According to the guidelines of the instrument, at the time of the publication of the feasibility study, there must be a reasonable justification that the extraction can take place, that the envisaged infrastructure, including electricity, rail and port , is operational and the exchange rate can be predicted more accurately.
Black Iron said that despite being at an advanced stage, it was unable to complete the study without verifying the operational status of all infrastructure, updating all previously quoted costs in hryvnia Ukrainian and any other expenses that may have changed significantly.
Black Iron said all of his team members were safe. Management in Canada had arranged for the relocation of some women and children from families employed by it in other countries and purchased protective equipment, in addition to providing additional funds to those remaining in Ukraine to help cover essential costs. .
The Shymanivske project is located 330 km southeast of Kyiv and in the heart of the KrivBass iron ore mining district in central Ukraine. The deposit is in the southern part of KrivBass and less than 2 km from two open pit iron mines owned by ArcelorMittal and Metinvest/Evraz Steel.
The project has a resource of 355 million measured tonnes grading 32% total iron and 19.5% magnetic iron, and 290 million indicated tonnes grading 31.1% total iron and 17.9% magnetic iron, in using a cut-off grade of 10% magnetic iron. Shymanivske also has an inferred resource of 188 million tonnes grading 30.1% total iron and 18.4% magnetic iron.
Shares of Toronto-based Black Iron have fallen more than 63% in the past 12 months to C14c apiece, giving the company a market capitalization of C$42.53 million ($33.9 million).