TORONTO, Jan. 15, 2013 /CNW/ - Ferrum Americas Mining Inc., TSXV-FEM ("Ferrum" or the "Company") is pleased to announce the results of the maiden independent National Instrument (NI) 43-101 Mineral Resource estimate for the Company's Cerro Rojo iron ore project in eastern Bolivia.
The In-Pit Mineral Resource Estimate, prepared by P&E Mining Consultants Inc., ("P&E") includes Indicated resources of 111.0 million tonnes at 48.1% Fe and Inferred resources of 175.9 million tonnes at 48.8% Fe utilizing a 15% iron cut-off grade.
At a cut-off grade of 50% Fe, In-Pit Indicated resources are 31.2 million tonnes at 51.5% Fe and Inferred resources are 63.0 million tonnes at 52.0% Fe.
This is the first resource estimate for the Cerro Rojo iron ore deposit, which is located in eastern Bolivia approximately 55 kilometres west of Puerto Suarez and the Hidrovia River system near Corumba, Brazil. The Corumba Iron Ore District hosts a number of world class iron ore deposits including the large El Mutun deposit and Vale's Corumba mining operations.
Commenting on the new resource estimate, Nick Tintor President and CEO of Ferrum said, "We are very encouraged by our maiden resource estimate which has defined significant open pittable resources at a relatively high grade of up to 52% Fe. Combined with the proximity of the project to barge logistics on the Hidrovia river system, we believe Cerro Rojo has the potential to support a viable iron ore mining operation."
Resource Estimate Details
The mineral resource estimate is confined within a 2,800-metre strike length, an average true thickness of 68 metres and average down dip length of 450 metres.
This mineralized zone remains open to the west and to the east along strike and at depth. The resource model was based on 21 diamond core drill holes completed on 14 cross-sections totalling 2,586 metres of drilling.
About Ferrum Americas Mining
Ferrum Americas is focused on developing low capital expenditure iron ore projects in the Americas which are characterized by access to logistics and transportation to markets and relatively simple beneficiation processing requirements.
The Company is also currently evaluating additional iron ore projects in
neighbouring jurisdictions which meet the objectives listed above, including proximity to logistics and markets and requiring relatively small capital expenditure requirements to be brought to production.
Source: Ferrum Americas Mining Inc.