Saturday, September 8th 2012 - 06:53 UTC

Australian company estimates 69.4 million tons of 26.5% iron-ore in north Uruguay

Australia’s Gladiator Resources has announced a Joint Ore Reserves Committee, JORC, Indicated and Inferred Resource of 69.4 million tons at 26.5% iron at its Zapucay Project in the department of Rivera, northern Uruguay.

Gladiator Resources has been drilling since August 2010

The update from the previous 58.3 million tons at 28% iron, was completed by SRK Consulting and is based on over 26.000 metres of reverse circulation and diamond drilling completed from August 2010 to December 2011.

SRK added the Zapucay resource meets the criteria of having reasonable prospects for eventual economic extraction, as defined by the JORC code, through the derivation of an optimised pit shell, and the application of a cut-off grade.

Gladiator is currently carrying out a Preliminary Feasibility Study that contemplates Stage 1 project development initially designed to mine 3.6 million tons per year and produce 1.2 million tons of concentrate per year.

The Papagayo and Buena Orden ridges represent the main Resource base at Zapucay and will be the main focus of activity as the Project develops.

Zapucay is located in the Isla Cristalina Belt where magnetite mineralization outcrops as prominent northwest-southeast trending ridges of banded iron formation (BIF).

This mineralization has similar characteristics to BIF in Quadrilátero Ferrífero, the well-known Iron Belt located in the Brazilian State of Minas Gerais to the north of the Zapucay.

The Quadrilátero Ferrífero district is recognized for its high quality iron ore production with its largest known iron reserves are composed of BIFs that contain between 20% to 35% iron.
 

Published in: Investments, Uruguay.
Tags: Gladiator Resources, iron ore, Isla Cristalina Belt, Uruguay, Zapucay Project.

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1 ChrisR (#) Sep 08th, 2012 - 12:13 pm Report abuse
Perhaps it may be worth winning, but it is very minor compared with Brasil who are gearing up to get their ore concentrate to a deep water port with the minimum of cost and human assistance.

We don't even have a deep water port within reasonable reach until (hopefully) the deep water port on the Atlantic coast is constructed.

Can't imagine the big players are going to be interested.
2 row82 (#) Sep 08th, 2012 - 06:26 pm Report abuse
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3 redpoll (#) Sep 08th, 2012 - 11:22 pm Report abuse
@1 Chris The Zapucay project has been kicking around for years and I understand the deposit has a high magnesium content also.It will require a profound environmental impact study.It is within reach of a rail head if they ever get round to reforming AFE. The only gold mine in Uruguay, producing 60,000 ounces a year is located in the same area and has been thoroughly monitored by DINAMA over the years and has brought considerable prosperity to the area but a massive open pit operation is another kettle of fish altogether
4 British_Kirchnerist (#) Sep 09th, 2012 - 05:53 am Report abuse
Good news, good luck to Uruguay =)
5 redpoll (#) Sep 09th, 2012 - 08:32 pm Report abuse
Thank you Bk for your good wishes.I hope the politicos will get the best deal that they can. As one concerned with the enviroment and the prosperity of my pueblo we will be watching this one very closely. Politicos are ephermeral.The goldmine pays a cannon to the state of nearly 2m a year which goes into rentas generales. When I asked what the politicos would invest in my pueblo from this income when the gold ran out the answer was Pancho (not my name)“ theywill find some more gold sooner or later” They couldnt really care a tinkers about the future of my pueblo as long as the money keeps rolling in to the national coffers

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