The resource and reserve estimate for Bloom Lake totals 1.25 billion tonnes with an average iron content of 28.7% in the measured and indicated categories.
According to Luminex, this agreement is "unprecedented in Ecuador and will serve as a model to be replicated in other projects facing development challenges from artisanal mining operations."
The drilling was conducted in partnership with Columbia University under a program funded by the Department of Energy’s Advanced Research Projects Agency-Energy Mining Innovations.