Haig Inlet Iron Ore Project
The Haig Inlet Iron Project covers 2,685 hectares of Inuit Owned Land and an additional 12,519 hectares of Municipal Land on the Belcher Islands in Nunavut, Canada. Canadian Orebodies has also acquired additional land packages covering 14,527 hectares of Inuit Owned Land and 10,172 hectares of Municipal Land covering the targets referred to as Haig West, Kihl Bay, Kugong Island, and Wiegand Island. In total, the Company's land position on the Belcher Islands covers 39,903 hectares (399 square km). Canadian Orebodies' intention is to prove the vast potential of the Belcher Islands and establish it as Canada's next iron ore district.
On February 6, 2012, the Company announced an initial independent National Instrument (NI) 43-101 Mineral Resource estimate using information from the 2011 drill program. The estimate was completed by G H Wahl & Associates Consulting, and resulted in an indicated iron ore resource of 230 million tonnes at 35.17% iron and an additional inferred resource of 289 million tonnes at 35.47%. In-pit mineral resources were delineated over an area of roughly 9 square kilometers and found to be flat lying. The mineralization extends to the north and south of the property, leaving potential for expansion through further drilling.
Canadian Orebodies' goal for 2012 is to improve its technical knowledge of the Haig Inlet Deposit, and perform regional exploration on a number of highly prospective targets to demonstrate the potential of the Belcher Islands. To that end, the Company plans to undertake mineralogical and metallurgical studies on samples taken from the Haig Inlet Deposit with the goal of establishing a process for creating a high quality iron product. Concurrently, the Company flew up a drill rig in June in order to get an earlier start on drilling this year. The program is designed to test 3 new areas -- Haig West, Haig North, and Kihl Bay -- with the goal of delineating a second iron deposit on the Belcher Islands.
Lithium and Rare Metals
Canadian Orebodies has 7 separate Lithium/Rare Metals properties located in northern Ontario. The Properties in total consist of 317 claim units comprising 5,072 hectares. The Falcon Lake, Zigzag and Despard properties are both located in the general area of Linear Metals Corp. (TSX: LRM) Seymour Lake Lithium/Tantalum/Beryllium Property, approximately 60 km northeast of Armstrong, Ontario.
McFaulds Lake 'Ring of Fire'
Canadian Orebodies has a significant interest in the McFaulds Lake 'Ring of Fire'. The company holds an 80% interest through a joint venture agreement with Rainy Mountain Royalty Corp. on the Trump property, several NSR and NPI royalty interests on various properties held by Noront Resources, Temex Resources and Ring of Fire Resources. As well as a large shareholding (5 million shares and 4 million share purchase warrants with an exercise price of $0.15) in Ring of Fire Resources Inc. which holds a large portfolio of property in the McFaulds Lake 'Ring of Fire' area.
Host to the historic Shenango Gold Mine and a known low-grade gold horizon with values of 1 to 4 grams per ton of gold over 4 to 30 meter widths along a minimum strike distance of 3 to 4 kilometres. This was proved up by Falconbridge Exploration Ltd. in the mid-1980's by means of an extensive shallow drilling program. No subsequent drilling was carried out to evaluate these felsic volcaniclastic units at depth or to the west.