Resource World Magazine

36 www.resourceworld.com J U N E / J U L Y 2 0 1 8 ing site environmental liabilities and ensures future wastes are managed in a sustainable manner such that there will be no long term environmental concerns post- closure. Engagement with the local NGO Tusket River Environmental Protection Association and local politicians and busi - nesses has continued into 2018. Callinex Mines Inc. [CNX-TSXV; CLLXF-OTCQX] released an updated inde - pendent NI 43-101 resource estimate for its 100%-owned Nash Creek Project in the Bathurst Camp, New Brunswick. The estimate outlined a major increase in con - tained zinc, lead and silver mineralization within indicated and inferred categories. The company's initial exploration program in 2017 expanded the near-surface deposit and led to an increase in indicated zinc equivalent (ZnEq) pounds by 74% to 963 million pounds, and inferred zinc equiva - lent pounds increased by 385%. Callinex expects to publish a maiden Preliminary Economic Assessment shortly that will demonstrate the potential eco- nomic viability of a conceptual open-pit mine at the Nash Creek and Superjack projects. The updated estimate is now an indicated resource totaling 13.6 million tonnes averaging 3.2% ZnEq (2.7% zinc, 0.6% lead and 17.8 g/t silver) containing 963 million pounds of zinc equivalent mineralization and an inferred mineral resource totalling 5.9 million tonnes aver - aging 3.1% ZnEq (2.7% zinc, 0.5% lead and 14.0 g/t silver) containing 407 million pounds of zinc equivalent mineralization. Canstar Resources Ltd. [ROX-TSXV], Adventus Zinc Corp. [ADZN-TSXV] and Altius Minerals Ltd. [ALS-TSX] have entered into a three-way definitive agreement whereby Canstar will acquire the Newfoundland base metal explora - tion assets of Adventus and the Daniel's Harbour Zinc Project from Altius in exchange for issuing shares to Adventus and Altius and a funding commitment of $500,000 as part of a $750,000 private placement. The transaction will allow Canstar to consolidate the majority of the Buchans Camp in Newfoundland and adds three high quality Newfoundland zinc exploration projects to Canstar's portfolio. Upon closing, Canstar's Newfoundland exploration team starts a 2018 exploration program focused on the Buchans Camp, with a minimum 3,000 metres of diamond drilling campaign anticipated in 2018. The Buchans Mine was one of the highest-grade polymetallic mines globally, producing a historical 16.2 million tonnes averaging approximately 14.50% zinc, 7.56% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold over 56-years. The south - east corner of the region also hosted Teck's Duck Pond Mine 2007–2015. The Duck Pond 1,800 tpd flotation mill is currently on care and maintenance. Altius also has shareholding interests in Alderon Iron Ore Corp. [IRON-TSX], a development-stage company advanc - ing the Kami iron project in the Labrador Trough, and Sokoman Iron Corp. [SIC- TSXV] which has the Moosehead gold project in central Newfoundland. A letter of intent has been executed to vend the Sail Pond silver-copper-lead-zinc project in northwest Newfoundland into New Found Gold Corp. Century Global Commodities Corp. [CNT-TSX; CEUMF-OTC] is awaiting higher iron ore prices while it continues to hold interests in properties in the Labrador Trough, including the Joyce Lake DSO Project which completed a Bankable Feasibility Study in April 2015. The Hayot Lake deposit is also part of the Attikamagen JV and hosts a 1.7 billion tonne inferred taconite resource. The Sunny Lake JV properties are subject to a joint venture agreement between Century and WISCO, which had a Preliminary Economic Assessment com - pleted in April 2015 and the Blackbird DSO Deposit which had an NI 43-101 resource estimate, also completed in April 2015. Champion Iron Ltd. [CIA-TSX, ASX; CHPRF-OTC] reported that Québec Iron Ore Inc., a Champion Iron subsidiary, is preparing for the first shipment from Bloom Lake Mine of high-quality iron ore following the arrival of the MV Magnus Oldendorff at the Port of Sept-Îles on the Gulf of St. Lawrence on March 25, 2018. The first shipment to Asia will comprise up to 200,000 wet metric tonnes of high- grade 66% Fe iron concentrate, part of the tonnage transported by rail to the port over the last month from the Bloom Lake Mine located in the Labrador Trough near Fermont, Québec. The loading of the MV Magnus Oldendorff at the Pointe-Noire terminal completes a historic milestone for the company and the Port of Sept-Îles as it rep- resents the first vessel loading at the brand new terminal and the inauguration of the new conveyor linking the stockyard to the new terminal. MARITIMES

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