La Blache Property
The La Blache property is located in the Manicouagan region in the Province of Quebec, approximately 120 km northwest of the city of Baie-Comeau on the north shore of the St. Lawrence River. The property is centered on the coordinates 50°03′N and 69°38′W and composed of one block of 73 contiguous claims covering an area of 40.3 km². The property covers three massive titaniferous magnetite lenses named Hervieux West, Hervieux East and Lac Schmoo which contains significant iron (Fe), titanium (Ti) and vanadium (V) mineralization. The massive magnetite lenses are hosted in intrusive lithologies of the La Blache Anorthosite Complex. The combined initial NI 43-101 compliant mineral resource estimate for Hervieux East and West totals 30.88 Mt grading 18.78% TiO2, 63.29% Fe2O3 and 0.45% V2O5 in the measured and indicated categories with an additional 2.87 Mt grading 18.67% TiO2, 63.06% Fe2O3 and 0.43% V2O5.
Mouchalagane Property
The Mouchalagane iron ore property is located approximately 275 km north of Baie-Comeau adjacent to the Manicouagan reservoir. The property is composed of one block of 637 claims covering 334 km² and is centered on the coordinates 51°45’N and 69°30’W. Numerous iron formations occur on the property and are hosted in the Wabush geological formation of the southern Labrador Trough. Historical drilling in five areas on the property confirmed the presence of several economic grade iron deposits up to a hundred meter in thickness. Recent airborne magnetic survey successfully outlines the iron formations which total up to 50 km in strike length.
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Lac Brûlé Property
The Lac Brûlé property is located 130 km west of Baie-Comeau, less than 100 km from the coast of the St. Lawrence River. The property is composed of one block of 295 claims totaling 165 km² which surrounds Cliffs Natural Resources claim block hosting the Lac Brûlé titaniferous ilmenite deposit. The Lac Brûlé deposit is hosted by the Labrieville anorthosite intrusive complex and has a reported historical resource estimate of 3.87 Mt grading 30-35% TiO2. Argex is in the process of completing the acquisition of the claims held by Cliffs Natural Resources.
The Qualified Person has not done sufficient work to classify the historical resources estimates and the issuer is not treating the historical estimate as current mineral resources.
