The provincial government announced today that a call for expressions of interest will be issued to seek proposals for the development of the Julienne Lake iron ore deposit in western Labrador.
‚ÄúAs a result of an exploration program, we are in a position to request proposals from individuals and companies interested in advancing the Julienne Lake deposit into a mine,‚ÄĚ Natural Resources Minister Jerome Kennedy said in a news release issued today. ‚ÄúWork completed to date on Julienne Lake has shown that it is a significant iron ore deposit that will attract considerable interest from the mineral industry. The deposit has the potential to provide significant employment and economic benefits to the people of the province.‚ÄĚ
The Julienne Lake iron ore deposit is located in western Labrador about 25 kilometres from Wabush and Labrador City. The deposit is designated an exempt mineral land meaning that mining rights are reserved for the Crown.
In late 2009, the provincial government embarked on a multi-phase program to better delineate the deposit‚Äôs commercial value. Funding of $2.6 million was provided to improve understanding of the Julienne Lake deposit and its potential market value to the province. Based on early success, a further $500,000 was allocated during exploration.
The results of the Phase 2 report detail the completed exploration program and study, and define a geological resource consisting of over one billion tonnes at better than 33 per cent iron content. The report and associated data are available on the Department of Natural Resources website at www.nr.gov.nl.ca.
‚ÄúThe report concludes that the Julienne Lake iron ore deposit represents an opportunity to develop a major new mining project in the heart of an established mining community,‚ÄĚ said Kennedy. ‚ÄúAlthough work performed to date is not sufficient for a pre-feasibility or feasibility study, Julienne Lake is considered an attractive project to developers.‚ÄĚ
The expression of interest can also be viewed at www.nr.gov.nl.ca. The deadline for submissions is Nov. 14, 2012.