The Muster Dam Iron Ore Project was awarded to Magnetite Mines Limited following a competitive bid by the South Australian Department of Energy and Mines (DEM). The Muster Dam Tenement contains the large Muster Dam Inferred Resource (2004 JORC Code & Guidelines), which will substantially increase the Company’s global iron ore resources.
Muster Dam is hosted by the same Braemar Iron Formation as the Razorback Iron Ore Project and is located 110km to the north east of Razorback. The tenements are highly prospective for additional Braemar Iron Formation as demonstrated by aeromagnetics and extensive past exploration work.
An exploration and development plan for the Muster Dam Iron Ore Project has been formulated and aims to commence pending formal tenement grant by the DEM. The Company has secured all datasets and drilling material, including core and RC samples from the previous tenement holders in preparation for analysis and evaluation of the tenement.