Cyclone Metals (ASX:CLE) has completed the acquisition of Labrador Iron, which owns 100% of the Block 103 magnetite iron ore project in Canada.

The acquisition was settled with 2,160,000,000 newly issued fully paid ordinary shares in the company.

The project is located in the Labrador Trough, an established mining jurisdiction which includes producers such as Rio Tinto, Champion Iron, and Tata Steel.

Cyclone Metals plans to focus on defining a maiden JORC 2012 compliant resource, completing metallurgical and pelletising test work, updating existing economic feasibility studies, building a trial pilot plant, and completing environmental studies.