Magnetite Mines has progressively increased it’s resource from the first drill program in early 2010. The latest JORC 2012 Compliant Razorback Iron Resource completed in November 2018 stands as follows:

 The Razorback Resource

Prospect JORC Resource Classification Million Tonnes1 eDTR% Fe% SiO2% Al2O3% P%
Razorback  Indicated 833 16.0 21.7 45.2 7.3 0.20
Inferred 1,532 14.6 16.1 50.2 8.5 0.17
Iron Peak  Indicated 203 16.8 20.0 45.0 7.67 0.18
Inferred 163 15.6 17.1 46.7 8.0 0.16
Total Mineral Resources 2,732 15.3 18.2 48.1 8.0 0.18
1 See ASX Announcements on 12/11/18 & 20/11/18

The Ironback Hill resource 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. Recently the Ironback Hill Resource has been updated to JORC 2012 guidelines. The Ironback Hill Resource covers an approximately 10 km strike length on the southern limb of the Pualco Anticline.

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

 Project  JORC Resource Classification Million Tonnes  Fe%  SiO2%  Al2O3%  P%
 Ironback Hill  Inferred    1,187  21.0  44.1   7.2  0.21

 

 

 

 

 Updated November 2018