Panthera Acquires High Grade Iron Project in Argentina
VANCOUVER - Panthera Exploration Inc. reported 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 m and within 30 km of a deep sea port.
"The Fierro Project covers an estimated 60 km 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." stated Dr. Gerald Carlson, Interim President & C.E.O.
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. 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.