Update! West Melville Iron Company Ltd. Signs Joint Venture With Roche Bay plc to Acquire Up to 70% of Iron Ore Project
Press Release Available on Digital Journal
New Technical Report on Fraser Bay 1-3
Technical Report for the Fraser Bay 1-3 Property PDF (2.98MB)
Roche Bay plc has ownership interests in two large bodies of iron ore deposits on the Melville Peninsula in Nunavut, northeastern Canada.
- The Western, or Fraser Bay, deposits, are about 110 km away near the Western coast of the peninsula, and are open for development partners or outright sale.
- The Eastern, or Roche Bay, deposits, which are about 10 km from tidewater at Roche Bay with direct sea access, are being developed by a joint venture managed by Advanced Explorations, Inc.
The Fraser Bay Deposits:
Roche Bay owns 100% of the leases that cover most of the extensive iron ore deposits in this region. There are five significant iron ore formations comprising the Fraser Bay deposits, among which FB 1, with its high-grade ore body, direct ship potential, large size, and exposed outcropping, offers especially attractive potential for production.
A 2010 aeromagnetic survey conducted by the Geological Survey of Canada Link (1.4MB) shows the extent of the ore deposits and the relative land position of Roche Bay on Melville Peninsula. It is clear that Roche Bay holds the keys to iron ore development and production in the region.
Total Field PDF (1.4MB)
First Derivative PDF (1.4MB)
The Roche Bay Deposits:
Roche Bay owns a 49% interest in this property. This interest currently has a buyout option from Advanced Explorations, and will dilute into a significant gross overriding royalty if a mine is built. Over the past five years, more than $40 million has been spent on exploration and development of our Eastern ore bodies by Roche Bay and our joint venture partner, Advanced Explorations.
- One of the seven ore bodies in the joint venture is a 358-million-tonne resource of 28% Fe-content ore that is compliant with NI 43-101
- The other six ore bodies show excellent promise
- The JV’s business plan, to produce high-value iron nuggets, gives an entry point to regional development for under C$1 billion, and is readily scalable
- Advanced Explorations has an excellent management team with a combination of exploration, iron ore processing, and finance experience.