Lac Virot

Technical Report

 Click to view the Technical Report on the Lac Virot Iron Ore Property (6.6 MB)

Project Highlights

• Located within 20 km of four operating mines (Mont-Wright, Carol, Scully, and Bloom Lake)
• Surface samples have returned between 16.57 - 60.5% total iron (average 30.59% Fe)
• Airborne geophysical surveys outlined three priority magnetic trends ranging from 1 to 5 km in length

Overview

Lac Virot is an early stage exploration project situated in the southern Labrador Trough, Canada's foremost iron ore mining region. A preliminary exploration program of geological reconnaissance, prospecting, and airborne geophysics in 2011 by IronOne Inc. yielded favourable results which warrant further exploration. A potential cumulative strike length of iron formation in excess of 20 km was estimated based on airborne geophysics and surface mapping.

Ridgemont acquired IronOne and its iron ore properties in 2012 and has completed a 11,713 metre drill program at Lac Virot. This was the first time that the property has ever been drill tested.

Location

The Lac Virot Iron Project is located in the Labrador West region of Newfoundland and Labrador, Canada, about 12 km west of Labrador City.  Four major iron mines (Mont-Wright, Carol, Scully and Lac Bloom) are located within 20 km of the project.

Existing rail infrastructure in the area provides good access to a shipping port. The Quebec North Shore & Labrador Railway (“QNS&L”) connects Labrador West with the port of Sept-Îles, Quebec on the north shore of the St. Lawrence River. As well, a recently constructed railway line connecting the Bloom Lake Mine to the QNS&L railway via the Wabush Mine railway runs to the immediate south of Lac Virot.

Click here to view Infrastructure & Surrounding Iron Ore Deposits

Click here to view the Lac Virot Location Map

 

Claim Ownership

The Lac Virot Iron Project is comprised of 16 map staked licences with a total of 521 claims covering 13,025 ha (130.25 square km). Ridgemont holds a 100% interest in 4 licences (225 claims) and has the option to earn a 100% interest in 12 licences (296 claims), subject to a 2% net smelter return royalty.

2012 Exploration

The 2012 exploration program focused on following up the coincident airborne magnetic anomalies and surface sampling results from 2011. A total of 11,713 metres in 42 holes were drilled this year.

Mineralized intervals ranged up to 106.6 metres and returned iron values ranging from 24.6% to 32.8% total iron. 

Click here to see table of complete assay highlights.

Drilling is expected to continue in 2013 with the goal of releasing an initial NI 43-101 resource in Q4 2013.

Click here to view the current Drill Map

2011 Exploration

Exploration work completed in the summer of 2011 by IronOne Inc. included:

• An initial geological reconnaissance and prospecting site visit
• Completion of a helicopter-borne  high resolution magnetic, radiometric and very low frequency electromagnetic (“VLF-EM”) survey
• Focussed follow-up of the airborne geophysical survey by additional reconnaissance geological mapping and prospecting

Analytical results from 33 grab and chip samples collected from exposed iron formation outcrops ranged from 16.57 to 60.5% total iron (“%Fe”), with an average for all samples collected of 30.59% Fe.   The presence of outcropping iron formation was confirmed along three magnetic trends at Neal Lake, Emma Lake, and Sunday Lake, which exhibit apparent strike lengths ranging from 1 km to over 5 km.

Click here to view Airborne Magnetic Map

 

Geology

Most of the northern and western sector of the Lac Virot property is underlain by basement rocks of the Ashuanipi Metapmorphic Complex.  Lithologies include quartzo-feldspathic migmatites, gneisses and granitoid rocks representing reworked Archean Superior Province units.

The primary unit of importance with respect to iron ore exploration is the Sokoman Formation of the Knob Lake Group.   Exposures of this formation are widespread throughout the property.  Mineralization occurs in the form of magnetite with lesser hematite or specularite in its coarse-grained form, and goethite.  The most economically significant iron formation units on the property are massive or banded quartz-magnetite-specular hematite schists that contain approximately 50% silica and 50% iron minerals by volume.

Click here to view 
Geology Map

Edward Lyons, P.Geo., is Chief Geologist of the Company and a Qualified Person as defined by National Instrument 43-101 for the above mentioned project. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and the Professional Engineers & Geoscientists Newfoundland & Labrador (PEGNL) as a registered Professional Geoscientist (P.Geo.). Mr. Lyons has reviewed and is responsible for the technical information disclosed above.