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Champion Iron Limited (ASX:CIA) on 23 January 2019, has announced that it has entered into a joint exploration agreement with Supreme Metals Corporation in order to easily access and operate in the regions of Bloom Lake East Property.
Supreme has conducted some magnetic survey work in 2018 and identified iron ore prospects at Bloom East. It is of strategic importance to Champion and its subsidiary Quebec Iron Ore Inc. since it could potentially be considered as a source of iron ore feed for the Bloom Lake Mine concentration plant owned and operated by Quebec.
Champion will do an evaluation of the northern section region of the Bloom East. The agreement states that the company will give access to the Walsh Prospect, which is located on the lease area of Quebecâs Bloom Lake Mining at a distance of 1.3 km away from the current operational area.
The agreement will help Champion to accelerate its exploration works on the Walsh Prospect, coupled with an evaluation of further mineralization outside of Quebecâs current operational spectrum which may also result in a potential increase in the resources in Bloom Lake.
The company will invest Canadian dollar 50,000 of its exploration budget to have access to the geological data involving the Walsh Prospect. It will also spend a minimum amount of CAD$100,000 approximately on the exploration of Bloom Lake.
Supreme will provide the data and research results of its exploration till date additionally with its expertise on the cobalt deposits. The deal also mentions that Champion will maintain its right to refuse to be in any further partnership with Supreme on Bloom East for three years post this agreement.
The Geology Manager Hugues Longuépée said that Champion is closely following the results of the exploration program of Supreme. This partnership will significantly help to evaluate further prospects and will also give both the companies an opportunity to add resources to the Bloom Lake Mine. As further stated, it will also help to increase the potential for cobalt by operating the underexplored opportunities.
Now let us quickly have a look at the Champion Iron Limitedâs stock performance and the return it has posted over the last few months. The stock last traded at a price of $1.120 with a market capitalization of $482.13 million. It has yielded a negative YTD return of 2.18% and posted negative returns of 17.65%, 12.50% over the last six months, and three months respectively, however over the previous one-month period it has generated a yield of 1.82%. It has a 52-week high price of $1.615 with an average trading volume of ~36,100.
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