Proactiveinvestors Australia

Magnetic Resources to discuss Ragged Rock iron potential at “Stars in 2013”

Fri, 19 Apr 2013 12:35:00 +1000

Magnetic Resources will present to investors at the "Stars in 2013" Investor Forum in Sydney on Wednesday 8th May, and will be discussing the company's key Ragged Rock iron ore project in the wheatbelt of south Western Australia. Gavin Fletcher and John Blanning are renowned for recognising commerciality of iron ore deposits. Attendance is free but registrations are essential as seats are limited.

Magnetic Resources appoints Gavin Fletcher as executive director

Thu, 14 Mar 2013 08:40:00 +1100

Magnetic Resources (ASX: MAU) has appointed ex-Fortescue Metals Group executive Gavin Fletcher as an executive director and Ben Donovan as its company secretary.

It has also received the first placement tranche of $400,000 under the Share Subscription Agreement from the group of experienced iron ore industry executives led by Fletcher and John Blanning, former vice president mining for African Minerals.

Besides offering to work on the Ragged Rock Project, the group also committed to a A$1 million investment.

Fletcher is a Metallurgist with 16 years’ experience in mining in Australia, Africa and Europe, having held positions in iron ore start-ups like U.K. listed African Minerals, Northern Iron and Fortescue Metals Group (ASX: FMG).

Donovan is a member of Chartered Secretaries Australia and provides corporate advisory, IPO and consultancy services to a number of companies, and is currently a Director and Company Secretary of several ASX listed and public unlisted companies.

In addition to the first tranche, Magnetic has also placed $140,000 in shares on the same terms to a group of existing shareholders that have the right to subscribe proportionately to any subsequent placements of ordinary fully paid shares made under the agreement up to a maximum of 35% of those shares placed to the subscribers.

Magnetic will issue 7,714,286 shares at A$0.07 each to the Subscribers and shareholders, and issue a further, 2,857,143 options exercisable at A$0.1499 on or before 27 December 2016 and 1,200,000 partly paid shares to the subscribers.

The 5,714,286 shares and all the options and partly paid shares being issued to the Subscribers will be held under voluntary escrow by the Subscribers for as long as they have the right to subscribe for shares under the Agreement.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Magnetic Resources targets Ragged Rock strike extension with new tenement application

Tue, 12 Mar 2013 12:20:00 +1100

Magnetic Resources (ASX: MAU) has applied for a tenement that has the potential to increase the strike length of Target 1 at the Ragged Rock iron ore project in Western Australia by 120% to 15 kilometres.

The Collins Hill (E70/4478) tenement is adjacent to the Ragged Rock tenement and will increase the Ragged Range project to 507 square kilometres from 353 square kilometres.

“The Collin’s Hill tenement has always been a natural fit for the Company, as we believe the mineralisation from the Ragged Rock project continues along strike and onto this adjoining tenement, managing director George Sakalidis said.

“Magnetic had planned to negotiate a joint venture in order to secure this extension, which would have required the company to commit to exploration for a percentage of the project.

“So for Magnetic to be able to acquire 100% in its own right is a major achievement and one that we hope will provide significant upside to shareholders.”

Target 1 at Ragged Rock is the company’s high priority target and is currently undergoing its first round of reverse circulation drilling aimed at defining a JORC resource.

Some preliminary sampling of the Target 1 strike extension within the new application area by Magnetic shows very encouraging assays ranging from 40% to 54% iron and exhibits similar coarse grained magnetite characteristics on surface to those found at the Ragged Rock project.

Aeromagnetic signatures are also promising and are of similar amplitude as Target 1.

Future plans

Upon acquiring the Collin’s Hill tenement, Magnetic has identified a further 19 kilometres of new iron ore targets delineated east of Target 1. There are now 15 targets within the Ragged Range Project area totalling 68 kilometres in length, all prospective for coarse grained magnetite.

The company plans to carry out further ground magnetic, geological mapping, rock chip sampling within this promising southern part of Target 1 within the new Colin’s Hill application after access and tenement approval.

Ragged Rock is located within 10 kilometres to 20 kilometres from the Albany railway line.

