High Tide Resources, a Subsidiary of Avidian Gold, Stakes Additional Ground at its Labrador West Iron Ore Property
Monday, September 9, 2019 8:45 AM
TORONTO, ON / ACCESSWIRE / September 9, 2019 / High Tide Resources Corp. (“High Tide”) is pleased to announce that the company, has staked an additional 71 claims, 1775 hectares, adjacent to its Labrador West Iron Ore Property ("Labrador West Property or the "Property") near Labrador City, Newfoundland. High Tide is earning a 100% interest in the Labrador West Property from Altius Resources Inc., a wholly owned subsidiary of Altius Minerals Corporation (TSX:ALS). High Tide is a private subsidiary of Avidian Gold Corp (“Avidian” - TSX-V: AVG).
The foot-print for the Labrador West Property (formerly called the Goethite Bay project) is now 2475 hectares encompassing 99 claims in total (see Figure 1). Large portions of the Property area have been subject to advanced exploration techniques by Rio Tinto Exploration including airborne and ground geophysics and diamond drilling.
High Tide’s President and VP of Exploration Steve Roebuck states; “We are very pleased to have more than tripled our land package which provides High Tide with a buffer to the core exploration area near the Iron Bull deposit and captures many untested geophysical anomalies that will require follow up exploration.”
Between 2010 and 2012 Rio Tinto Exploration drilled 18 diamond drill holes totaling 4,227 metres at the Iron Bull deposit (formerly called the Goethite Bay deposit). Significant iron mineralization was intersected in multiple drill holes including hole 11LB0027, which yielded 279 metres at 29.8% Fe, including 157 metres at 31.9% Fe and 90 metres at 31.9% Fe*. To date widespread drilling has intersected iron mineralization over an area of 1,800 metres by 2,500 metres to a vertical depth of 420 metres and is still open at depth and along strike. Preliminary metallurgy done by Rio Tinto suggests that the Project has the potential to produce a high-quality, low-impurity iron concentrate at reasonable grind sizes.
For more information on the Labrador West Property please see the presentation link. Labrador West Property
*See Altius press release dated March 27, 2012 titled “Altius Provides Update on Selected Iron Ore Projects in Labrador West” (http://altiusminerals.com/press-releases/view/254). True width is unknown at this time. These results are historic in nature and have not been independently verified by High Tide.
Iron Ore and the Western Labrador Trough Infrastructure Advantage
The Labrador Trough of western Labrador and adjoining Quebec defines Canada’s premier iron ore district and is host to world-class deposits that have been mined for half a century producing over 2 billion tonnes of iron ore with significant growth potential. The high quality of the deposits in the region allows for a wide range in product diversity, which includes lump, premium fines, concentrate and pellet grades.
The Property is strategically located near the mining towns of Wabush and Labrador City in the province of Newfoundland & Labrador, and Fermont just over the provincial border in Quebec. The area is home to Alderon’s shovel-ready Kami Deposit, Champion Iron Ore’s Bloom Lake Mine, Arcelor Mittal’s Mont-Wright Mine, Tacora Resources’ Scully Mine, the Julienne Lake Deposit and Rio Tinto IOC’s Carol Lake Mine.
The region is very well served with a paved highway, access to abundant low-cost hydroelectricity, a common carrier railway with a currently under-utilized 80 million tonnes capacity allowing iron ore products to be delivered to the deep-water Port of Sept Isles, Quebec providing year-round access to global markets. The communities and their skilled workforces enjoy a great lifestyle with modern amenities including schools, medical facilities, recreation centres, shopping centres, hotels, restaurants and an airport with daily service.
The additional ground that has been staked is shown in Figure 1.
Figure 1 - Labrador West Property location map relative to IOC’s Carol Lake Mine (23 MTPA) and the Julienne Lake Deposit
About High Tide Resources Corp.
High Tide is a private corporation that is focused on and committed to the development of advanced-stage mineral projects within Canada using industry best practices combined with a strong social license from local communities. It has a disciplined and veteran team of technical and business-oriented professionals that is advancing its Labrador West iron ore property, Strickland base metal property and Black Raven gold property, all located in Newfoundland & Labrador, Canada. High Tide is majority owned by Avidian Gold Corp.
The technical information within this document has been reviewed and approved by Mr. Steve Roebuck, P.Geo. Mr. Roebuck is a qualified person as defined in NI 43-101.
For further information, please contact:
Bonnie Hughes, Manager Investor Relations
Mobile: +44 7538 296674
Email: [email protected]
High Tide President & VP Exploration
Mobile: (905) 741-5458
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE: High Tide Resources Corp.