Iron plus carbon forms an alloy - steel – a metal used 20 times more than any other. Steel plays an integral role in the global economy. Some argue that that iron is even more important to the economy than oil. That it is a strategic material because it is so critical to military hardware development. Its use is everywhere. Some examples are vehicles (54% of a typical vehicle is steel), trains, ships, containers, machinery, pipe, high rise structures, construction, manufacturing, appliances, bridges, power generation, tools, etc. Due to the increased use of steel and the forecasted decrease in demand for oil – iron will likely become the world’s most valued commodity of the future.
The global appetite for iron ore is destined to grow as China, India and many other nations race toward heightened levels of urbanization and industrialization. Future available supplies of iron ore are less certain. The two leading suppliers of iron ore today – Australia and Brazil – have heavily mined their best iron ore deposits. Another source of iron ore is Africa whose mining jurisdictions are often politically unstable. Ninety eight percent of USA iron ore comes from just two states - Michigan and Minnesota - and the major source in Canada is Newfoundland Labrador.
Atacama has acquired two claims near North Bay, Ontario. The iron formation on these sites has been known since the early 1900s. Magnetic surveys and diamond drilling has revealed a resource estimate of 1.5 million tons of concentrate yet no depth has been determined. A magnetite rich zone has been identified which runs for three and one half miles and is 600 to 1600 feet wide. Gold and copper have also been found on site. Further exploration work is planned for the spring of 2017. See site map and details below
ATACAMA (05) CJP (Biron Bay)
Biron Bay property consist of two mining claims in Anstruther township in the Southern Ontario Mining Division. The iron formation has been known since the early 1900’S. In 1913 two pits were sunk on what is now known as A Zone. No further work was done until the early 1970’S when Biron Bay Mines acquired the claims. Magnetic surveys and diamond drilling was performed. A non 43-101 compliant resource estimate of C Zone indicated 1.5 million tons of concentrate showing a magnetite rich monzonite three and a half mile long by 600-1600 feet wide at which time they called this the North Zone. A broad section of the North Zone averaged 3.9% magnetite. No other work has been done on this property. This property has been greatly underexplored. Generally, slams produce multiple elements with many examples of gold and copper being associated to the magnetite rich skarns. The previous work only ever tested the magnetite potential of this skarn leaving the potential for additional economic mineralization open.
TOWNSHIP CLAIM NUMBER