The three junior miners behind the Big Daddy chromite deposit in the Far North 'Ring of Fire' have released an initial resource estimate.
The massive chromite deposit is estimated to contain an indicated resource of 23.3 million tones averaging 40.66 per cent, with an additional inferred resource of 16.3 million tonnes.
The Big Daddy project involves Spider Resources, KWG Resources and Freewest Resources Canada, a subsidiary of Cliffs Natural Resources. Micon International prepared the technical report.
Chromite is processed into ferrochrome and is a key ingredient used in the making of stainless steel.
The Big Daddy deposit is the focal point of a possible $2 billion mine project and ore haul railroad that could open up Ontario's Far North, and its remote communities, to major mineral developments.
In a May 3 release, KWG states the international demand for chromite a metallurgical grade product is around 40 per cent and grades of this nature command higher prices than lower grade material.
The deposit has been tested with 48 drill holes so far with deeper drilling scheduled for this summer.
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