- Magnetite Mines (MGT) secures the Muster Dam tenement by the South Australian Department for Energy and Mines
- The company believe the formal grant represents an important exploration and development opportunity
- Muster Dam is near MGT’s flagship Razorback iron ore project which is currently undergoing a definitive feasibility study
- The company plans to assess and develop any iron ore opportunities at the tenement
- MGT shares are up 3.85 per cent and trading at 2.7 cents per share
Magnetite Mines (MGT) has secured the Muster Dam tenement by the South Australian Department for Energy and Mines.
The company believes the formal grant represents an important exploration and development opportunity.
Muster Dam is near MGT’s flagship Razorback iron ore project which is currently undergoing a definitive feasibility study.
The company plans to assess and develop any iron ore opportunties at the tenement.
“Muster Dam offers a new growth and development opportunity for Magnetite Mines and is a natural complement to the large Razorback iron ore project,” the company said.
Based on recent successful testwork programs at Razorback, the use of analytical techniques towards mineralogical and textural analysis will be undertaken to determine the characteristics of Muster Dam and develop a processing flow sheet.
If this initial data assessments is positive, the company intends to commence stakeholder engagement, including with traditional owners with a view to enter into exploration access agreements and permitting for on-ground work program access.
On the market this afternoon, Magnetite Mines was up 3.85 per cent and trading at 2.7 cents per share at 2:01 pm AEST.