SHANGHAI Australias Vortex Pipes Ltd. has entered into option agreements to acquire up to 100 percent of the Snelgrove DSO iron ore project in Newfoundland and Labrador, Canada.
This venture marks the Wangara, Australia-based pipemakers first foray into iron ore exploration, Vortex said May 23.
The project, owned by Montreal-based Cap-Ex Iron Ore Ltd. and Vancouver-based Preston Mineral Resources Ltd., consists of 593 claims covering an area of roughly 57 square miles. It is adjacent to hematite deposits owned by Mamba Minerals Ltd.
"We see this as an attractive entry point for Vortex shareholders to potentially secure a foothold in a highly prospective iron ore province alongside some of the worlds largest and most respected iron and steel companies," director James Robinson said in a statement.
A version of this article was first published by AMM sister publication Steel First.