Roche Bay plc is an iron ore lease-holding company with properties on the Melville Peninsula in Nunavut, Canada.
The Tuktu Project is located within Roche Bay and AXI’s Area of Mutual Interest. AXI discovered the deposit in 2009.
The Tuktu Project is located within 60 kilometers of the Roche Bay Project on the eastern side of the Melville Peninsula. It is within 45 kilometers of tidewater.
On November 28, 2011, AXI announced an inferred resource estimate for Tuktu, which included 465 million tonnes of 31.3% total iron, at a 20% iron cut-off, reported for Tuktu 1 deposit.
On August 21, 2012, Advanced Explorations announced they had completed an additional agreement with XinXing Pipes Group Co. Ltd. (XXP) relating to AXI’s Tuktu 2 project. Under the agreement, XXP has the right to earn a 50% interest in Tuktu 2, as well as off-take rights relative to its ownership by providing an investment of $20m in three stages.
In August of 2013, the company announced that their independent geological consultants completed a comprehensive review of the company’s Roche Bay and Tuktu projects. The key conclusion from the review: there exists a potential for direct ship ore-type iron at both Tuktu and Roche Bay. AXI has prioritized targets and designed an exploration program to focus on this DSO potential.