The deposit

The Bending Lake magnetite deposit is located in the Bending Lake and Wapegeisi Lake areas approximately 65 kilometers southeast of Dryden and 40 kilometers west of Ignace, Ontario, Canada. The property is comprised of 49 freehold mining patents covering 624 hectares and 3 licenses of occupation covering 127 hectares, all of which were acquired by AMI from the receiver of the Bending Lake Iron Group Ltd.’s assets in November 2016. In 2017, AMI staked an additional 24 mineral leases covering approximately 4,240 hectares.

Iron ore price 62% Fe

Source: Iron Ore, cfr spot price (Quandl)

Lmnt Fp Backg
Resource category Tonnage (Mt) Fe (%)
Indicated 185,2 29,6 %
Inferred 151,4 30,4 %
Indicated & Inferred 336,6 30,0 %

Well developed

The deposit has been intermittently explored since 1953 and is well defined. It is located in a region with well-developed infrastructure; road access to the Trans-Canada highway, 60 km from railroad yard at Ignace, and 310 km by road from the Port of Thunder Bay on Lake Superior. The deposit hosts an NI43-101 compliant resource of 336 Mt magnetite ore that can be processed into a range of 68% Fe products.

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Legacy Hill Resources Ltd

Legacy Hill Resources Ltd (“Legacy”) is a London-based private mining company focused on industrial minerals. Legacy was founded in 2014 by D. Saradhi Rajan and Nigel Pickett. Legacy’s team has many years of operational, financial and analytical expertise and have created, managed and invested in natural resource companies across several financial and commodity cycles. 

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