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PrintMamba Minerals has exercised the option to acquire CIP Magnetite, which holds the highly prospective Snelgrove Lake iron ore project in the Labrador Trough in Canada.
At settlement Mamba will issue 32,000,000 Performance Shares to the shareholders of CIP Magnetite which will convert to ordinary shares upon reaching certain milestones. Mamba last traded at USD 0.40, valuing the shares at around USD 12.8 million.
Mamba said that drilling at CLC hematite iron ore discovery at the Snelgrove Lake Project shows the deposit is significantly wider than initially interpreted. Hematite has been intersected from just 15 meters below the surface to a vertical depth of 235 meters with mineralization remaining open at depth.
Highlighting the prospectivity of the Labrador Trough, there is defined compliant resources totalling 78 billion tonnes of iron ore and annual production of about 50 million tonnes. The Labrador Trough hosts one of the world's largest iron ore deposits. Major players in the region include ArcelorMittal and Rio Tinto.
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