tax, and NPV is estimated at $726 million (8% discount rate). Estimated payback period is 2.8 years. Durango Resources Inc. [DGO-TSXV; ATOXF-OTCQB; 86A-FSE] is encour - aged that drilling by Osisko Mining Inc. [OSK-TSX; OBNNF-OTC] on several sides of its 100%-owned Trove property in the Urban-Barry gold camp has returned good gold values, including OSK-UB-076 that intersected 3.07 g/t gold, 26.2 g/t silver, and 0.43% copper over 0.6 metres. In a press release, Durango said that the com - pany looks forward to drilling the targets recently identified by its IP survey. Eastmain Resources Inc. [ER-TSX; EANRF-OTCQX] has been drilling its 100%-owned Clearwater Project in the James Bay region. Hole ER19-845 inter - Channel sampling 25 km southeast of Newmont Goldcorp's Éléonore gold mine in the James Bay region at the Éléonore Centre property on the Golden Gun West showing, a 50-50 joint venture between Midland Exploration and Osisko Mining Inc. Photo courtesy Midland Exploration Inc. QUÉBEC