Magnetic has recently being joined by ex-Fortescue Metals Group executive Gavin Fletcher as part of a group of iron ore project experienced personnel that approached Magnetic to work on the Ragged Rock Project and commit to a A$1 million investment.

Fletcher will assist the exploration team with the 1,900 metre reverse circulation drilling program that will define the thickness, quality and extent of the identified high grade magnetite.

The initial drilling program at Target 1 will involve around 10 drill holes. Subject to access, a further six holes are planned each to a depth of 120 metres.

The results are intended to provide an early indication of the geological potential of the project and form the basis for a JORC Resource.

Drilling is expected to take about two weeks with initial assays anticipated to be available within a month of completion.

The Ragged Rock Project is well positioned for possible future infrastructure scenarios including road or rail to the Albany sea port.

Magnetic Resources steps on the gas at Ragged Rock, drilling set to begin

Fri, 08 Mar 2013 11:10:00 +1100

Magnetic Resources (ASX: MAU) is moving very quickly to begin drilling at its Ragged Rock Project in Western Australia next week to define the thickness, quality and extent of the identified high grade magnetite.

Adding to the strength of experience that will be involved in the 1,900 metres of reverse circulation drilling, ex-Fortescue Metals Group executive Gavin Fletcher will assist the exploration team.

Fletcher recently joined Magnetic as part of a group of iron ore project experienced personnel that approached Magnetic to work on the Ragged Rock Project and commit to a A$1 million investment.

Reconnaissance rock-chip sampling at Ragged Rock has confirmed the presence of outcrops of multiple coarse grained, crystalline, moderately dipping banded iron formation horizons with substantial target tonnage potential.

Recent mapping has confirmed a strike length of 41 kilometres at Ragged Rock.

George Sakalidis, managing director, commented: “We are delighted with the potential at Ragged Rock.

“The commencement of drilling has followed extensive rock chip sampling confirming the potential for Ragged Rock to host a high grade coarse grained magnetite resource, a characteristic acknowledged by the investment group that recently committed to a placement in Magnetic.

“The drilling program will provide a clear indication of the geological quality, scale and value of Ragged Rock, with the aim of moving towards the identification of a JORC Resource and unlocking the potential value of this project.”

Drilling plan

The initial drilling program at the 6.8 kilometre long Target 1 will involve around 10 drill holes. Subject to access, a further six holes are planned each to a depth of 120 metres.

This campaign has been designed to test the thickness, quality and extent of the weathered cap as well as the potential for high grade magnetite mineralisation under cover along the entire strike length of Target 1.

The results are intended to provide an early indication of the geological potential of the project and form the basis for a JORC Resource.

Drilling is expected to take about two weeks with initial assays anticipated to be available within a month of completion.

The Ragged Rock Project is well positioned for possible future infrastructure scenarios including road or rail to the Albany sea port.

World class team

A team headed up by Gavin Fletcher, ex-principal process engineer for Fortescue Metals Group (ASX: FMG), and John Blanning, former vice president mining for African Minerals, approached Magnetic to work on the Ragged Rock Project.

This is a clear indicator of the calibre of the Ragged Rock Project.

The group has significant skills in the identification and definition of iron ore deposits, the conducting of metallurgical testwork and commissioning of iron ore operations.

The team offered to work beside Magnetic’s current exploration team and Board to assist in defining a JORC Resource, the direction of metallurgical test work, flowsheet development, technical marketing and technical support through to and including project financing.

The offer was conditional on the group securing access to a significant equity stake in Magnetic via a placement agreement.

This has led to a $1 million investment in the company.

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Magnetic Resources’ Ragged Rock iron ore project draws world class team

Wed, 06 Mar 2013 12:20:00 +1100

Attracted by the strength of Ragged Rock Project, a group of experienced industry executives, including ex-Fortescue Metals Group executive Gavin Fletcher, has approached Magnetic Resources offering to assist in expediting the project and committing to a A$1M placement.

Magnetic Resources gets wind in sale from positive WA magnetite study

Tue, 27 Nov 2012 13:05:00 +1100

A positive initial conceptual study is the impetus for Magnetic Resources to look at next steps for its Ragged Rock magnetite project that is crucially close to existing rail infrastructure with likely access to port space. Under two 1Mtpa and 2Mtpa scenarios via Albany port, Magnetic could earn a robust margin at current iron ore prices.

