Fancamp Exploration’s 46.7%-owned subsidiary Magpie Mines has signed a Memorandum of Understanding (MoU) with Pangang Group of Panzhihua in China’s Sichuan province following a recent Magpie delegation visit to Pangang.
The delegation met senior Pangang officials and discussions included possibilities of technology exchanges regarding Pangang’s smelting and beneficiation processes and applications for the Magpie titanium-vanadium-chromium magnetite mineralization, as well as the hydrochloric acid leaching (HCL) technologies adopted by both companies.
The agreement ensures information exchange on these topics and outlines Pangang’s commitment to proprietary technologies and experience for development of the Magpie mineralization. Magpie will provide Pangang with further test work samples, a process taking 6 to 8 months.
Fancamp’s VP of research and development Dr Fouad Kamaleddine says the MoU “could have significant benefits for both parties. Magpie will benefit from Pangang’s experience in mining and processing complex vanadium-titanium-magnetite ores, as well as their R&D expertise in titanium, vanadium and chrome products and alloys.”
Pangang on the other hand, “appreciates the size of the Magpie mineralization, as well as its grade compared to their local deposits,” he says. “The MoU still represents early discussions, but is fostering a strong relationship.”
Magpie lies along the Lower North Shore of Quebec, 200km northeast of Sept-Iles and 150km northwest of Havre-St-Pierre. Magpie hosts NI 43-101 indicated mineral resources of 635.2 million tonnes grading 42.49% FeT (60.78% Fe2O3), 11.20% TiO2, 0.30% V2O5 and 2.61% Cr2O3 with additional inferred resources of 293.2 million tonnes of 42.29% FeT (60.49% Fe2O3), 11.21% TiO2, 0.32% V2O5 and 2.54% Cr2O3, both based on a 15% FeT cut-off grade.
The Pangang Group is a large-scale, state-owned enterprise specializing in vanadium-titanium-magnetite mining and smelting. It is the largest steel maker in western China and the mainland’s top vanadium product manufacturer and the second-largest in the world. It is also the largest titanium concentrate producer and ranks among China’s top titanium product manufacturers.
Since its founding in 1965, the Pangang Group has developed a series of proprietary technologies and emerged a global leader of blast furnace technologies. In recent years, its research institute has made significant breakthroughs in the comprehensive chrome-vanadium-titanium magnetite ore utilization.
Fancamp Exploration is a Canadian junior mineral exploration company that continues evolving with shareholding with partner companies and royalties on near-term producing mines. These assets are designed to generate free cash flow without further shareholder dilution.
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