benzinga21d ago
TSX Venture Exchange: FEOVANCOUVER, BC, Jan. 19, 2026 /CNW/ - Oceanic Iron Ore Corp. (TSXV:FEO) ("Oceanic", or the "Company") is pleased to announce the results of the 2nd phase of its Metallurgical Testwork Program (the "Program") on the Company's 100% owned Hopes Advance Project, located in Northern Québec, Canada ("Hopes Advance", or the "Project").The results of Phase 2 of the Program concluded that, among other things:Based on optimized flotation conditions, bench-scale rougher-cleaner tests on the Project's gravity concentrate product, which constitutes 84% of the total product feed at Hopes Advance, yielded roughly 98% Fe recovery with a Direct Reduction ("DR") iron ore grade of 68% Fe with only 2% SiO2 and 95% weight recovery, confirming DR grade feed potential at Hopes Advance for the benefit of green steel producers and other potential strategic partners seeking low operating cost sources of high quality product.This data also aligns with current critical mineral qualification standards, both provincially and federally in Canada.Initial bench-scale magnetic separation testing of the Project's gravity concentrate ground to 45 microns produced a 2.2% SiO2 concentrate recovering 96.8% Fe and 93.5% of mass. The results merit further investigation and flowsheet trade-offs: mainly a flotation circuit, a wet high intensity magnetic separation ("WHIMS") circuit as well as the potential for low intensity magnetic separation prior to flotation to reduce the capital and operating intensity of the flotation circuit.Initial testing on the Project's magnetic concentrate showed separation potential to supplement DR level gravity concentrate feed.Steven Dean, Chairman of Oceanic commented: "The Program set out to confirm another unique characteristic of the Hopes Advance Project. Not only does the Project have the ability to produce a low cost, high-quality Blast Furnace/ Basic Oxygen Furnace ("BF/BOF") iron ore Product at tidewater in a tier 1 mining jurisdiction, the Program has now confirmed at a bench-scale level that the Project can produce a DR Iron ore concentrate product with modest amendments to its flowsheet, providing additional optionality of product for potential strategic partners."The Company originally announced the results of Phase 1 of the Program on September 25, 2025, which indicated the potential to produce a high-grade, DR Iron ore product, based on bench-scale flotation testing which may be achievable with modest modifications to the existing flowsheet as detailed in the Company's current Preliminary Economic Study (the "PEA Study"). Minimum specifications for DR grade Iron ore include 67%Fe, 2 ,2O3 and 1.______________________________1 IIMA 2021, Vendor Guidance, Market Comparable ProductsThe ProgramThe overall objective of the Program was to evaluate whether the Project can generate a high grade, low impurity DR grade premium iron ore product for the benefit of green steel producers and other potential strategic partners seeking low operating cost sources of high quality product, that also aligns with current critical mineral qualification standards, both provincially and federally in Canada. This would enhance the Project's product versatility by offering customers flexibility in product selection.The potential benefits of producing a DR Iron product include, but are not limited to, the following:Recognition as "High-Purity Iron", identified as a critical mineral in Québec and in Canada;A required high-quality product, used in green-steel making, reducing related carbon emissions, compared to the typical BF/BOF steel making process;Further price premia for a higher grade and lower impurity product, relative to Benchmark pricing;Facilitates steelmaking planning to potentially blend with other operator's lower grade product; andOffers optionality for potential strategic partners as to product choice. The current Hopes Advance BF/BOF product is already at a relatively high grade of 66.6%Fe with 4.5%SiO2.Since Al2O3 and Phosphorus levels are already negligible in the concentrate, the testwork focused on a target SiO2 level, being 2% or lower. Low silica levels are desirable in DR-Electric Arc Furnace steel processing as higher impurity levels can reduce DR furnace operability and increase slag formation in the EAF, leading to iron losses and higher energy and operating costs.The Program currently comprises 2 phases, with Phase 1 covering mineralogical analysis as well as initial flotation testwork to assess the potential to achieving a DR grade product, with Phase 2 applying results from Phase 1 to optimize relative reverse flotation conditions. Based on the Company's PEA Study, the Project was able to recover 84% of its final product through its gravity circuit, with the remaining 16% being recovered through low intensity magnetic separation. As such, the Company elected to focus Phase 1 testing on the Castle Mountain gravity concentrate and leveraging this data to apply to similar testing on the Project's magnetic concentrate in Phase 2. The Company engaged Corem, based in Québec City, Québec to conduct the requisite bench-scale testwork for the Program. The Company also engaged BBA Engineering Ltd. ("BBA") ...Full story available on Benzinga.com