Magnetic Resources confirms BIF mineralisation at Calingiri

Thu, 25 Oct 2012 11:40:00 +1100

Magnetic Resources (ASX: MAU) has completed a drilling program confirming the presence of magnetite banded iron formation (BIF) at its Calingiri iron ore project in Western Australia.

Seven of the nine reverse circulation holes drilled intersected BIF with those on the southern traverse encountering multiple BIF horizons ranging from 5 metres to 15 metres in estimated true thickness.

Assaying of drill samples and Davis Tube Recovery test work is in progress and will be reported when results are available.

The drilling program followed up on aeromagnetic data showing that high amplitude magnetic anomalies, interpreted to reflect magnetite BIF, extend for a strike length of at least 8.5 kilometres in the southern half of the tenement.

Situated 100 kilometres northeast of Perth, Calingiri forms part of Magnetic’s extensive southwest Western Australia iron ore holdings, targeting both direct shipping ore grade hematite and premium quality magnetite deposits close to rail and port infrastructure.

Calingiri is particularly well located with the BIF targets situated within 4 kilometres of an existing railway.

On completion of the first phase of drilling at Calingiri, and subject to completion of land access agreements, Magnetic is planning to carry out an initial drilling program at its Ragged Rock magnetite discovery.

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Magnetic Resources shareholders offered Tungsten Mining IPO shares

Tue, 23 Oct 2012 10:40:00 +1100

Magnetic Resources’ (ASX: MAU) shareholders will be offered a priority entitlement of 5 million shares in Tungsten Mining’s IPO prior to its listing on the ASX in November 2012.

Tungsten will list under the code TGN following an IPO to raise $5 million, with over subscriptions up to $8 million.

Magnetic has entered into an agreement with Tungsten Mining relating to information possessed by Magnetic on the Lake Seabrook area.

Under the agreement, Magnetic will retain the rights to precious metals on tenements that Tungsten applied for in the Lake Seabrook area.

Consideration is the issue of 500,000 shares in Tungsten representing around 0.53% of the issued capital of the company.

Tungsten’s primary objective is to determine the feasibility of exploiting a tungsten deposit present on mining lease ML08/0314, over which it holds rights in the Ashburton region of Western Australia.

The company believes, based on the results of earlier exploration activities and metallurgical investigations carried out in the 1970s and 80s, that a high grade tungsten mine could be developed on ML08/0314 with an accelerated development program.

China dominates the world supply of tungsten, and there have been no significant new tungsten mines developed outside China since 2008 to meet the expected demand growth of 6% per annum.

Tungsten believes this creates an opportunity to become a significant producer of the metal during a period of strong demand and rising prices, and, from a self-funding base, to investigate the other projects in its extensive project pipeline, including the Lake Seabrook tenements.

Calingiri drilling

Meanwhile, Magnetic has begun drill testing an 8.5 kilometre strike of magnetite anomalies at its wholly owned Calingiri iron ore project.

The Calingiri project in Western Australia is strategically located about 10 kilometres south of Cliffs Natural Resources’ (NYSE: CLF) Yerecoin magnetite project where a resource of 186.8 million tonnes at 30.9% iron has been reported.

The move to begin drill testing follows encouraging surface sampling results, ranging from 40.1% Fe and 23.7% Si02 to 57.3% Fe and 7% Si02, confirming the presence of weathered, iron-enriched magnetite banded iron formation (BIF) at the southern end of Magnetics’ exploration licence.

Aeromagnetic data shows that high amplitude magnetic anomalies, interpreted to reflect magnetite BIF, extend for a strike length of at least 8.5 kilometres in the southern half of the tenement.

Situated 100 kilometres northeast of Perth, Calingiri forms part of Magnetic’s extensive southwest Western Australia iron ore holdings, targeting both direct shipping ore grade hematite and premium quality magnetite deposits close to rail and port infrastructure.

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Magnetic Resources to drill test 8.5km strike of magnetite anomalies at Calingiri

Mon, 17 Sep 2012 11:50:00 +1000

Magnetic Resources (ASX: MAU) has completed ground magnetic surveys at its wholly owned Calingiri iron ore project to define drilling targets, with reverse circulation drilling set to begin this week.

