Cyclone Metals (ASX:CLE) has completed the acquisition of Labrador Iron, which owns the Block 103 Magnetite Iron Ore Project in Quebec, Canada.
Block 103 is located within the heart of the Labrador Trough, which is one of the largest iron ore belts in the world, and accounts for 99% of Canada’s iron ore.
Cyclone says it has a historical mineral resource of 7,200Mt @29.2% Fe, and is based only on 4km of the total 12km of geological strike.
Cyclone will issue 2,160,000,000 of its shares at $0.0025 per share, and will undertake a capital raising of no less than $1M, with the potential for oversubscriptions up to $2M.