The Magpie Deposits comprise four separate titaniferous magnetite deposits over a strike length of about seven kilometres, and are among the world's largest and as yet undeveloped, with a total historical resource estimated at 1.1 B Tons @43% Fe and 11%TiO2 and still open at depth. (These historic resource estimates were completed prior to the implementation of National Instrument (“NI”) 43-101 standards. (GM 11185, 1961, Quebec Government archives) However, a qualified person has not completed sufficient work to classify these historic mineral resources as current, and therefore they should not be relied upon. An NI 43-101 resource for the largest of these deposits, Magpie #2, was published, by P&E Mining Consultants Inc. of Brampton Ontario for The Magpie Mines Inc.in May 2012 with the following In Pit Resource estimates;
(The Magpie Mines Technical Report, NI 43-101 (click for pdf)
The Deposit is located on Quebec's North Shore, east of Sept Iles, about 130 kilometres north of tidewater. The titaniferous magnetite of the deposit has been described as massive and homogeneous and carries small, but significant chromium and vanadium values.
The property was acquired by staking by the Company in partnership with The Sheridan Platinum Group Ltd in 2007 and in the same year sold to a newly formed private company, The Magpie Mines Inc. in exchange for 27,460,981 common shares of Magpie (50% interest). A small flowthrough financing in late 2008 left the partners with 48.7% each and enabled the drilling of a part of the deposit and the production of a preliminary NI 43-101 quality report estimate in mid 2009.(2009 Technical Report)
A private placement in the Spring of 2011 enabled the Company to complete a major drill programme of 31 holes totalling 8,124 metres over the 3,500 metre strike length of Deposit No. 2 .
Drill Section Location Map