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SOUTH AMERICAN IRON & STEEL CORPORATION LIMITED - ASX: SAY
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Description
South American Iron & Steel (SAIS) is an Australian public company, listed on the ASX (SAY) since July 2007. Our goal is to produce high quality magnetite iron ore concentrates from iron sands and conventional magnetite iron ore deposits and ultimately produce pig iron at the low end of the cost curve using the best and newest technology available.
The company through its wholly owned south american subsidiaries has significant iron sands and conventional iron ore exploration areas in Chile, and it is focused on executing systematic and integrated resource definition and regional exploration programs. SAIS is environmentally and socially conscious, and intends to consult with and improve the quality of life in local communities in our area of operations.
Putu Project
Extends 38 km along the coastline between the Maule and Mataquito Rivers, comprising 3 iron sand deposits:
1. Modern dune sands up to forty metres thick
2. Older paleodune sands with thicknesses up to several hundred metres
3. Sands below the level of low tide, extending out onto the continental shelf.
Geological mapping and drilling indicates substantial volumes of iron sand in the modern dunes, and even larger potential in the paleodunes. The sub-sea iron sands represent a target for future investigation. This is the highest ranked project in Chile, and has been highlighted for accelerated appraisal and development.
Quince Project
South American Iron & Steel has held 10% of the Quince Iron Ore Project for over 2 years, in early 2010 the Company decided to acquire the 90% of the Project it did not own. To that end the Company entered into an Option Agreement with the owner to purchase Quince outright, the Option has been executed.
The Quince Conventional Iron Ore Project comprises over 1,100 hectares of Mineral Concessions and lies within the Atacama Fault in Region III of Chile approximately 1000 kilometres north of Santiago. Quince is in the Chilean Pacific Iron Belt and was discovered by Asarco in the late 1990s and initially drill tested using six RC drill holes each 300m deep. The drill holes produced massive magnetite iron ore.
Quince sits 40km east of the deep water Port town of Chañaral and can be effectively serviced by the well established mining town 100 km to the south, Copiapó. The project area is desert, but is well serviced with major roads and power adjacent to the site, also an experienced labour force is available in Chañaral and Copiapó. Chañaral hosts a minor airfield and Copiapó hosts a major commercial airfield.
Maullin Project
Erosion of coastal bedrock outcrops is releasing iron-rich deposits characteristic of many Maullín coastal areas. This appears to be the major process of mineral sand enrichment at the present day. The largest resource potential is in paleodune sands, similar in composition to the modern sands, but significantly thicker. Petrographic analysis shows that the bedrock sediment was originally derived from erosion of a more diverse Andean terrain that included both igneous and metamorphic material. Precious metals are present along with the more typical iron and titanium oxides.
Aguas Claras Project
Mineralisation estimates applied to 1,800 ha area. Subsurface control to a depth of 10m, of which 8.5m bears heavy minerals in laterally continuous beds. Mineral-bearing sands extend to 30m depth, of which 28.5m is deemed prospective. Of the total 8,000 ha held by claims, an estimated 6,408 ha are underlain by mineral sands. Volume estimate for mineralised zones, with tonnage estimated based on a SG of 1.4 is in the range of 214 million tonnes and 718 million tonnes.
Mine For
iron ore
Location of operation(s)
Chile
Address
Level 10, 10 Loftus St
SYDNEY, NSW, AUSTRALIA
Phone
(61 2) 9235 0088
Website
Last Updated
2/02/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
