Magnetite Mines secures data to expand South Australian footprint
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The rich dataset includes 2,913 samples tested for mass recovery and samples from 59 diamond core and reverse circulation drilled holes, together with raw digital files of geophysical surveys.
Magnetite Mines (ASX:MGT) has secured access to the historical exploration and technical data for its Muster Dam tenement in South Australia from the previous tenement holder.
Acquisition of this data represents a significant opportunity for Magnetite to expand its Braemar Formation footprint, in conjunction with its accelerated development pathway for its flagship Razorback High Grade Iron Ore Project.
The rich dataset includes core and rock samples as well as raw digital files which will enable the company to advance initial assessment, exploration, and resource development in the Braemar region.
Razorback is strategically located approximately 110kms to the south west of Muster Dam offering a range of potential synergies with the highly prospective, large iron ore resource.
Planned test work includes initial desktop review of the dataset together with the sighter metallurgical and mineralogical characterisation to assess the potential prospectivity of these tenements.
Following these initial reviews, the company intends to undertake exploration and confirmation drilling to support early-stage mining and study reviews.
Magnetite Mines’ General Manager of Geology, Trevor Thomas said: “The Muster Dam tenement represents an exciting opportunity for the Company to further expand its assets in South Australia. The tenement has substainally defined iron ore resources at the Muster Dam deposit.
“In addition, exploration upside at the Peaked Hill and Duffields prospects appear to be very promising with improved mass recovery grades as evidenced in open file datasets.
“Outside of the iron ore prospectivity, the region is known to host zinc, cobalt, gold and copper which will be considered in exploration programs moving forward.
“The tenement and its associated prospects represents a logical pathway for iron ore development for the company and we have an excellent opportunity to demonstrate our knowledge of the Braemar Iron Formation in this emerging iron ore province.”
MGT Chairman and CEO Peter Schubert said acquiring the Muster Dam dataset represents an important strategic exploration and development opportunity for the company.
“Magnetite Mines is now in the position to benefit from the extensive past work including almost 16,000m of drill core data and high-grade DTR results,” Schubert said.
“The exciting opportunity for Magnetite is to cost-effectively review the Muster Dam resource information and perform additional sighter test work, using the company’s extensive knowledge of the Braemar Iron Formation.
“In addition to the defined resource within the Muster Dam tenement, there is significant exploration upside at the Duffields, Peaked Hill and Surrender Dam tenements in the package.
“The Muster Dam and Razorback Iron Ore Project resources are both close to existing open infrastructure – we look forward to reporting the results of our new test-work to the market soon.”
The Muster Dam tenement package is in the northeast pastoral district of South Australia, roughly 40km southeast of the town of Olary and the tenement, which is being processed by the SA Mines Department and includes iron ore prospects known as Muster Dam, Surrender Dam, Duffields and Peaked Hill.
This tenement package is near to existing infrastructure, positioned 40km from rail and roads, 75km from the nearest high voltage powerline and 110km from the mining town of Broken Hill.
Previous drilling has comprised a total of 59 drill holes, including 49 RC holes and 10 diamond core holes for 15,914m on 400m spaced sections.
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