Cyclone Metals (ASX: $CLE) announces significant mineral resource upgrade for Iron Bear project

Cyclone Metals Limited (ASX: $CLE) has released an upgraded JORC compliant Mineral Resource Statement for its 100% owned Iron Bear Iron Ore Project, located in the Labrador Trough region of Canada. The indicated and inferred mineral resource contains 16.6 billion tonnes with 29.3% total Fe and 18.2% magnetic Fe, indicating reasonable prospects for eventual economic extraction. The upgraded mineral resource statement is supported by geophysical analysis and pilot plant metallurgical test work, confirming the potential for economic extraction. The project boasts low stripping ratio, access to local low-cost renewable hydropower, and is located near an existing open access railway.

Executive Commentary

The updated geophysical model is supported by a magnetic inversion model and has massively improved our understanding of the Iron Bear ore body. This flowed into a major mineral resource upgrade which positions Iron Bear as a strategic undeveloped Tier 1 mineral asset. We now have over 2 billion tonnes of mineral resource at the indicated level which is more than sufficient to support our ongoing technical and economic studies which are proceeding as planned.

Summary

Cyclone Metals' upgraded JORC compliant Mineral Resource Statement for the Iron Bear Iron Ore Project in Canada indicates significant potential for economic extraction. The project's characteristics, including low stripping ratio, access to low-cost renewable hydropower, and proximity to existing infrastructure, support the feasibility of eventual economic extraction. The company is actively investigating technical solutions to reduce the environmental footprint of the mining operations and has outlined a clear strategy to achieve Decision to Mine (DTM). The mineral resource upgrade positions Iron Bear as a strategic undeveloped Tier 1 mineral asset, with over 2 billion tonnes of mineral resource at the indicated level, supporting ongoing technical and economic studies.