Rockex is a Canadian exploration company focused on developing high quality iron ore assets strategically located in areas largely under explored, and that host significant mineral potential. Its core asset the Lake St. Joseph Project which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island. Rockex holds a 100% interest in its Lake St. Joseph project which is located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake in northwestern Ontario.
In Q3 of 2013, the corporation received a positive Preliminary Economic Assessment (PEA) which defined Lake St. Joseph as a world class iron ore deposit and recommend further investigation of Hot Briquetted Iron (HBI). Subsequently, Rockex initiated a study of HBI, and announced on October 14, 2015 the completion of an Updated Preliminary Economic Assessment.
The updated PEA (2015) is based on the transformation of iron ore concentrate into HBI as an end product to supply the North American electric arc furnace industry and grey foundry industry. HBI is considered to be a cleaner, higher quality, finished iron product for the steel industry. HBI is an ideal, high quality alternative to scrap steel, which is a vital component in the steel manufacturing process. The HBI process requires access to an abundant and low cost source of natural gas. Rockex' proximity to the TransCanada Natural Gas Pipeline and year-round transportation infrastructure positions the company well for the manufacturing of HBI to supply the North American market in the United States immediately south of the Great Lakes and in Canada.
Management believes ongoing test work and feasibility trade-off studies will further improve the overall capital and operating costs of the project. Rockex recently entered into a Co-operation Agreement with Danieli & C., a large multi-national engineering and technology firm with expertise in the design and construction of HBI plants. Rockex' management team, in collaboration with Danieli & C., will continue to market and promote the project to potential strategic partners, financiers and final product off-takers that can support Rockex' plans for the preparation of a bankable feasibility study.