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Magnetite Mines Gains Access to Muster Dam Data


Highlights

-- Magnetite Mines has gained access to historical data for the Muster Dam tenements. The award of the tenements to the Company by the SA Government was announced on March 1, 2021.
-- 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.
-- This data will allow rapid advancement of the initial assessment of the Muster Dam Iron Ore Project.
-- The Muster Dam tenements contains a 1.5 billion tonne JORC 2004 Inferred Resource and is located near existing rail and power infrastructure.
-- The Company intends to evaluate the data in parallel with the Razorback Iron Ore Project’s Definitive Feasibility Study. 

Magnetite Mines Limited (ASX:MGT) (Magnetite Mines or the Company) is pleased to announce that it has secured access to the historical exploration and technical data for its Muster Dam Iron Ore Project tenements (Muster Dam or the Project) from the previous tenement holder. This data, which includes core and rock samples as well as raw digital files will enable the Company to advance initial assessment, exploration, and resource development for the Project1,2.

The Muster Dam tenement contains 1.5 billion tonne Inferred Resource1,2 (2004 JORC Code & Guidelines) and is located 40km southeast of the railway town of Olary, 75km from a high voltage powerline, and 110km from the mining town of Broken Hill.

The Company intends to evaluate the Muster Dam Iron Ore Project in conjunction with its accelerated development pathway for the Razorback Iron Ore Project3. Muster Dam has the potential to offer an expansion of the Company’s Braemar Formation footprint.

Planned test work includes initial desktop review of the dataset together with sighter metallurgical and mineralogical characterisation. Following these initial reviews, the Company intends to undertake exploration and confirmation drilling to support early-stage mining and study reviews.

For more information, download the attached PDF.

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