Cyclone Metals Ltd (ASX:CLE) CEO Paul Berend tells Proactive the company has produced a class-leading iron ore product with metallurgical test work on ore from the flagship Block 103/Iron Bear Magnetite Project in Canada, achieving a blast furnace concentrate of 68.7% iron with low impurities and silica content below 3.5%. The company achieved high recoveries of more than 97% from a sediment bulk sample of 1.6 tonnes containing 17% iron, a good representative of the overall deposit, which on average contains 18% iron.
Berend said: “We are working hard to define a premium ultra-low silica direct reduction magnetite product which will be very attractive to European steel makers looking to reduce their carbon footprint.
“We are targeting to introduce this unique premium product to the steel industry as early as the first quarter of next year.”
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