- Air core drilling now underway at Ironbark Hill after weather delay.
- Targeting shallow clay horizons associated with local creek, drainage systems
- Up to 2,000m AC drilling planned to test lateral, downstream mineralisation.
Magnetite Mines (ASX: MGT) has finally kicked off air core drilling at the Ironback Hill rare earth element (REE) project in north-east South Australia after the site was impacted by a major rain event and associated flooding in the region.
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Located south of the Australian company’s Razorback iron ore project, the drill program is designed to test the extent and geological controls on near-surface, clay-hosted REE mineralisation previously identified through re-assaying archived drill samples from historical iron ore drilling.
The 2,000-metre AC program will focus on step-out drilling along priority creek and drainage corridors, where the company’s geological model indicates mineralisation may extend downstream and laterally beyond the limited historical drill footprint.
“While mobilisation and site access were temporarily impacted by significant rainfall and flooding in the region, we are pleased to now have site access restored and drilling underway,” Magnetite’s MD, Tim Dobson, said.
“Commencing at Ironback Hill is an important step in advancing this emerging REE prospect. This relatively small, phased program is designed to test the spatial extent of the clay-hosted mineralisation and the geological controls that influence its occurrence, while also generating additional samples to support geological modelling and ongoing mineralogical and metallurgical assessment.”
Mr Dobson said the work reflects Magnetite’s disciplined, capital-light approach to exploration and aligns with our multi-commodity strategy; the Razorback iron ore project remains the company’s flagship.
“The planned program comprises up to 2,000m of air core drilling and represents a disciplined, capital-light and phased approach to exploration,” he said.
The Magnetite boss explained: “The initial focus is to determine the spatial extent, thickness and continuity of the REE-bearing clay horizons, while also generating representative samples to support geological modelling and preliminary mineralogical and metallurgical assessment. Results will be incorporated into the company’s geological model to guide any follow-up work.”
MGT is up +3.33%, to 3.1¢. Mkt cap $6.765M.
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