A large iron-ore deposit near Sioux Lookout that’s been known for decades is about to undergo a significant fine-tuning, possibly leading to an operating mine as early as four years from now.
Thunder Bay-based Rockex Mining Corp. said Thursday it’s on the cusp of securing $30 million from a New York investment firm to conduct a feasibility study and environment assessment on the property located about 100 kilometres northeast of Sioux Lookout.
The financing from Diversified Innovative Marketing Enterprises (DIME) is expected to be firmed up by April 11, said a Rockex news release.
If the Lake St. Joseph deposit is deemed to be economically viable, it could support an operation for 30 years, creating a combined total of 700 mine-site and processing plant jobs. Continue Reading →