Panthera Acquires High Grade Iron Project in Argentina
(via Thenewswire.ca)
Panthera Exploration Inc. (TSX-V: PNX, FRA: GAC, WKN: A0RK7E, "Panthera" or the "Company") is pleased to 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 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 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.
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.
Agreement Terms:
Panthera may 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.
Gerald Carlson, Interim President and CEO of the Company, also a Qualified Person under NI 43-101, has reviewed and approved the contents of this release.
About Panthera Exploration Inc.
Panthera Exploration is a Vancouver-based exploration company listed on the TSX Venture Exchange under the symbol PNX. Management is currently evaluating acquisitions to build its property portfolio. Panthera is a member of the Grosso Group, a management company specializing in resource exploration for over 18 years.
ON BEHALF OF THE BOARD
"Gerald Carlson"
Dr. Gerald Carlson, Interim President & CEO
1Metallurgical Corporation of China Ltd. Global Offering Prospectus, September 11, 2009
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@pantheraexploration.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
