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Magnetite Mines Limited ( (AU:MGT) ) has issued an update.
Magnetite Mines has secured the Braemar Creek Exploration Licence EL7100 in South Australia, a 227 square kilometre tenement located immediately adjacent to the company’s Ironback Hill rare earths prospect and magnetite deposit. The licence consolidates the company’s position in the Braemar Iron Region by capturing key downstream drainage corridors interpreted to be related to the clay-hosted REE mineralisation at Ironback Hill, giving Magnetite Mines strategic exploration optionality for potential rare earth extensions while it continues to prioritise development of the Razorback Iron Ore Project.
The most recent analyst rating on (AU:MGT) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Magnetite Mines Limited stock, see the AU:MGT Stock Forecast page.
More about Magnetite Mines Limited
Magnetite Mines Limited is an Australian resources company focused on developing iron ore projects in South Australia’s Braemar Iron Region, anchored by its flagship Razorback Iron Ore Project. The company has also been advancing an alternative commodities exploration program targeting clay-hosted rare earth element (REE) mineralisation, notably at the Ironback Hill REE prospect adjacent to its magnetite deposits.
Average Trading Volume: 303,797
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$10.75M
For an in-depth examination of MGT stock, go to TipRanks’ Overview page.