Magnetite Mines continues to explore the 110 km strike length of Braemar Iron Formation, within the Mawson Iron Project . This has included drilling at Black Hills South, Dragons Head and Manunda Prospects, which demonstrate similar mineralisation to that observed at Razorback. There are also other prospects that are still to be drill tested.

A highlight has been the single drillhole at the Manunda Prospect, which coincides with an area of aeromagnetic intensity, which demonstrated the following high grade results:

Hole IDEast *(m)North *(m)From (m)+Intersection from 45µm grind
RRDD0110 389,074 6,362,171 38 81.4m @ 23.1 % DTR Recovery, 66% Fe concentrate
including     42 18M @ 36.6% DTR Recovery, 66% Fe concentrate

Updated November 2013

The Ironback Hill prospect contains over 1 Billion tonnes of Iron Resource and is located in the southern portion of the Mawson Iron Project, approximately 12 km south-southwest of Razorback Ridge. Between October 2011 and April 2012, Magnetite Mines completed 12,466 metres RC and 2,849 metres of diamond drilling to complete an Inferred JORC Resource in November 2012. The Ironback Hill Resource covers an approximately 10 km strike length on the southern limb of the Pualco Anticline. The Ironback Hill prospect would most likely be developed independently to the Razorback Iron Project.

Importantly, the resource remains open to the east and down dip. A summary of the Resource is below:

ProjectJORC Resource ClassificationMillion TonnesFe%SiO2%Al2O3%P%
Ironback Hill Inferred 1,187 21.0 44.1 7.2 0.21

* Rounded to second significant figure

For more information on Ironback Hill, click here

Updated November 2013

The magnetite-rich host rocks of Razorback and associated iron ore prospects of the Braemar Iron Formation are located within Neoproterozoic basal sediments of the Umberatana Group, within the Nackarra Arc Region of the Adelaide Geosyncline.

A major geological province of South Australia, the Adelaide Geosyncline represents a complex system of successive intracratonic rifting and subsequent basin formation, and extends from Kangaroo Island in the south, through to the northernmost extent of the Flinders Ranges. The sedimentation of the diamictite-dominant Umberatana Group coincides with Sturtian Glaciation (750 to 700 Ma).

The Braemar Iron Formation is at its thickest in the Baratta Trough, a fault bounded basin located in the Yunta-Olary region of South Australia. The formation consists of a series of alternating bedded tillitic and interbedded magnetite rocks that represent cycles of glacial advances and retreats. It is also evident in the Hawson’s Knob area, SW of Broken Hill, NSW and is stratigraphically equivalent to the Holowilena Ironstone of the Central Flinders Ranges, South Australia. The Braemar Iron Formation is believed to be from the result of chemical precipitation during interglacial / postglacial periods and formed in coastal fringes, where oxygenated terrestrial sedimentary influence was strong. The iron was believed to be sourced from fault controlled conduits related to rifting during the evolution of the Adelaide Geosyncline.

The Braemar Iron Formation mineralogy is unlike that of banded ironstones seen in the Pilbara and Mid West, Western Australia in that Braemar sedimentary rocks are not made up of fine grained chert, but rather magnetite-bearing siltstones. This has significant cost saving for Braemar in regards to having lower rock hardness and abrasion during beneficiation and mining.

Updated November 2013

THE MAWSON IRON PROJECT - IRON ORE

The Mawson Iron Project is located 250km NNE of Adelaide, South Australia, and comprises a number of highly prospective iron ore targets. The Venture consists of four exploration licences: EL4267 and EL4811 are owned by Magnetite Mines and cover the Razorback Ridge deposit and its extensions. EL5340 and EL5180 are exclusively optioned to Magnetite Mines for iron ore exploration and development. Magnetite Mines is focussing on the Razorback Iron Project, comprising the Razorback Ridge, Razorback West, and Iron Peak Prospects. For more information on the Razorback Iron Project, Introduction.