Joyce Lake high-grade mineral reserves are reported at a diluted cut-off grade of 55% iron. The cut-off grades and pit designs are considered appropriate for an iron ore price of $117.53/t for high-grade and a recovery of 98%.
Joyce Lake low-grade mineral reserves are reported at a diluted cut-off grade of 52% iron and below the higher cut-off grades. It is planned that low-grade mineral reserves within the designed pits will be stockpiled during pit operation and processed during pit closure. The low-grade cut-off is considered appropriate for an iron ore price of $61.14/t for low-grade and a process recovery of 98%.
The report claims the initial capital cost estimate of the project is C$270 million which excludes investment of C$58 million to acquire pre-production capability for product handling at rail and ship-loading facilities.
