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.
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