Overview
The Floralia hematite iron ore property is located 120-km east of the city of Belo Horizonte in the State of Minas Gerais, Brazil, within 20-km of major, iron ore mines and steel mills (iron ore furnace). Local mining infrastructure includes railways, haul roads, mining services and personnel.
High-Grade Hematite (DSO)
Direct Shipping Ore (DSO) is high-grade hematite suitable for direct shipping to refineries due to its high-grade and minimal impurities like silica, phosphorus, and alumina. The DSO process is simple, circumventing the need for costly processing facilities and large-scale operations, translating to a significant cost advantage and much shorter time to production.
Mineralization
The Florália DSO deposit* consists of four distinct bodies of iron ore mineralization along a southeastern trend. Mapping has traced iron ore along 1,000m of strike to the north and a further 822m to the southwest, with the largest body located at the southeastern end. This body is exposed by an historic open pit 80m wide and 40m deep.
*Max cautions investors the potential quantity and grade of the iron ore is conceptual in nature, and further cautions there has been insufficient exploration to define a mineral resource and Max is uncertain if further exploration will result in the target being delineated as a mineral resource.
2023 Exploration
2023 channel sampling consisted of 41 channel samples collected over a 151m accumulated length of excavated mining pits, resulting in the definition of an 8-to-12-meter geological target estimated at 58% Fe with a 6% Loss of Ignition (DSO benchmark is 58 to 62% Fe). During the mapping and sampling program, 41 channel samples were collected over a 151m accumulated length. The samples averaged 58% Fe with a 6% LOI (Loss of Ignition). This work has resulted in the definition of a geological target estimated at 2,971,233 m3 to 4,496,333 m3 or 8,052,041 tonnes to 12,184,160 tonnes using a density of 2.71 g/cm3.
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