The Moiré Lake property is less than 3 km southwest of Fermont, Quebec. There is direct access to the center of the project by a tertiary road off the Trans-Quebec-Labrador Highway (Route 389). The property is immediately east of ArcelorMittal’s Mont Wright mine and 8 km south of the Bloom Lake railway (a recent Champion Iron acquisition).
The Moiré Lake project includes 26 mining claims and covers a surface area of 1146 hectares, or 11.5 km2. The subsurface of the western part of the property consists of a thick-banded magnetic iron ore formation (the Sokoman formation) averaging 30% Fe.
The rocks underlying the project are complexly deformed, characteristic of the regional structural pattern. The roughly circular mushroom pattern underlying the western part of the property reflects a classic, two-phase orthogonally oriented fold-interference pattern.
The bowl-shaped deposit was delineated to the western boundary of the property. Geological and geophysical observations indicate that the mineralization continues westward onto ArcelorMittal’s Mont Wright property.
The historical resource of 101 million tonnes at 30.75% Fe at Moiré Lake (Paquet, 1963) far underestimated the deposit’s true potential.
The more recent mineral resource estimate was completed by P&E Mining Consultants Inc. of Brampton, Ontario.
Results from 23 diamond-drill holes completed by Champion Iron in 2011 were used to model the iron deposit and calculate a mineral resource estimate of 581 million tonnes grading 29.7% FeT: 417 million tonnes grading 29.4% FeT in the inferred category and 164 million tonnes grading 30.5% FeT in the indicated category.