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In February 2016, Rockex Mining signed a letter of intent with Diversified Innovative Marketing Enterprises (DIME) for financing the project.
With a resource estimate already exceeding 1 billion mt, Rockex Mining will be focusing on conducting infill drilling on its Eagle Island deposit, as well as completing a feasibility study for the deposit over the coming months.
Completion of the feasibility study is of utmost importance to Rockex Mining.
Pierre Gagne, chairman of Rockex Mining, said should his company advance its $3.8-billion open-pit iron ore mine and mill, access to abundant and low-cost natural gas is a necessity.
Thunder Bay-based Rockex recendy updated its plans for a proposed $3.77-billion mine and mill project, centred on its Lake St.
To raise the project's international profile, Rockex brought aboard Danieli of Italy last summer, a global leader in supplying steel mill technology, to help Rockex market the project toward securing a deep-pocketed development partner to advance the mine and mill.
While the company hasn't officially announced a location, "I'm working with Rockex to ensure that they put their plant in Sioux Lookout," said Blanchard.
The town completed a mining strategy earlier this year listing at least seven mining companies with projects in the area, the leading one being Rockex, followed by Tamaka Gold's Goldlund property, just off Highway 72.
Rockex is exploring a series of iron ore deposits in northwestern Ontario centred around its 3,600-hectare Western Lake St.
Rockex is pitching the concept of an open-pit operation, tentatively scheduled to start in 2017, and a plant that makes hot briquetted iron, a premium iron nugget sold to the steel industry.
"It's open to anyone who wants to load ore, but Rockex will have priority."
Marie steel maker estimated about one billion tonnes of ore was there, but Algoma let the claims lapse in 2007 and Rockex picked up the 5,300-hect-are property a year later, along with all of the drill data.
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