Rio Negro Province, Argentina
Dr. Gerald Carlson, Interim President & C.E.O.
Fierro Project Exploration:
Work to date:
Exploration work to date includes 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. The preparation of an independent NI 43-101 Technical Report is now underway.
Proposed work program:
Phase I (Winter 2012)
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 km, with widths ranging from 5 to 15 m and depth up to 1,100m. It has a historical non NI 43-101 compliant mineral resource of 199 Mt (million tonnes) 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 60km strike extent of the Sierra Grande Formation to the north and east of the mine.
Fierro Project Mineralization:
Agreement Terms:
Panthera has entered into an option agreement with a private company to earn a 100% interest in the Fierro Project by making share payments and exploration expenditures according to the following schedule:
Exploration expenditures made in excess of the required amount may be carried forward and count towards the expenditure commitment for subsequent periods. In addition the vendor will retain a 2% NSR on future production from the project, 1% of which may be purchased at any time by Panthera for $2,000,000. The agreement is subject to regulatory approval.
Gerald Carlson, Interim President and CEO of the Company, also a Qualified Person under NI 43-101, has reviewed and approved this information.
1Metallurgical Corporation of China Ltd. Global Offering Prospectus, September 11, 2009
Maps & Photos
Related News
- 74,796 ha high-grade iron ore project in Rio Negro, Argentina
- Immediately adjacent to the producing Minera Sierra Grande iron mine (historical non NI 43-101 compliant mineral resource of 199 Mt at 57.5% iron oxide1, projected to produce over 1 Mt of 68%+ Fe magnetite concentrate in 2011.)
- 15 grab samples from iron formation exposures assayed from 40% to 72% Fe2O3
- 30km deep sea port and Atlantic coast with year-round road access
- In an area of flat topography at an elevation of approximately 300m
- Option to earn 100% interest
Dr. Gerald Carlson, Interim President & C.E.O.
Fierro Project Exploration:
Work to date:
Exploration work to date includes 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. The preparation of an independent NI 43-101 Technical Report is now underway.
Proposed work program:
Phase I (Winter 2012)
- Ground follow-up of magnetic anomalies including:
- Hand trenching and surface sampling
- Detailed magnetics profiles
- Detailed magnetics profiles
- Permitting for a mechanized exploration program comprising backhoe trenching and diamond drilling
- Backhoe trenching program
- 4,000 meter drilling program
- Preliminary metallurgy
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 km, with widths ranging from 5 to 15 m and depth up to 1,100m. It has a historical non NI 43-101 compliant mineral resource of 199 Mt (million tonnes) 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 60km strike extent of the Sierra Grande Formation to the north and east of the mine.
Fierro Project Mineralization:
- 5 zones of outcropping iron mineralization and 32 high-priority magnetic targets identified to date hosted in the Sierra Grande Formation within the current Fierro claim group including:
"300 Zone"
This is the most advanced showing identified to date. Iron formation with an estimated width of 6-10m outcrops discontinuously along 300m 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 2km.
"Gonzales Zone"
This zone contains sub-cropping iron formation that is partially exposed over 400m with possible strike extent of 1.5km indicated by ground magnetic data.
Agreement Terms:
Panthera has entered into an option agreement with a private company to earn a 100% interest in the Fierro Project by making share payments and exploration expenditures according to the following schedule:
| Time | Shares Issued | Exploration Expenditures ($CDN) |
|---|---|---|
| TSX.V Approval Date | 250,000 | |
| By 6 Month Anniversary | 500,000 | $150,000 |
| By 1st Anniversary | 750,000 | $350,000 |
| By 2nd Anniversary | 750,000 | $650,000 |
| By 3rd Anniversary | 750,000 | $850,000 |
| By 4th Anniversary | 2,000,000 | $1,000,000 |
| Totals | 5,000,000 | $3,000,000 |
Exploration expenditures made in excess of the required amount may be carried forward and count towards the expenditure commitment for subsequent periods. In addition the vendor will retain a 2% NSR on future production from the project, 1% of which may be purchased at any time by Panthera for $2,000,000. The agreement is subject to regulatory approval.
Gerald Carlson, Interim President and CEO of the Company, also a Qualified Person under NI 43-101, has reviewed and approved this information.
1Metallurgical Corporation of China Ltd. Global Offering Prospectus, September 11, 2009
Maps & Photos
Related News
| Date | News Releases |
| Mon Oct 24, 2011 | Panthera Acquires High Grade Iron Project in Argentina |