The Calingiri project in Western Australia is strategically located about 10 kilometres south of Cliffs Natural Resources’ (NYSE: CLF) Yerecoin magnetite project where a resource of 186.8 million tonnes at 30.9% iron has been reported.

The move to begin drill testing follows encouraging surface sampling results, ranging from 40.1% Fe and 23.7% Si02 to 57.3% Fe and 7% Si02, confirming the presence of weathered, iron-enriched magnetite banded iron formation (BIF) at the southern end of Magnetics’ exploration licence.

Aeromagnetic data shows that high amplitude magnetic anomalies, interpreted to reflect magnetite BIF, extend for a strike length of at least 8.5 kilometres in the southern half of the tenement.

Ground magnetic traverses have been carried out on three profiles across the high amplitude magnetic targets, which occur in soil covered areas currently under crop.

Reverse circulation drilling will be carried out on these three sections to assess the nature and extent of the magnetic target horizons.

Potential similarities to Yerecoin

Cliffs’ Yerecoin Resource is notable in that the mineralisation has exceptionally favourable magnetite separation characteristics likely to result in a premium magnetite product at a coarse grind size, similar to Magnetic’s Jubuk deposit near Corrigin and possibly similar to Magnetic’s recent coarse grained magnetite discoveries at Ragged Rock near Northam.

Such premium quality magnetite continues to be a sought after product because of its low impurities, making it suitable for both blending and as feed for direct reduction furnaces.

Also of note is that the magnetic target extent at Calingiri is similar to the strike extent of the Yerecoin deposits suggesting potential for similar sized deposits at Calingiri.

Extensive iron ore holdings

Situated 100 kilometres northeast of Perth, Calingiri forms part of Magnetic’s extensive southwest Western Australia iron ore holdings, targeting both direct shipping ore grade hematite and premium quality magnetite deposits close to rail and port infrastructure.

Calingiri is particularly well located with the BIF targets situated within 4 kilometres of an existing railway.

Ragged Rock exploration

On completion of the first phase of drilling at Calingiri, and subject to completion of land access agreements, Magnetic is planning to carry out an initial drilling program at its Ragged Rock magnetite discovery.

Earlier this month the company identified substantial target tonnage potential at its Ragged Rock project, about 100 kilometres northeast of Perth, after rock sampling at six targets returned grades from 28.1% iron to 55.5% iron.

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Magnetic Resources managing director purchases further shares on market

Wed, 12 Sep 2012 16:50:00 +1000

Magnetic Resources (ASX: MAU) managing director George Sakalidis has lifted his stake in the company to 5,164,482 shares after acquiring 267,375 shares on market.

Sakalidis purchased the shares for A$20,979, for an average entry price of A$0.078 per share.

He also holds:
- 3,076,113 partly paid fully participating contributory shares issued at A$0.00 with A$0.20 payable;
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 23 December 2014 at A$0.2709 each;
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 21 December 2015 at A$0.4607 each; and
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 27.December 2016 at A$0.1499 each

Magnetic has recently identified substantial target tonnage potential at its Ragged Rock project about 100 kilometres northeast of Perth, after rock sampling at six targets returned grades from 28.1% iron to 55.5% iron.

These multiple weathered banded iron formation sequences could extend below soil, indicating potential for further increases in the target tonnage at a location just 10 kilometres from the standard gauge, multi user Trans Australian Railway and 10 kilometres from the Avon - Albany railway.

Ragged Rock targets a cumulative strike length totalling about 41 kilometres and is interpreted to be associated with magnetite similar to the premium magnetite deposit identified at Jubuk near Corrigin.

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Magnetic Resources receives encouraging iron grades from sampling at Ragged Rock

Wed, 05 Sep 2012 12:35:00 +1000

Rock sampling of six target areas at Ragged Rock have returned encouraging results that Magnetic Resources believes warrant drill testing on priority targets while DTR tests have indicated that magnetic separation can achieve a good grade, low impurity product.

Magnetic Resources builds strong case for more potential premium magnetite at Ragged Rock

Mon, 18 Jun 2012 11:24:00 +1000

Magnetic Resources continues to identify potential premium magnetite 100 kilometres northeast of Perth, with a new discovery at the Ragged Rock Project extending targets at the project to 41km of strike.

