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Magnetite Mines Limited ( (AU:MGT) ) has shared an announcement.
Magnetite Mines Limited has identified near-surface, clay-hosted rare earth element mineralisation at its Ironback Hill Project in South Australia. This discovery was made by re-assaying archived drill samples from previous iron ore drilling programs. The company plans to conduct low-cost follow-up exploration to assess the potential value of further programs. While the Razorback Iron Ore Project remains the company’s primary focus, this discovery aligns with its strategic approach to explore the full potential of its tenements in response to favorable market conditions.
More about Magnetite Mines Limited
Magnetite Mines Limited is a mining company focused on the development of its Razorback Iron Ore Project in South Australia. The company is involved in the exploration and development of iron ore and is expanding its focus to include potential gold and critical minerals within its extensive tenement holdings.
Average Trading Volume: 163,989
Technical Sentiment Signal: Sell
Current Market Cap: A$8.7M
See more data about MGT stock on TipRanks’ Stock Analysis page.