Iron Bear Resources (ASX:IBR) increases Indicated Mineral Resource by 114% at Labrador iron ore project

Iron Bear Resources has released an updated Mineral Resource Estimate for its Iron Bear Iron Ore Project in Newfoundland and Labrador, Canada, increasing its Indicated Mineral Resource by 114% to 4.5Bt @ 29.5% Fe and 20.6% magnetic Fe.

The updated estimate also reports a total Indicated and Inferred Mineral Resource of 13.6Bt containing 30.0% total Fe and 20.7% magnetic Fe, reported at a 12.5% magnetic Fe cut-off grade.

The company said the total Mineral Resource decreased 18% from the previous Mineral Resource Estimate dated 11 April 2024, primarily due to revised geological interpretation, updated pit optimisation parameters and application of updated modifying factors.

Highlights

• Indicated Mineral Resource increased 114% from 2.1Bt to 4.5Bt
• Total Indicated and Inferred Mineral Resource of 13.6Bt containing 30.0% total Fe and 20.7% magnetic Fe
• Total Mineral Resource decreased 18% from the previous estimate
• Direct Reduction grade concentrate grading 71.0% Fe and 1.2% (SiO2 + Al2O3) with an overall magnetic Fe yield of 88.8%
• Blast Furnace grade concentrate grading 69.1% Fe and 3.5% (SiO2 + Al2O3) with a magnetic Fe yield of 97.5%
• Project located less than 35km from existing open access heavy haul railway and has access to low cost renewable hydropower

The updated Mineral Resource is supported by revised geological interpretation developed with Snowden Optiro, metallurgical test work and mining studies.

Iron Bear said the updated classification reflects drill spacing, revised geological interpretation and application of an optimised pit shell supporting Reasonable Prospects for Eventual Economic Extraction.

During 2025, the company developed an updated geological block model integrating mapping, drilling and geophysical data, with Iron Bear saying a key outcome of this work was the recognition of repetitive stacking of the sedimentary sequence driven by shallow northwest southeast faults east of the Sakit Lake Fault, resulting in a vertical thickening of the targeted iron formation as it is repeated multiple times across the property.

To refine this model, Iron Bear completed a two phase geological mapping program during the 2025 summer season, recording 284 stations and collecting 165 samples across outcrop, sub crop, boulder field and boulder exposures.

The company said the program identified previously unrecognised iron formation between Boot Lake and Burnetta Lake and north of Nash Lake.

Iron Bear also completed four phases of metallurgical testing, with the company saying the test work demonstrated consistent production of high grade magnetite concentrates, strong recoveries greater than 88%, and high quality Direct Reduction and Blast Furnace products.

Iron Bear Managing Director Paul Berend said the updated Mineral Resource is an important milestone for the project.

“This Mineral Resource Update is an important and exciting milestone for the Iron Bear project. We now have an indicated mineral resource of 4.5 billion tonnes which strengthens the foundation for ongoing technical studies.”

Iron Bear said ongoing Pre Feasibility Study work continues, while the company noted that further work is required to upgrade Mineral Resources to Ore Reserves and determine economic viability.

The company stated that the current Mineral Resource estimate does not constitute an Ore Reserve estimate, while also cautioning that there is no certainty the Mineral Resource will be economically viable, with technical and economic assumptions expected to be refined through future study work.

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