Magnetic Resources
Full Magnetic Resources profile here
Magnetic Resources (ASX: MAU) is exploring for gold, iron, nickel and uranium on its extensive holdings in the wheatbelt (southern Yilgarn Craton) region of Western Australia.
The Tampia North tenements, where Magnetic holds an 80% interest with rights to earn a 100% interest, cover a 30km strike on an interpreted shear zone where gold anomalies and indications of gold mineralisation have been outlined by geochemical sampling and shallow drilling.
Magnetic Resources shares rise on upgraded iron ore targets at Mt Vernon, WA
Tuesday, March 16, 2010
As part of its ongoing iron ore exploration in the south west of Western Australia, Magnetic Resources (ASX: MAU) has identified two pronounced magnetic anomalies about 30km northeast of the Newdegate town site and railway line.
The eastern magnetic anomaly is interpreted to be a BIF some 10km in length whereas the nature of the western magnetic complex remains to be determined but is consistent with magnetite-rich lithologies, possibly related to a tightly folded metamorphosed BIF sequences about 14km in strike length.
The company said these new targets bring the total strike length of iron ore targets identified at the Mt Vernon, Sewell, Wubin, Dalwallinu, Jubuk and Quairading projects to 212km.
Regional geochemical sampling has identified elevated levels of up to 32% Fe within laterite samples overlying the interpreted BIF horizon along the eastern tenement limb at Mt Vernon and up to 29% Fe within the complex western magnetic zone.
Ground magnetic traverses have been completed over portion of the complex magnetic signature within the western part of tenement to complement the existing 400m-spaced regional airborne magnetic coverage.
The ground and airborne magnetic data will be integrated to provide data for detailed magnetic modelling.
Access agreements have either been signed or are being completed over the entire eastern limb of the exploration licence. Ground magnetic traversing and geological mapping is about to commence across this area in order to define targets for drilling.
Magnetic Resources shares rose 6% to 41 cents in trading today.
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