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 MAWSON IRON PROJECT - IRON ORE

The Mawson Iron Project is located 250-300km NNE of Adelaide, South Australia, and comprises a number of highly prospective magnetite-iron ore targets. Presently, the venture refers to the assets of both Magnetite Mines Limited (MGT) and Lodestone Equities (Lodestone) and consists of two primary project areas.

Broadly, the projects are referred to as MGT's Razorback Project consisting of the Razorback and Ironback Hill Deposits and Lodestone's Olary Project which consists of the Olary Deposit. 

Presently a framework agreement (FA) between Magnetite Mines Limited and Lodestone Equities Limited is in place, which sets out the basis for negotiation of the purchase of 100% of Lodestone Equities Limited and it's subsidiaries (see ASX Announcement).