The San Gabriel Project
Location
The San Gabriel Project is located 60 km northeast of the port city of Chañaral, a small city on the Pacific coast that has significant deep sea port infrastructure for iron ore exports. The Project is located approximately 1000 km north of Santiago.
Ownership
Anaconda Mining has the right to earn a 100% interest in San Gabriel by making payments totaling US$2.4 million over four years. In September of 2007, the Company made an initial US$20,000 payment on signing.
Exploration history
The project was discovered by Rio Tinto in 1997 during a reconnaissance exploration program that consisted of ground magnetics and scout drilling. Rio explored the discovery in 1997 which included the drilling of 11 RC holes targeting magnetic anomalies. Drilling by Rio Tinto showed massive magnetite over 20 metre widths and stockwork zones ranging between 30 and 250 metres width carrying grades up to 36% iron. |
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Partnerships
None.
Current program and initiatives
The Company recently completed a drilling program which included ground geophysical surveys using RC and DD holes. Ground geophysics included magnometer and gravity surveys. The main focus of the drilling was the San Gabriel Main Zone. Targets at Esperanza and Antonia were also drill tested. An independent mining engineer has begun studying processing routes and beneficiation scenarios.
Resource estimate
The Company completed and announced an NI 43-101 compliant mineral resource estimate for San Gabriel in August, 2008. The total indicated resource was 57.9 million tonnes ("Mt") at an average grade of 32 percent total iron ("% Fe") in the indicated category and a further 2.6 Mt at an average grade of 29% Fe in the inferred category.
Reserve estimate
A reserve estimate has not yet been conducted at San Gabriel. |
