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.

The extensive Braemar Iron Formation is the host rock to magnetite mineralisation on the project. This formation has a strike length of approximately 110km within the area controlled by Magnetite Mines and has the potential to host an exploration target of 4.8 to 8.0 Billion tonnes at 18% to 45%Fe. Within the Red Dragon, combining the Razorback and the Ironback Hill JORC Resources gives a Total Mineral Resources inventory that now stands at 3.9 Billion tonnes at 19.7 % Fe. This puts the Red Dragon Venture as one of the largest magnetite resources in Australia.

Surrounded by an infrastructure rich area that has access to nearby existing open user rail, port, power, gas, heavy engineering and dormitory towns, the project is likely to deliver a lower capital intensity project compared to similar projects in Australia.

As well as the Razorback Iron Project, Magnetite Mines has identified several other highly prospective targets.

Updated November 2013