MetalQuest Mining TSX-V: MQM OTCQB:MQMIF FSE:E7Q.f
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF FSE:E7Q.f
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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MetalQuest Mining Provides an Update on Lac Otelnuk Iron Ore Project,
Quebec
September 10st, 2024, Rockport, Ontario – (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F )
(“MQM” or “Company”) the Company announces a summary of recent activities that the MQM
team has been engaged in, regarding the efforts in advancing the Lac Otelnuk Project. MQM has
participated in meetings and consultations with various engineering companies, financial groups,
regional port authorities and Quebec Government organizations.
To date, the development of this project has revealed an established historic multi-billion-ton
resource upon which a feasibility study was completed in 2015. The project is a 100% owned by
MQM and there are no mandatory property payments, exploration expenditures, project
expenditures, and/or pre-royalty payments.
To learn more about the 2015 Historic Mineral Resource Estimate and Historic 2015 Feasibility
study, please refer to May 16th, 2023, press release.
https://metalquestmining.com/news/metalquest-mining-lac-otelnuk-iron-ore-project-overview/
Chairman and CEO Harry Barr stated , “The efforts and team building required to begin
development on this expansive Project are immense and we are committed to doing the required
steps needed to progress the Project and fund these efforts. Right now, we are focused on having
meetings and consultation sessions with various engineering companies, financial groups, regional
port authorities, and Quebec Government organizations. We need to have a clear understanding of
the big picture ideas of what is needed to move the Project along. Our objective is to have quotes
in hand from the multinational engineering companies, with offices based in Quebec, to complete
our next round of studies before year end.”
Naskapi First Nation of Kawawchikamach
MQM has signed an Exploration and Pre-Development Agreement with the Naskapi First Nation
of Kawawchikamach on December 12th, 2023.
MQM management met with and presented the Lac Otelnuk Iron Ore Project to the Naskapi First
Nation of Kawchikamach in Montreal on the 25 th of June 2024. The Project is located on the
traditional lands of the Naskapi First Nation. The discussion involved updating the Nation with
the new go-forward plans and an overview of the Project. It was mutually agreed that both MQM
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF FSE:E7Q.f
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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and the First Nation will stay in regular contact and collaborate where possible. We look forward
to building a mutually beneficial relationship with the Naskapi First Nation of Kawawchikamach.
Meetings and Consultation Sessions with Engineering Groups
In order to complete the next round of updated studies, MQM has been consulting with various
engineering and EPCMs (Engineering Procurement Construction and Management) firms as to the
cost and time frames needed to complete the next round of studies for the project. The Project
completed a historical Feasibility Study in 2015, however there are many areas in the Study which
need to be updated or revised. The proposal of Lac Otelnuk at its peak capacity would make the
Project one of Canadas largest mines and one of the worlds largest iron ore mines. The Company
aims to maintain dialogue with these engineering groups to have a solid understanding of the work
required and estimated costs to raise appropriate funds to develop the Project. Management hopes
to have final estimates before the end of 2024.
A lot of time and effort has been spent this year in gathering the balance of the historical technical
data. To date, we have gathered over 500 reports, studies and data sets of Lac Otelnuk by
contacting all the groups that worked on the 2015 feasibility study and other previous geological ,
engineering and environmental reports. Lac Otelnuk has a historical expenditure of approximately
$150 million and the Company continues to work with previous companies to retrieve the balance
of the historical records.
Regional Port Authorities and the Quebec Government
Over the past number of months, MQM management has had multiple discussions with regional
Port Authorities to update them on the Project and better understand the Project’s logistics. This
is a key element for iron ore projects due to the vast tonnage and volume of materials transported.
MQM has also had meetings with HydroQuebec, Ministère des Ressources naturelles et des Forêts
(MERN) and the Ministère de l'Économie, de l'Innovation et de l'Énergie (MEIE). Our plan is to
complete the ‘Information Loi 2 - Formulaire demande 5MW et plus’ form to request energy for
the project. We have been advised that this is a lengthy process and will need advice from the
engineer groups we are working with before the final form is submitted.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF FSE:E7Q.f
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Lac Otelnuk – A Critical Metals Project
The recent addition of high -purity iron ore to the critical metals list of the Quebec and
Newfoundland and Labrador Governments is a significant development for the Lac Otelnuk
Project. This classification emphasizes the importance of high -purity iron ore in reducing
greenhouse gas emissions through its potential application in green steel production. The
steelmaking industry is currently the largest industrial source of CO2 emissions globally, making
the development of green steel projects crucial for achieving a sustainable future.
About MQM
Metal Quest Mining (MQM) owns a 100% of Otelnuk and is further looking to develop one of the
largest Iron ore projects in North America. The Lac Otelnuk Iron Ore Project is located in Quebec’s
Labrador Trough and is approximately 165 km by air northwest of the Town of Schefferville, and
1200 km northeast of Montreal by air. Given the size and scope of the Lac Otelnuk Project,
management of MQM are working with a Toronto -based engineering company familiar with the
project to create a go -forward development p lan. In the first quarter of 2023 The Quebec
government has transferred the claims into MQM’s name and management is accumulating a vast
amount of technical data as approximately $150 million has been expended on the project to date.
Going forward, one of our primary objectives will be to work with the Nas kapi First Nation of
Kawawchikamch. An Exploration and Pre-Development Agreement was signed on December 12th,
2023. Management is continuing to develop its in-house Iron ore database to enable the Company
to secure an Option/Joint Venture partner from the Iron ore industry.
During the summer and fall of 2024, Management has participated in meetings and consultations
with various engineering companies, financial groups, regional port authorities and Quebec
Government organizations. The objective is to have final quotes for new studies and outline the
future development of the Project. Management aims to receive costs for the next round of studies
needed to update previous work on the project by year end.
The Company owns 2.5 million units of Canadian Copper (CCI) and two NSR royalties totaling
1% in Murray Brook PEA Stage Zinc -Polymetallic Deposit, situated in the famous Bathurst
Mining District, New Brunswick, Eastern Canada. Canadian Copper Inc (CCI) has the right to
purchase half of a 0.33% royalty for $1 million dollars and must pay MQM a pre- production cash
payment of $1 million after the project goes into production. Investors are invited to visit the
MetalQuest Mining website at www.metalquestmining.com where they can review the company
and its corporate activities. Any questions or c omments can be directed to Harry Barr at
[email protected] or Farid Mammadov at [email protected] or call 613 659 2773.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF FSE:E7Q.f
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Opt-in List
If you have not done so already, we encourage you to sign up on our website
(www.mqmining.com) to receive our updated news. On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. Cautionary Note Regarding Forward Looking State ments: This release contains
forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results and are based on current expectations or beliefs.
For this purpose, statements of historical fact may be deemed to be forward-looking statements.
In addition, forward -looking statements include statements in which the Company uses words
such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”,
“plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar
expressions. These statements by their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors, i ncluding, among others, the
Company’s ability and continuation of efforts to timely and completely make available adequate
current public information, additional or different regulatory and legal requirements and
restrictions that may be imposed, and other factors as may be discussed in the documents filed
by the Company on SEDAR (www.sedar.com), including the most recent reports that identify
important risk factors that could cause actual results to differ from those contained in the
forward-looking statem ents. The Company does not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly any revisions to any forward -
looking statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue reliance on forward-looking
statements.