Rockex Mining Corp. (TSX: T.RXM, Stock Forum) announced that positive metallurgical test results were obtained from representative samples from the Eagle Island deposit in its 100%-owned Western Lake St. Joseph Iron project in northwestern Ontario.
The Western Lake St. Joseph project consists of a 100% interest in 23 contiguous mining claims and covers a nominal area of approximately 5,392 hectares located 80 kilometres south-southwest of Pickle Lake.
According to the Rockex Mining press release, the test work yielded favourable iron recoveries of up to 80% and iron concentrate grades of up to 65%.
The metallurgical testing phase has been the longest phase within the company's planned preliminary economic assessment.
"With the completion of this phase, the hardest and longest section is now behind us, and we are confident that the PEA report will be completed in the third quarter of this year," said Edward (Ted) Yew, Rockex's President and Chief Executive Officer.
The preliminary economic assessment is being designed to assess the capital and operating costs of starting up and carrying on mining operations at Rockex's Western Lake St. Joseph Iron project, as well as helping to define the additional exploration and development drilling, testing and other studies that need to be completed to progress toward a bankable feasibility study.
Rockex is an exploration and development company focused on the Western Lake St. Joseph project in northwestern Ontario.
On Monday, Rockex was trading at $0.06 a share. The company had a market cap of 3.6 million, based on $60.5 million shares outstanding.