Champion Iron (ASX:CIA) has reached a joint exploration agreement with Supreme Metals Corp. in order to access the claims located on the Bloom Lake East Property in Quebec in Canada.
Magnetic survey work, conducted by Supreme in 2018, identified iron ore prospects at Bloom East, which could be of importance to Champion and its subsidiary Quebec Iron Ore Inc.
This could potentially be considered as a source of iron ore feed for the Bloom Lake Mine concentration plant owned and operated by Quebec Iron Ore Inc.
This will not only give Champion and Quebec Iron Ore the change to add resources to the Bloom Lake Mine, it will also increase the potential for cobalt by combining underexplored occurrences into a single project.
Shares in Champion Iron (ASX:CIA) last traded at $1.12.