Northland Resources (NAU-T) has updated its resource estimates for the Tapuli, Sahavaara and Pellivuoma iron ore deposits that together make up the company’s flagship Kaunsivaara iron concentrate project in northern Sweden.
The company wants to develop the Tapuli, Sahavaara and Pellivuoma deposits, which would provide feed to a single, multi-line processing facility in Sweden, producing one high-grade, high-quality magnetite iron concentrate.
A definitive feasibility study for the Kaunsivaara project will be completed in the second quarter of this year.
Together the three deposits have measured and indicated resources of 251.5 million tonnes grading 31.69% iron and an inferred resource of 97.2 million tonnes grading 30.94%iron.
The resource estimate was based on 17,376 samples from 161drill holes. Predominant drill hole spacing was on a nominal 50 metre grid.
The near-surface magnetite body at Tapuli can be traced for 2.2 km along strike, and is close to surface below a few meters of glacial till. The magnetite body at Sahavaara, 5 km from Tapuli, measures roughly 1.3 km in length, at least 700 metres in depth and 50 metres in average width. The Pellivuoma iron ore deposit consists of several, 20 to 100-metre-thick meandering ore lenses.
At presstime Northland Resources was trading at $3.22 per share and over the last year have traded within a range of 38¢ per share and $3.60 per share. The company has 110.6 million shares outstanding.
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