Cyclone Metals' Iron Bear Project poised to lead green steel revolution

Thursday, May 02, 2024 12:40 PM | TheNewsWire via QuoteMedia

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Cyclone Metals Ltd (ASX:CLE) CEO Paul Berend is back with Proactive after the company cut the ribbon on results from the first phase of metallurgical test-work at its Iron Bear Project in Canada. The team is celebrating after the program generated high-quality, high-yield iron ore concentrates —a crucial step in Cyclone's efforts to advance sustainable steel manufacturing through its flagship magnetite project. The pilot plant at Corem in Quebec City processed roughly half a tonne of source sediment, initially containing 29.1% total iron (Fe). Positively, Berend says the test results surpassed previous efforts, producing a direct reduction (DR) concentrate with a 71.3% Fe grade and 1.1% silicon dioxide (SiO2). This high-grade DR concentrate is pivotal for steel production via direct reduction technologies, aligning with the industry's shift towards more environmentally friendly practices. Additionally, the plant achieved a blast furnace concentrate with 69.8% Fe and 3.4% SiO2 and a reverse flotation (RF) concentrate grading 68.3% Fe and 4% SiO2. These results contribute to improved overall recovery rates and product quality while maintaining low levels of deleterious elements, essential for clean steelmaking inputs. What’s more, Iron Bear’s location near Schefferville on the border between Newfoundland and Labrador and Quebec provides strategic advantages. According to Berend, proximity to key infrastructure like an open-access heavy haul railway and potential access to renewable energy from the nearby Menihek hydro-plant enhances the project's economic viability. The project’s magnitude is also a factor: a mineral resource update, released this month, puts the project at 16.6 billion tonnes of iron grading 29% total Fe and 18.2% magnetic Fe under JORC standards. These substantial resources, coupled with the recent pilot plant test-work, place Cyclone Metals at the forefront of developing next-generation low-carbon iron ore products. Moving ahead, the company has initiated phase two of the pilot program, planning to produce larger sample sizes for further testing and potential client trials as it works to foster partnerships for future offtake agreements.