Magnetic Resources (ASX:MAU) DSO And Iron Ore Exploration Update
Perth, May 6, 2010 AEST (ABN Newswire) - Magnetic Resources (
ASX:MAU) continues to advance its iron ore exploration across its tenement holdings.
WUBIN
Within the Wubin project area, exciting assay results have been reported for initial rock chip sampling follow-up of the regional aeromagnetic surveys.
Outcrop within the area is very limited and occurs mostly as laterite duricrust or lateritized outcrops; as such, from the 118 assays received, 40% of samples contain greater than 40% Fe with a maximum value of 59.5% Fe (range 1.53-59.5 % Fe).
The field identified Fe species including hematite, goethite and limonite as shown by Figures 1 to 4 (see link at the bottom).
The purpose of the outcrop sampling has been to define priority zones within the defined magnetic anomalies. Drilling is being planned to determine the extent and size of the higher grade zones at depth similar to the material shown in Figure 1 (see link at the bottom) which reported 58.4% Fe (WUR-25). Costeaning is being considered to define the extent of the near-surface zones of mixed laterite/hematite detrital material (WUR-5); this surface material reported 38.9% Fe.
Magnetic understands material similar to that shown in Figure 2 (see link at the bottom) is being mined and upgraded to DSO (Direct Shipping Ore) quality at Sinosteel's Koolanooka operations located about 80km to the north.
A further 170 samples are currently being assayed within the Wubin-Dalwalinu projects. Reconnaissance activities are moving to the Sewell Rock, Dudinin and Jitarning areas southeast of Magnetic's Jubuk prospect.
The Buntine (E70/3794) and Woobin Well (E70/3795) tenements which cover the sampled areas have been granted and negotiations for access agreements with landowners has commenced.
Most of the areas sampled are not suitable for cropping so Magnetic will be in a position to commence drilling once landowner and statutory approvals are received.
Magnetic is in a strong financial position following recent placements and readily able to fund the initial 3500m RC drilling being planned.
JUBUK
Magnetic is awaiting statutory approvals to re-commence drilling at the Jubuk prospect with the aim of defining the initial area to inferred resource standard and to commence drilling of the Target 2 (ASX release 5 January 2010). Detailed ground magnetics and modelling of the target have been completed. A total program of approximately 3500m of RC drilling is proposed.
Metallurgy testwork of the samples from the initial Jubuk drilling is continuing. The bulk density measurements indicate an average density of 3.35gm/cc for the magnetite zones. As with the results of the excellent initial Davis Tube recovery tests (ASX release 27 April 2010), the initial hardness testing of the BIF zones is within normal ranges to most ores of this type and does not appear to require any specialised crushing equipment.
Magnetic has so far identified a total of 254km cumulative strike length of iron ore targets (ASX release 8 April 2010) in the Mid West and South West regions. A program of systematic mapping and sampling has commenced in order to identify priority targets for drilling.
For the full Magnetic Resources annoucement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/62810-ASX-MAU-490376.pdf
Contact
George Sakalidis
Managing Director
Tel: +61-8-9226-1777
Mob: +61-411-640-337
Email: george@magres.com.au
Roger Thomson
Technical Director
Tel: +61-8-9226-1777
Mob: +61-419-969-183
Email roger@magres.com.au
| ||
|
