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Magnetite Mines Limited ( (AU:MGT) ) has provided an update.
Magnetite Mines has commenced an air core drilling program at its 100%-owned Ironback Hill rare earths project in north-east South Australia, after earlier delays caused by heavy rainfall and flooding that restricted site access. The company is targeting shallow, clay-hosted rare earth mineralisation associated with local creek and drainage systems, interpreted from earlier re-assays of archived drill samples originally collected for iron ore exploration.
The program comprises up to 2,000 metres of drilling and is intended to test the lateral and downstream extent, thickness and continuity of the mineralised clay horizons while generating samples for geological, mineralogical and metallurgical assessment. Results from this capital-light, phased campaign will feed into Magnetite Mines’ geological model for Ironback Hill and guide potential follow-up work, supporting its broader multi-commodity strategy while Razorback remains the core development focus.
More about Magnetite Mines Limited
Magnetite Mines Limited is an Australian resources company focused on iron ore and critical minerals exploration and development in South Australia. Its flagship asset is the Razorback Iron Ore Project in the Braemar Iron Region, and it is pursuing a multi-commodity strategy that now includes rare earth elements through the Ironback Hill REE Project near Razorback.
Average Trading Volume: 763,073
Technical Sentiment Signal: Sell
Current Market Cap: A$8.82M
For a thorough assessment of MGT stock, go to TipRanks’ Stock Analysis page.