Magnetic Resources MD leads from the front with on market share acquisitions

Tue, 29 May 2012 08:10:00 +1000

Magnetic Resources (ASX: MAU) managing director George Sakalidis has acquired another 122,959 shares on market for a consideration of A$13,093, or around $0.10 per share.

This latest purchase takes Sakalidis’ shareholding in the company to 4.8 million fully paid shares.

He also holds over 3 million in partly paid fully participating contributory shares and 2.4 million options.

Last month Magnetic Resources increased the strike length of its targets in the York area of Western Australia by 30 kilometres with the discovery of coarse grained magnetite.

The company has now increased the strike length of its targets to 105 kilometres over 10 project areas.

Importantly, these targets may host one of the best magnetite products in WA.

Sakalidis told Proactive Investors previously the magnetite comprises 70% iron and 1.3% silica once processed, making it a premium quality product.

“Now that is unusually enriched in iron and very low in silica, which makes it a premium product and probably one of the best magnetites in Western Australia.”

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Magnetic Resources MD increases total share holding to 4.7 million

Tue, 15 May 2012 09:00:00 +1000

Magnetic Resources (ASX: MAU) managing director George Sakalidis has picked up a further 125,000 shares in the company, taking his total holdings to 4.7 million shares.

The shares were purchased for total consideration of $12,405, equating to A$0.099 per share.

Last month Magnetic Resources increased the strike length of its targets in the York area of Western Australia by 30 kilometres with the discovery of coarse grained magnetite.

Magnetic now has 105 kilometres of strike over 10 project areas.

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Magnetic Resources unearths premium magnetite north of York

Fri, 27 Apr 2012 12:40:00 +1000

George Sakalidis, Magnetic Resources managing director, told Proactive Investors today, with the latest magnetite discovery north of York, the company has found 105km of new targets. Importantly, these targets may host one of the best magnetite products in WA.

Magnetic Resources intercepts iron ore in two new zones in Western Australia

Thu, 26 Apr 2012 12:00:00 +1000

Magnetic Resources (ASX: MAU) has identified further zones of magnetite in its holdings in the southwest of Western Australia, with results from a further two exploration targets.

The 72 hole, 3,082 metre drilling program is part of a systematic assessment of a number of targets for direct shipping ore and magnetite in the region.

Drilling was carried out over part of the Cheesemans and Buntine iron ore targets in the Wubin area, confirming the occurrence of coarse grained and conventional banded iron formation rock types.

At the Cheesemans prospect, which comprises an 11 kilometre broad magnetic target, drilling intersected two metamorphosed banded iron formation units with a best intercept of 22 metres at 28.3% iron.

Results from the Cheesemans prospect bear similarities to Magnetic’s advanced Jubuk Project. Jubuk-style rocks have also been identified in previous drilling at the Fitzsimmons target.

Drilling at the Buntine prospect, which covers a 7.5 kilometre long high amplitude magnetic anomaly, returned a peak intercept of 11 metres at 27.94% iron from 41 metres depth.

Buntine is located 5 kilometres north of Cheesemans.

Magnetic has now identified coarse grained magnetite over 10 areas of exploration in the southwest of Western Australia, with 105 kilometres of interpreted strike.

Coarse magnetite bearing rock types have been discovered over satellite targets to Jubuk, at Marriotts, Lomos and Vinegar, with results from drilling at these targets pending.

Meanwhile, new data from an airborne geophysical survey has delineated an additional 125 kilometres of new targets.

Results to date indicate that Magnetic has potential to prove up a viable resource base in the near term.

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Magnetic Resources substantial shareholder increases stake to 6.8%

Wed, 18 Apr 2012 15:00:00 +1000

Magnetic Resources (ASX: MAU) substantial shareholder Ava Cartel Sdn Bhd has increased its shareholding to 6.8% after acquiring a further 682,185 shares.

Ava Cartel purchased the shares on-market for a consideration of $73,828, providing an average entry price of around $0.11 per share.

Magnetic is advancing exploration at its wholly owned iron ore tenements in the south-west of Western Australia.

