Champion Iron Mines Releases Initial Resource Estimate for Penguin Lake

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“Champion Iron Mines Ltd. released its initial resource estimate for the Penguin Lake deposit, located in the southern Labrador Trough, which is currently under option to Cartier Iron Corp. The mineral resource estimate pegs the resource at reported 531.1 million metric tons grading 33.1% total iron of in-pit inferred resources at a 15% total iron cut-off grade, Champion says,” reports Kitco.

“’With the ten-fold increase of the historic resource, the updated resource makes the Penguin Lake deposit the largest iron resource in the southern Gagnon Terrane in the southern Labrador Trough,’ says Thomas Larsen, president and chief executive officer of Champion. ‘It is significant to note that the current resource comprises less than half of the modeled bowl-shaped deposit, pointing to a huge upside resource potential in the areas to the north and west, where the iron formation is interpreted to re-surface.’”

In metal price news…

On Wednesday, December 18, the day’s biggest mover was the 3-month price of steel billet, which saw a 7.7 percent increase on the LME to $280.00 per metric ton. This increase comes after three straight days of stagnant prices. Following three days of little change on the LME, the cash price of steel billet rose by 7.7 percent to $280.00 per metric ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC held steady. The price of Chinese coking coal continues to hover for the fifth day in a row.

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The 3-month price of the US HRC futures contract showed little movement on Wednesday at $643.00 per short ton. The US HRC futures contract spot price held steady at $676.00 per short ton.