Ridgemont Iron Ore Corp. is a Canadian listed company focusing on the exploration and development of its wholly-owned Lac Virot iron ore project located in the southern Labrador Trough, Canada's premier iron ore district.
Lac Virot is ideally situated within 20 km of four producing iron ore mines (Mont-Wright, Carol, Scully and Bloom Lake). Existing rail infrastructure in the area provides good access to a shipping port.
Preliminary exploration by IronOne Inc. in 2011 included an airborne magnetic survey which outlined significant magnetic anomalies. Subsequent ground work confirmed the presence of outcropping iron formation along three magnetic trends at Neal Lake, Emma Lake, and Sunday Lake, exhibiting apparent strike lengths ranging from 1 km to over 5 km. Thirty-three surface rock samples returned values ranging from 16.57% to 60.5% total iron (average 30.6% total iron).
Ridgemont acquired IronOne in May 2012 and completed an aggressive 2012 exploration program totalling 11,713 metres of drilling. Drilling is expected to continue in 2013 with the goal of releasing an initial NI 43-101 resource in Q4 2013.
The extensive iron ore expertise of the Ridgemont team will be a key element in advancing the development of the Lac Virot project.
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