Alderon Iron Ore Corp. (AXXDF)

[LGL8054]

CLAIM OWNERSHIP

Alderon has acquired a 100% interest in the Kami iron ore project from Altius by issuing 32,285,006 common shares to Altius as well as appointing John Baker (Chairman of Altius) and Brian Dalton (CEO of Altius) to the Alderon Board of Directors. Altius will also retain a 3% gross sales royalty on iron ore concentrate from the Kami Project.


GEOLOGY

The Sokoman Fm. also known as the Wabush Iron Fm. is the ore-bearing formation in the Wabush Lake-Mount Wright area. The formation conformably overlies the Wishart Fm. quartzite where it is present, but also locally shares its basal contact with the Denault Fm. dolomite. The Sokoman Fm. is subdivided into Lower, Middle and Upper Members.

The Lower Member (LIF) consists of a 0 - 75 m thick sequence of fine to coarse grained banded quartz - carbonate, and/or quartz - carbonate - magnetite, and/or quartz-carbonate (i.e. siderite, ankerite and ferroan-dolomite) - silicate ( i.e. grunerite, cummingtonite, actinolite, garnets), and/or quartz - carbonate - silicate - magnetite, and/or quartz -magnetite - specularite units. Mixtures of these units can occur both vertically and laterally. This member may contain iron ore locally.

The Middle Member (MIF) which forms the principal iron ore unit consists of a 45 - 110m thick sequence of quartz-magnetite, and/or quartz-specularite-magnetite, and/or quartz-specularite-magnetite-carbonate, and/or quartz-specularite-magnetite anthophyllite gneiss and schist units. Actinolite and grunerite rich bands can be present in this member. Martite can also occur in weathered zones by alteration of magnetite.

The Upper Member (UIF) consists of a 45 – 75 m thick sequence similar in composition to the Lower Member and can generally only be differentiated through their contact relationships with the overlying and underlying formations supported by detailed structural interpretations. The hydrous iron oxides, limonite and/or goethite, have been observed in all members of the Sokoman Fm. Limonite and/or goethite are present in weathered and fractured zones and are derived primarily from alteration of carbonates. Pyrolusite (MnO2) was also observed in all members of the Sokoman Fm. and is typically associated with surficial or supergene enrichment, extending to depth along and adjacent to fault and fractured zones.


HISTORICAL EXPLORATION

Airborne surveys were carried out in the 1970s and in 1978 LM&E carried out a lake bottom sediment geochemical program. In 1979, a limited four line (3,500 m) ground magnetic survey was carried out in the Mills Lake area and in 1979 LM&E completed one hole, (28m) in the Elfie Lake area. In 1982, a 51 m hole was completed in the same area with 2 m of oxide iron formation intersected. In 1985, LM&E carried out limited field work in the north part of the Altius ground.

In 2001, IOCC carried out an airborne geophysical survey and although the Altius claim area was recommended by SRK as a high priority area, no follow-up work is recorded.


ALTIUS EXPLORATION

Altius carried out reconnaissance mapping in 2006 and 2007 in conjunction with an airborne geophysical survey in 2007.

Work in 2008 included acquisition of satellite imagery, line cutting, 69.8 km of ground magnetic and gravity surveys, and 6,130 m of diamond drilling in 27 holes of which 24 were completed to bedrock.

Ground Gravity Survey (Altius)

* 70 line kilometre ground gravity and magnetic survey

* Used to highlight specularite-rich areas.

* Significant gravity anomalies located in the Rose, Mart and Mills Lake areas.

* 1VD of the Bouguer gravity shows good correlation with mapped geology and aided in extrapolating geology into covered areas.



click here to view
ground gravity survey map


Helicopter-borne Magnetic Survey (Altius)

* Highlights magnetite-rich horizons within the Sokoman Formation.

* Used to help with geological mapping and structure.

* Areas of coincident magnetics and gravity were tested by drilling.