logo-loader

Gladiator Resources plans a drill program for Zapucay iron project, Uruguay

Published: 14:00 24 Apr 2014 AEST

au_south_america350_53585ca6bb307

Gladiator Resources (ASX: GLA) is continuing the review of its Zapucay iron Project in Uruguay to refine the existing geological model and complete the design for a small drilling campaign.

The project is subject to the Isla Cristalina Joint Venture with Orosur Mining Inc, in which Gladiator has a 51% interest and the right to earn 80% through via completion of a Definitive Feasibility Study by 31 December 2015.

Earlier this month Gladiator initiated an entitlements issue on a 1 for 1 basis at $0.004 per share to raise around $932,000, with funds raised to be directed towards work at Zapucay.

Initial project development has been designed to mine 3.6 million tonnes of magnetite ore per year to produce 1.2 million tonnes of concentrate.

Zapucay carries a JORC Indicated and Inferred Resource of 69.4 million tonnes at 26.5% iron, within a very light market capitalisation of just $1 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Gladiator Resources aims to capitalise on uranium momentum

Gladiator Resources Limited CEO Greg Johnson and non-executive director Andrew Pedley join Jonathan Jackson in the Proactive studio to discuss the company’s focus on uranium exploration and mining. The company recently raised $4 million, aimed at advancing its portfolio of six exploration...

1 week ago