- Industry leading group of magnetite specialists commits to further funding.
- Option exercised to invest further in the advancement of Ragged Rock
- Encouraging metallurgical testwork gives confidence to China roadshow
Magnetic Resources NL (Magnetic) (ASX:MAU) is delighted to announce that following encouraging drilling and metallurgical testwork, the Industry Group, lead by Mr Gavin Fletcher and Mr John Blanning, has agreed to exercise its option and contribute a further 3 tranches of funding to the Company.
Messrs Fletcher and Blanning have recognised that the Company’s Ragged Rock project has attractive metallurgical properties making it highly prospective for commercialization.
Using aeromagnetics, Magnetic has identified 15 coarse grained iron ore magnetite targets within the Ragged Rock region over a cumulative strike of some 68 kilometres and within 15km of the rail infrastructure to Albany where port access is likely. Initial field trips identified outcropping very coarse grained magnetite at 8 of the targets of which 6 have been subjected to industry standard DTR test work.
For further information please download the full announcement below.
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