CoTec Holdings Corp. Commences Process to Appoint a Drilling Contractor for Lac Jeannine Expansion

CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) has initiated a significant step towards expanding its mineral resource estimate at the Lac Jeannine Property in Québec. The company recently announced that it has commenced a process to appoint a drilling contractor to support the infill and expansion drilling campaign at the project. This move is expected to improve the level of confidence in the existing mineral resource estimate and expand the resource estimate to the entire facility.

The Lac Jeannine Property, located in the Côte-Nord region of Québec, contains historical tailings of the previous Lac Jeannine iron ore mine operated by the Québec Cartier Mining Company between 1959 and 1985. CoTec has entered into an option agreement to acquire the mining claims forming the Lac Jeannine Property, with the intention of extracting a bulk sample from the Property tailings material for metallurgical testing and further testing with Binding Solutions Limited (BSL) of its cold agglomeration technology.

The planned drilling campaign is a crucial step in the Company's strategy to recover large Fe tailing sites at competitive cost structures, delivering high purity, low carbon iron concentrates for the green steel industry. By improving the level of confidence in the existing mineral resource estimate and expanding the resource estimate to the entire facility, CoTec aims to demonstrate how historic mine sites can be rehabilitated in accordance with best practices while creating jobs and economic opportunities for local and Indigenous communities.


The Company's recent announcement highlights its commitment to supporting the transition to a lower carbon future for the extraction industry. By targeting the recovery of large Fe tailing sites, CoTec is positioning itself to capitalize on the growing demand for high purity, low carbon iron concentrates, a key input for the green steel industry.

The planned drilling campaign is expected to commence in the near future, with the Company actively engaged in discussions with various stakeholders, including the Government of Québec, First Nations, and other interested parties, to secure support for the exploration, construction, and operation of the project. The Company has also received approval from the Québec Ministère des Ressources naturelles et des Forêts (MNRF) for its closure plan in connection with the targeted 2025 exploration drilling campaign.


In conclusion, CoTec Holdings Corp.'s decision to commence the process to appoint a drilling contractor for infill and expansion drilling at the Lac Jeannine Property is a strategic move towards a lower carbon future in the extraction industry. By targeting the recovery of large Fe tailing sites and delivering high purity, low carbon iron concentrates for the green steel industry, CoTec is well-positioned to create jobs and economic opportunities for local and Indigenous communities while contributing to the transition to a more sustainable future.