In the December quarter last year, reconnaissance sampling at the Calingiri project showed iron grades ranging from 36.1% to 57.3% iron, indicating that the magnetite-rich units interpreted to underlie the magnetic anomalies have been enriched in some areas and suggesting the possibility of direct shipping type ores being present.

The strike length of the magnetic anomalies in the southern half of the tenement totals about 8.5 kilometres.

The Calingiri project is situated about 10 kilometres south of Atlas Iron's (ASX: AGO) Yerecoin project where a substantial magnetite resource, with high concentrate grades similar to Magnetic’s Jubuk project, has been reported.

Initial testwork has indicated an extremely high quality concentrate can be produced, with iron content of 70% plus and low impurity levels, at a relatively coarse grind size compared to other Western Australian magnetite projects.

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Magnetic Resources MD George Sakalidis takes November share spend to $35,914

Wed, 30 Nov 2011 13:46:00 +1100

Magnetic Resources’ (ASX: MAU) managing director George Sakalidis has again increased his stake in the company with the purchase of 50,000 shares on market between November 24 and 28 for a consideration of A$6,450, providing an average entry price of $0.13.

This latest purchase takes Sakalidis’ total spend for November to $35,914 for 235,000 shares. He now holds 4.5 million shares in Magnetic Resources.

Magnetic continues to advance exploration at its wholly owned iron ore tenements in the southwest of Western Australia.

Calingiri's proximity to Atlas Iron's (ASX: AGO) 187 million tonnes at 30.9% Yerecoin project and the recent discovery of possible direct shipping type ores at Calingiri could potentially bode well for Magnetic.

Composite samples collected from exploration licence E70/3921 near Calingiri showed iron grades ranging from 36.1% to 57.3% iron, indicating that the magnetite-rich units interpreted to underlie the magnetic anomalies have been enriched in some areas and suggesting the possibility of direct shipping type ores being present.

Magnetic Resources MD continues to increase shareholding

Wed, 23 Nov 2011 14:05:00 +1100

Magnetic Resources (ASX: MAU) managing director George Sakalidis purchased additional shares on market boosting his stake in the company to 4.45 million ordinary shares.

Sakalidis bought 25,812 shares for a consideration of A$3,614, providing an average entry price of $0.14.

Magnetic Resources continues to advance exploration at its wholly owned iron ore tenements in the south-west of Western Australia.

Composite samples collected from exploration licence E70/3921 near Calingiri showed iron grades ranging from 36.1% to 57.3% iron, indicating that the magnetite-rich units interpreted to underlie the magnetic anomalies have been enriched in some areas, and suggest the possibility of direct shipping type ores being present.

Calingiri's proximity to Atlas Iron's (ASX:AGO) 187 million tonnes at 30.9% Yerecoin project could potentially bode well for Magnetic as it plans a large aircore drilling program.

Magnetic Resources managing director tops up shareholding

Thu, 17 Nov 2011 11:00:00 +1100

Magnetic Resources (ASX: MAU) managing director George Sakalidis acquired 159,188 shares at $0.162 per share between 11-16 November 2011 in an on market purchase.

Sakalidis purchased the shares for a consideration of $25,850 and now holds 4,429,719 ordinary shares in the company.

Magnetic Resources continues to advance exploration at its wholly owned iron ore tenements in the south-west of Western Australia.

Composite samples collected from exploration licence E70/3921 near Calingiri showed iron grades ranging from 36.1% to 57.3% iron, indicating that the magnetite-rich units interpreted to underlie the magnetic anomalies have been enriched in some areas, and suggest the possibility of direct shipping type ores being present.

Calingiri's proximity to Atlas Iron's (ASX:AGO) 187 million tonnes at 30.9% Yerecoin project could potentially bode well for Magnetic as it plans a large aircore drilling program.

Magnetic Resources discovers potential DSO iron resources at Calingiri

Wed, 12 Oct 2011 11:35:00 +1100

Calingiri's proximity to Atlas Iron's 187Mt at 30.9% Yerecoin project and the recent discovery of possible direct shipping type ores at Calingiri could potentially bode well for Magnetic. Managing director George Sakalidis told Proactive Investors the next step is a large aircore drilling program.

