Introduction
The Isuasua deposit was acquired by the Company in
October 2005. The deposit was discovered in 1962 and work was carried out by
Marcona Corporation in the 1970s and by Rio Tinto (RTZ) in the late 1990s.
Until now, the project has not been developed due to historic low iron ore prices.
Isua is located in Greenland on the western edge of
the inland ice cap. The deposit sits at an altitude of between 800m and 1150m
above sea level, some 155km south of the Arctic circle and 150km northeast of
the capital city of Nuuk. The deposit is located some 65km inland from the
nearest fjord.
As the deposit is located on the “warm” western side
of Greenland, it benefits from the possibility of year round operations and
shipping to world markets. Very limited local infrastructure exists, but there
is ample access to lakes to provide water for processing and hydropower. The
Company is investigating the possibility of pipeline transportation of ore
slurry to the proposed port site in deepwater fjords approximately 100km away.
The Company is also investigating other transportation solutions as part of a
pre-feasibility study.
