Vittangi - Advanced JORC Compliant Resources

Vittangi is comprised of both the Vathanvaara and Masugnsbyn iron deposits.

The Vathanvaara deposits have received little to no modern-day exploration for iron ore and have overall received very little drilling with the Sorvivuoma and Mänty Vathanvaara deposits each having only received two drillholes historically. Overall widths and grades across the three deposits are very encouraging including:

All three deposits at Vathanvaara are currently open at depth and have significant potential to increase the current JORC-compliant MRE at Vathanvaara through additional drilling. In addition, the permit area includes a number of untested magnetic and gravity anomalies that also have the potential to host additional skarn (magnetite) mineralisation.

The Masugnsbyn deposit has received a significant amount of historic diamond drilling and as such the current JORC-compliant MRE for Masugnsbyn is classified as Indicated. The deposit has good widths and grades and remains open at depth given good potential for additional tonnes to be added to the current JORC-compliant MRE. The drill spacing within the JORC-compliant MRE remains quite broad-spaced at an average of 200m, additional infill drilling down to at least 50m profile spacing will increase the confidence in the MRE.

Historic diamond drilling at both the Vathanvaara and Masugnsbyn deposit areas has confirmed good grades and widths of magnetite mineralisation and has shown the magnetite mineralisation correlates well with magnetic geophysical data.

Preliminary metallurgical testwork completed by previous explorers on ore from the Masugnsbyn deposit (Junosuando) have shown high-grade magnetite concentrates can be obtained although sulphide contents in the concentrates are typically >3% and additional detailed metallurgical testwork is required to determine if the sulphides can be successfully removed either prior to or after concentration via floatation or roasting.

Preliminary metallurgical testwork needs to be completed on ore from the Vathanvaara deposit/s.

Vathanvaara Iron Project – JORC (2004) Resource Estimate at 15% Fe cut-off

Prospect Deposit Classification Tonnage (Mt) Iron (% Fe)
Vathanvaara Vathanvaara Inferred 37.2 37.3
  Mänty Vathanvaara Inferred 38.3 37.3
  Sorvivuoma Inferred 5.5 38.3
Combined   Inferred Total 73.0 35.1

Masugnsbyn Iron Project – JORC (2004) Resource Estimate at 20% Fe cut-off

Prospect Deposit Classification Tonnage (Mt) Iron (% Fe)
Masugnsbyn Masugnsbyn Indicated 87.0 28.3
    Indicated Total 87.0 28.3