Magnetic Resources delivers positive NPV in Jubuk Magnetite Conceptual Mining Study

Thu, 29 Sep 2011 12:13:00 +1000

The Study demonstrated a solid base case for developing Jubuk to produce 0.5Mtpa of magnetite concentrate, road freighted to Kwinana port. Reducing CAPEX is under review, additional mineralisation with low overburden strip ratios would also strongly enhance the project economics.

Magnetic Resources appoints Eric Lim as non-executive director

Wed, 24 Aug 2011 11:31:00 +1000

Magnetic Resources (ASX: MAU) has appointed Singapore‐based private investor Eric JH Lim as an additional non‐executive director.

Lim currently holds 3,350,000 fully paid ordinary shares via a holding company on his own account and represents a group of Singapore‐based investors who hold a significant stake in the company.

An experienced senior executive officer, Lim presently holds the position of head of wholesale banking finance, Southeast Asia, at Standard Chartered Bank.

On August 18 Magnetic Resources announced that it will conduct crushing and screening test work to assess the potential of direct shipping ore (DSO) from the Wubin project, which is located north-east of Perth.

The test work is a follow-up to some recent high grade rock chips, with a third of the 278 samples reported greater than 40% iron.

Once the test work has been completed, Magnetic will then conduct ground gravity surveys targeting zones of reduced magnetic response on interpreted banded iron formation horizons.

Wubin currently has an exploration target of 500 to 1,000 million tonnes BIF and 50 to 100 million tonnes DSO.

Magnetic Resources kicks off DSO test work from Wubin project

Thu, 18 Aug 2011 12:40:00 +1000

Magnetic Resources (ASX: MAU) will conduct crushing and screening test work to assess the potential of direct shipping ore (DSO) from the Wubin project, which is located north-east of Perth.

The test work is a follow-up to some recent high grade rock chips, with a third of the 278 samples reported greater than 40% iron.

The test work is expected to show whether the silica and alumina levels can be significantly reduced with a complimentary increase in iron content.

Magnetic said these results highlight the potential of the area to contain potentially mineable volumes of DSO-type materials with minimal stripping ratios.

Once the test work has been completed, Magnetic will then conduct ground gravity surveys targeting zones of reduced magnetic response on interpreted banded iron formation horizons.

Wubin currently has an exploration target of 500 to 1,000 million tonnes BIF and 50 to 100 million tonnes DSO.

Magnetic Resources encouraging 67.5% DTR iron results with low impurities at Mt Vernon

Thu, 23 Jun 2011 13:03:00 +1000

With quality Davis Tube results of 67.5% iron with low impurities, wide open intersections including 132m with bulk tonnage potential, Mt Vernon Iron is delivering Magnetic another developing iron ore project for the company's portfolio.

Magnetic Resources gravity survey adds 2.7km to strike length at Jubuk magnetite project

Wed, 25 May 2011 16:13:00 +1000

Magnetic Resources (ASX: MAU) is conducting a detailed gravity survey over its Jubuk magnetite project and has added 2.7 kilometres to the existing four kilometre strike of known magnetite mineralisation.

Importantly, the zones have potential to add significant tonnages to the Jubuk mineralisation.

The gravity survey is being undertaken by Magnetic to provide greater definition of target zones and to allow priority drill target areas.

Preliminary results from a detailed gravity survey show numerous strong responses, with results indicating the magnetite zone at Jubuk could extend about 600 metres south of the drilled area.

Test work at Jubuk continues to indicate a premium quality magnetite product of the type sought by a range of international consumers.

The project is located near Corrigin, 300 kilometres from Perth and close to the existing grain rail network.

The rail line is located just 30 kilometres south of the Jubuk project, providing a significant advantage due to lower investment required to transport ore to port. This rail provides access to the Albany and Kwinana ports.

Magnetic is extending the gravity survey to the south along both prospective horizons and will be subject to intensive processing and interpretation in conjunction with the airborne and ground magnetic data previously collected by the company.

Drilling of a second prospective parallel zone called Marriotts, to the south of Jubuk in mid 2010, did not intersect significant grades.

The company anticipates that the gravity data will allow more effective positioning of drill holes to test this large target zone.

On April 21 Magnetic completed the second stage of the latest drill program at Jubuk aimed at following up encouraging drill results and moving the project closer to defining an inferred resource.

