High Tide Resources (CSE: HTRC) has released assay results from two additional drill holes of the 2022 spring/summer drilling program at its flagship Labrador West iron project in Newfoundland. The project is located 20 km northeast and adjacent to IOC/Rio Tinto (NYSE: RIO)'s Carol Lake mine complex in Labrador City.
The two drill holes - 22LB0061 and 22LB0062 - were drilled to a depth of 252 metres and 350 metres respectively, intersecting multiple horizons of Sokomon iron formation. Hole 22LB0061 intersected 28.23% iron over 124.9 metres, including 33.32% iron over 39 metres. Hole 22LB0062 returned assays of 29.31% iron over 31.4 metres, 28.61% iron over 14.1 metres, 25.18% iron over 32.5 metres and 26.75% iron over 24.1 metres.
The 2022 drill program is designed to infill between recent and historical drill holes and test for depth and lateral continuity in preparation for an initial resource later this year. Nearly 2,300 metres of core have been drilled, with iron mineralization visually identified in all seven holes.
Commenting on these results, High Tide's president and interim CEO said: "We are pleased by the results of another two drill holes with significant iron intercepts that will be incorporated into our maiden resource calculation. These results continue to confirm the continuity of the important oxide iron unit found on the project and associated with the major iron mines and deposits of the prolific southern Labrador Trough."
The Labrador Trough adjoining Quebec constitutes Canada's primary iron producing district and is host to world-class deposits that have been mined for more than half a century. To date, these have produced over 2 billion tonnes of iron ore.
The Labrador West property - comprising four mineral licences covering 24.75 sq. km - is strategically located near the mining communities of Wabush and Labrador City. The area is home to several existing iron ore operations including Champion Iron's Bloom Lake mine and Rio Tinto IOC's Carol Lake mine.
Labrador West was explored and drilled by Rio Tinto from 2010 to 2012, and then by High Tide in 2020 and 2022, with 27 completed holes and approximately 7,500 metres of drill core. High Tide plans to quickly advance the project through the drilling phase, release an initial resource and potentially commence a preliminary economic assessment study all within the first 12 months of going public (February 2022).