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Magnetic Resources extends WA iron ore targets to 312km


Magnetic Resources (ASX: MAU) has applied for a further 940km2 of exploration licences, increasing its total tenement holding over iron ore targets in the south west of Western Australia to 6,240km2, and has a significant new drill target at the Jubuk project.

Magnetic’s six new projects cover a total of 58km of iron targets, bringing the total strike length of targets at the Bundaroo, Wanara, Nugadong, Miling, Mawson, Calingiri, Malara, Mt Vernon, Wubin, Dalwallinu, Jubuk, Sewell and Quairading projects to an extensive 312km.

The new applications are a result of further detailed analyses of both regional and detailed aeromagnetic surveys flown throughout this region.

One new project in particular, at Bundaroo, has a substantial target strike length of 25km.

Bundaroo is situated just north of Magnetic’s Wubin project where at least eight target areas have been located with possible direct shipping ore (DSO)-type mineralisation including hematite, goethite and pisolite.

At Bundaroo the 25km-long target is interpreted to be a substantial open folded iron formation with similar magnetic amplitudes to the existing Wubin DSO and magnetite targets, as shown in the attached map.

The Bundaroo tenement is only 30km-50km south of Sinosteel’s recently announced mining operation at the Koolanooka-Blue Hills iron ore project.

Magnetic is also currently drilling at the Jubuk project near Corrigin in Western Australia and expects this programme to be completed by the end of June. A total of 19 RC holes are planned totalling 2,100m.

Significantly, the magnetite banded iron formation occurs as an anticlinal fold rather than a single sequence with the southern end of the western limb being tested by the current drilling.

George Sakalidis , managing director, said this previously unrecognised western limb has positive tonnage implications for the Jubuk project, where previous metallurgical test work has shown potential for a premium magnetite product.

As a result of the recognition of this second fold limb, the company said further modelling of the ground magnetics is in progress, to be followed by additional drilling to test the northern extent of this new target.

Quick facts: Magnetic Resources NL

Price: 1.29 AUD

Market: ASX
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