In the present work, synthetic slags (FeO-SiO 2 -CaO-P 2 O 5 -Al 2 O 3 -TiO 2 -V 2 O 5 system) mimicking the composition of the slag inclusions of Ipanema were solidified at different cooling rates. FactSage software was used to calculate the slag's phase equilibria from 500ºC to 1600°C to guide the microstructural characterisation. The samples solidified with slower cooling rates featured wüstite dendrites and a eutectic-like matrix, with intradendritic (Al,V,Ti)-containing iron spinel precipitates in the wüstite. The rapidly solidified slag showed refined wüstite dendrites surrounded by a Fe-O-Si-Ca-containing amorphous single-phase matrix without intradendritic (Al,V,Ti)-containing iron spinel precipitation. The comparison of the calculated phase diagram with the as-cast microstructures showed a few discrepancies. For instance, the FactSage's database must be updated to consider the simultaneous solubility of Al, V and Ti in the thermodynamic description of the spinel phases, such as FToxid-SP-V, FToxid-SPINA, FToxid-TiSp and (FeO)2(TiO2)(s). Finally, the intradendritic precipitation of (Al,V,Ti)-containing iron spinel phases in the wüstite of the slag inclusions indicated that an Ipanema's iron artefact was exposed to high service temperatures between 750 and 1050ºC.