Drilling of the new priority targets will commence upon completion of the necessary permitting.

Magnetic Resources reports drill results at Jubuk, closer to inferred resource

Thu, 21 Apr 2011 11:45:00 +1000

A second stage drill program as Jubuk was aimed at testing strike extensions of the banded iron formation, moving the company a step closer to defining an inferred resource.

Magnetic Resources doubles strike length to over 4kms at Jubuk

Mon, 28 Feb 2011 11:07:00 +1100

A doubling of strike length at Jubuk project located near existing rail lines in southern WA is a key "selling" point for Magnetic Resources. Attracting interest from other companies in its projects, this is likely to intensify in months ahead.

Magnetic Resources in discussions with "several parties" to develop the Jubuk iron ore project

Wed, 19 Jan 2011 12:33:00 +1100

Magnetic Resources (ASX: MAU) is in discussions with "several parties interested in the Jubuk iron project" to accelerate exploration and possible development.

Jubuk is located near near Corrigin in Western Australia where Magnetic will commence a 34-hole drill program for 4,000 metres at the Jubuk project.

This follows encouraging previous drilling and testwork on reverse circulation drill samples, the test results highlighted potential for the project to produce a high grade concentrate.

The drill programme will be undertaken in two stages commencing in late January. The first stage will test the eastern strike extensions where the magnetic response indicated the prospective sequence extends for a further 2 kilometres east of the previous drilling.

The second stage of the drilling will focus on the previously drilled north-trending zone.

Magnetic Resources confirms premium grades at Jubuk magnetite prospect

Fri, 30 Jul 2010 07:31:00 +1000

Magnetic Resources (ASX: MAU) has received the analytical results from its second reverse circulation (RC) drilling programme testing the Jubuk Target 1 magnetite prospect near Corrigin in Western Australia.

The 1,703m programme consisted of 14 RC drill holes and drilling encountered significant widths of near surface coarse grained magnetite in metamorphosed and re-crystallized banded iron formation (BIF) with iron grades around 25%Fe.

Drill holes JRC018-31 returned the best results, located over an 800m strike length in the central prospect area below transported cover.

The results include intersections of 28m @ 23.7%Fe from 64m in hole JRC023 and 52m @ 20%Fe from 80m in hole JRC031, including 32m @ 24.5%Fe from 100m. Cross sections of drill holes JRC023-26 and JRC029-30 are shown in Figures 2 and 3 respectively.

George Sakalidis, managing director, said initial geophysical modelling of ground magnetic data suggests the presence of two magnetic zones dipping to the east and west consistent with a fold structure. The drill data tends to support this interpretation however the context of the intersections is yet to be fully confirmed by orientated drill core.

The previous drilling on the outcrop area (January 2010) did not test for a western limb of the folded BIF. The presence of a fold closure at shallow depth has positive implications for increased tonnage potential at Jubuk.

The ongoing scoping metallurgical testwork has continued to return encouraging results. A two stage grind and LIMS (Low Intensity Magnetic Separation, 900 gauss) test has been completed using a diamond core composite sample.

The LIMS on the primary coarse grind to a P80 of 212 micron generated a concentrate grade of 65.2%Fe and 8.1%SiO2, recovering 88.6% of the feed Iron.

A secondary regrind to a P80 of 75 micron, prior to secondary LIMS produced a concentrate containing 70%Fe and 1.4%SiO2 recovering 87.8% of the iron (referring to the iron content of the initial feed).

This is comparable to the Davis Tube test on a sample derived from the same composite which produced a concentrate grade of 70.5%Fe and 1.3%SiO2 recovering 90.4% of the Iron.

Magnetic said these results continue to indicate that a premium grade magnetite concentrate can be produced from Target 1, with high iron recovery.

This product is likely to be suitable for direct reduction feed, commanding up to a 10% premium in the market.

Drilling at the nearby 10km-long Jubuk Target 2 (6 RC drill holes totalling 688m) intersected lower grade magnetite (less than 15%Fe) with higher phosphorus levels (average 0.26%P).

The company said following the encouraging results from Jubuk Target 1, where 25 drill holes have now been completed, further drilling is planned, including testing of the previously unrecognised western fold limb and the commencement of resource definition drilling.