On June 28th 2012 Advanced explorations Inc. announced that field work is underway on its iron ore properties located on the Melville peninsula in Nunavut, Canada. Advanced explorations inc (AEI) is based in Toronto, Ontario and is a resource development company focused on developing its Roche bay and Tuktu iron ore projects in one of the worlds largest developing iron ore districts. The Ocean-based Roche Bay project possess an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140km of banded Iron formation. A recent feasibility study for the project is near completion. A preliminary economic estimation for the deposit indicates a net present value of around US $1.1 billion and the potential for rapid advancement into development of iron concentrate products.
The Roche Bay project will move forward according to AEI who continued a geotechnical program that includes confirming water depths for Capesize ships in its natural deep water harbour at Roche Bay. Additional exploration work is also being undertaken to follow-up previously discovered high grade iron at the Tuktu Project to further determine the project's direct-ship ore (DSO) potential.
Preliminary reports indicate, the northern portion of the anomaly is reasonably exposed and has been traced along strike for approximately 500 metres where it disappears under shallow cover. Widths up to 100 metres have been prominent. The first assays from the channel sampling are expected within the next 4-6 weeks. These early findings have identified the size potential for a high grade (DSO) mineralization with grades to be verified by laboratory analysis. The company expects to release photos of its field activities on its corporate website.
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