Wed, Oct26, 2011
Panthera Exploration Inc announce that it has entered into an option agreement with a private company to earn a 100% interest in the 74,796 ha Fierro iron ore project located in Rio Negro Province, Argentina. The Fierro Project is immediately adjacent to the producing Minera Sierra Grande iron mine owned by Metallurgical Corporation of China Ltd. The project is road accessible year round, in an area of flat topography at an elevation of approximately 300 meters and within 30 kilometers of a deep sea port.
Dr Gerald Carlson Interim President & CEO said "The Fierro Project covers an estimated 60 kilometers of strike extensions of the favourable iron formation stratigraphy, much of which lies under the shallow cover of modern sediments. Recent exploration has demonstrated the potential to discover mineralization similar to that at Sierra Grande. This is a unique opportunity for the Company and our shareholders."
At the Sierra Grande mine the iron ore consists of oolitic magnetite and hematite iron formation that occurs within the Silurian Sierra Grande Formation. The deposit is defined within a strike length of 3.2 kilometers with widths ranging from 5 meters to 15 meters and depth up to 1,100m. It has a historical non NI 43-101 compliant mineral resource of 199 Mt at 57.5% iron oxide1 at the South Deposit and is projected to produce over 1 Mt of 68%+ Fe magnetite concentrate in 2011.
The large Fierro land holdings cover the mapped extensions of the Sierra Grande mine horizon, including an estimated 60 kilometers strike extent of the Sierra Grande Formation to the north and east of the mine. To date 5 zones of outcropping iron mineralization and 32 high-priority magnetic targets have been identified by the optionor within the current Fierro claim group including:
1. 300 Zone
This is the most advanced showing identified to date. Iron formation with an estimated width of 6meters to 10 meters outcrops discontinuously along 300 meters before disappearing below modern cover sediments to the south and younger volcanics to the north. Magnetic data suggests the iron formation may have a total strike extent of up to 2 kilometers.
2. Gonzales Zone
This zone contains sub-cropping iron formation that is partially exposed over 400 meters with possible strike extent of 1.5 kilometers indicated by ground magnetic data.
The prospective Sierra Grande Formation is largely covered by modern sediments. Recent exploration by the optionor has included 725 line km of ground magnetic surveys, prospecting, preliminary geological mapping and rock sampling. Results are available for 41 rock grab samples. Fifteen of these samples collected from the iron formation exposures on the Fierro property assayed from 40% to 72% Fe2O3. Additional results are pending.
Panthera believes there is excellent potential for the discovery of an economic iron deposit within the Fierro property. The Company's first priority will be to arrange for an independent NI 43-101 Technical Report to be prepared.
Panthera Exploration Inc announce that it has entered into an option agreement with a private company to earn a 100% interest in the 74,796 ha Fierro iron ore project located in Rio Negro Province, Argentina. The Fierro Project is immediately adjacent to the producing Minera Sierra Grande iron mine owned by Metallurgical Corporation of China Ltd. The project is road accessible year round, in an area of flat topography at an elevation of approximately 300 meters and within 30 kilometers of a deep sea port.
Dr Gerald Carlson Interim President & CEO said "The Fierro Project covers an estimated 60 kilometers of strike extensions of the favourable iron formation stratigraphy, much of which lies under the shallow cover of modern sediments. Recent exploration has demonstrated the potential to discover mineralization similar to that at Sierra Grande. This is a unique opportunity for the Company and our shareholders."
At the Sierra Grande mine the iron ore consists of oolitic magnetite and hematite iron formation that occurs within the Silurian Sierra Grande Formation. The deposit is defined within a strike length of 3.2 kilometers with widths ranging from 5 meters to 15 meters and depth up to 1,100m. It has a historical non NI 43-101 compliant mineral resource of 199 Mt at 57.5% iron oxide1 at the South Deposit and is projected to produce over 1 Mt of 68%+ Fe magnetite concentrate in 2011.
The large Fierro land holdings cover the mapped extensions of the Sierra Grande mine horizon, including an estimated 60 kilometers strike extent of the Sierra Grande Formation to the north and east of the mine. To date 5 zones of outcropping iron mineralization and 32 high-priority magnetic targets have been identified by the optionor within the current Fierro claim group including:
1. 300 Zone
This is the most advanced showing identified to date. Iron formation with an estimated width of 6meters to 10 meters outcrops discontinuously along 300 meters before disappearing below modern cover sediments to the south and younger volcanics to the north. Magnetic data suggests the iron formation may have a total strike extent of up to 2 kilometers.
2. Gonzales Zone
This zone contains sub-cropping iron formation that is partially exposed over 400 meters with possible strike extent of 1.5 kilometers indicated by ground magnetic data.
The prospective Sierra Grande Formation is largely covered by modern sediments. Recent exploration by the optionor has included 725 line km of ground magnetic surveys, prospecting, preliminary geological mapping and rock sampling. Results are available for 41 rock grab samples. Fifteen of these samples collected from the iron formation exposures on the Fierro property assayed from 40% to 72% Fe2O3. Additional results are pending.
Panthera believes there is excellent potential for the discovery of an economic iron deposit within the Fierro property. The Company's first priority will be to arrange for an independent NI 43-101 Technical Report to be prepared.
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