The Borel River Property (“Property”) is located near the western shores of Ungava Bay in northern Quebec and comprises 108 claims, covering 44.6 square kilometres. The area is accessible via helicopter or float plane from Kangirsuk Airport, 50 km to the north, or from Aupaluk Airport, 25 km to the south; both of which are serviced by Air Inuit from Montreal, Quebec City and Sept-Îles.
The Borel River Property is underlain by approximately 20 kilometres of a north-south trending iron formation between Oceanic Iron Ore Corp.’s Morgan Lake and Hopes Advance property holdings. Oceanic’s Hopes Advance property hosts 1.36 Billion tonnes @ 32.2% Total Iron of Proven and Probable Reserves (source: www.oceanicironore.com).
The Borel River Property is named after the Borel River, which flows from west to east across the middle of the property and drains into False Bight in Ungava Bay. The iron formation underlying the Borel River Property remains unexplored and untested along the 20km extent of the property.
In June 2012 Cartier Iron Corporation acquired a 100% right, title and interest in the Borel River Property with the payment of $25,000 and the issuance to the Vendor of 500,000 common shares of Cartier.
Several highly metamorphosed, magnetite-specularite and meta-taconite iron deposits that contain 30% to 35% Iron (Fe) are known to exist in the vicinity of the Borel River Property (e.g., Morgan, Castle Mountain). These contain significant historic iron resources and are being aggressively explored by Oceanic Iron Ore Corp. Although considered speculative, these deposits point to the considerable potential for National Instrument 43-101 compliant iron resources within the area.