CoTec has entered into an option agreement (the “Option Agreement”) to acquire 31 mining claims forming the Lac Jeannine Property (the “Property”) located in the Côte-Nord region of Quebec, Canada.
The Property contains historical tailings of the previous Lac Jeannine iron ore mine operated by the Québec Cartier Mining Company between 1959 and 1985. Prior to exercising its option to acquire the Property, the Company intends to complete a maiden resource estimate and extract a bulk sample from the Property tailings material. The bulk sample will be used for independent metallurgy testing and further testing with Binding Solutions Limited (“BSL”) of its cold agglomeration technology. If the results are positive, the Company intends to complete a feasibility study regarding the recovery and production of low cost and low carbon iron ore pellets from the Property (the “Project”).
On September 5, 2023, CoTec has engaged Calgary based Sonic- Drilling Corp. to conduct the drilling work at the Lac Jeannine property for the completion of a maiden resource estimate on the Project. The drilling program will be completed during the 2023 season, subject to the required regulatory permits being received in time. CoTec will be working and collaborating with local, provincial and federal stakeholders throughout this drilling campaign.