THE MUSTER DAM IRON ORE PROJECT

The Muster Dam Iron Ore Project was awarded to Magnetite Mines following a competitive bid process administered by the South Australian Department of Energy and Mines (DEM). Located 110 kilometres northeast of the Razorback Iron Ore Project, the Muster Dam prospect has Inferred Mineral Resources of 1.6 billion tonnes (JORC 2012).

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The award of the Muster Dam Iron Ore Project is an important exploration and development opportunity for given its potential for synergies with the Razorback Iron Ore Project. Furthermore, extensive past exploration work has uncovered additional prospects (Peaked Hill, Duffields and Surrender Dam) within the Muster Dam tenement.

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While Magnetite Mines intends to prioritise the development of the Razorback Iron Ore Project, it will continue to assess the Muster Dam prospect and other areas of prospectivity, which have the potential to offer a logical and natural expansion pathway beyond the development of Razorback.