Rockex Mining announced the TSX will delist the company's common shares at the close of day on Oct. 23 for failing to meet the exchange's continued listing requirements.
The decision is appealable but the Thunder Bay and Toronto-based junior miner said in a Sept. 23 press release that it's considering listing on another exchange.
Rockex is exploring a series of iron ore deposits in northwestern Ontario centred around its 3,600-hectare Western Lake St. Joseph Project located 100 kilometres northeast of Sioux Lookout.
Last month, the company released the results of a preliminary economic assessment (PEA) of its Eagle Island project and president-CEO Edward Yew is “pleased with the results.”
Rockex is pitching the concept of an open-pit operation, tentatively scheduled to start in 2017, and a plant that makes hot briquetted iron, a premium iron nugget sold to the steel industry.
With a price tag of $1.55 billion, the mine life is projected at six million tonnes of 66.3 per cent iron concentrate per year for 30 years. An updated resource estimate has doubled Eagle Island's indicated mineral count to 1.287 billion tonnes at 28.39 per cent, plus an inferred resource of 108 million tonnes at 31.03 per cent.
“This PEA presents Eagle Island's strong economic potential and confirms management's belief in the project,” said Yew. “Furthermore, this PEA is a critical valuation and marketing document that will give Rockex excellent positioning for negotiations with a strategic partner.”