The much-talked about Black Thor chromite deposit in the remote Ring of Fire camp of northwestern Ontario has an initial inferred resource of 69.55 million tonnes grading 31.9% chromite at a cut-off grade of 25% chromite, Freewest Resources (FWR-V) reports.
The cut-off grade was based on a chromite price of US$150 per tonne for high-grade chromite mineralization (or greater than 40% chromite) and assumed mining costs.
The deposit on Freewest’s 100%- owned McFaulds property has been traced over a strike length of 2.9 km and remains open-ended along strike and at depth. Freewest believes Black Thor is the “most extensive chromite-bearing body” on the McFaulds property and so far in the Ring of Fire camp.
The McFaulds property is 300 km north of the town of Nakina, in the James Bay Lowlands. It lies 3.8 km northeast of Noront Resources’ (NOT-T) Eagle One and Eagle Two nickel-copper-platinum group metals discoveries within the Sachigo greenstone belt.
The resource estimate was based on 54 drill holes totalling 19,641 metres. The deposit strikes southwest to northeast, and has an over-turned sub-vertical dip towards the northwest ranging between 70 and 85 degrees.
The zone typically contains two chromite layers known as the Lower and Upper zones that range in thickness from tens of metres to more than 100 metres. The zones are separated by a horizon of disseminated chromite hosted within peridotite and dunite.
Freewest plans to launch a 10,000-metre drill program later this month.
Freewest recently traded at 97¢ a share and has a 52-week trading range of 20.5¢ to 99¢. It has about 229.5 million shares outstanding.
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