Perth, Sep 11, 2008 AEST (ABN Newswire) - In line with previous announcements (ASX releases 25 June 2008 and 14 July 2008) Magnetic Resources (ASX:MAU) has applied for several new tenements covering major magnetic anomalies in the southern wheat belt region of WA. The new tenements cover areas of strong magnetic response south of Quairading, north of Lake Grace and around Dumbleyung and are known as JUBUK, JUROPIN ROCK, TARIN ROCK NORTH and COORAN HILL.
These total 342 sq km bringing the total area of iron ore focussed tenements to 784 sq km. A further 781 sq km of tenements are now recognised as having areas of iron ore potential within Tampia North 1, 2, and 3; Norpa and Rock Dam Hill.
The strategic location of these iron ore targets close to existing railway infrastructure with connections to ports is likely to significantly enhance the economic potential of any iron ore discoveries.
DRAGON ROCKS (E70/3495) MT VERNON (E70/3496)
Regional mapping in the specific area of the Newdegate tenements Dragon Rocks and Mt. Vernon has identified small outcrops of coarse grained gneiss and recrystallised granite within extensive areas of residual laterite and sand plain.
The main zone of interest at Mt Vernon is the approximately 8km in length and 7km in width of complex magnetic response and includes an inferred Banded Iron Formation along the eastern side of the tenement.
Surface laterite samples previously collected by the CSIRO on the tenements record iron contents up to 39.5% Fe in the laterite which is significantly enriched relative to usual laterite levels of 10-20% Fe and which suggests the presence of iron-rich rocks. This is significant as it indicates the presence abundant iron in the vicinity.
Magnetic has undertaken field reconnaissance programmes to identify areas of iron-enriched laterite and occurrences of banded iron formation or magnetite-rich gneissic granite. This sampling returned values to 18.5% Fe in laterite immediately over this non-outcropping zone inferred to be BIF.
DAMPLING SPRING (E70/3499)
This tenement covers an area of complex intense magnetic response within an area completely covered by sand plain. Reconnaissance sampling of lateritic materials has returned more elevated results over the prospective zone indicated by the magnetic data with the maximum response of 22% Fe (within the laterite) being the obtained offset to the magnetic anomaly.
JUBUK (E70/3535) JUROPIN ROCK (E70/3536)
Whilst identified from coarse scale historical magnetic data the presence of a BIF horizon is clearly illustrated within the new JUBUK (84 sq km) and JUROPIN ROCK (61 sq km) tenements located between Corrigin and Quairading.
Detailed review of the magnetic data indicates these tenements cover >20 kilometres of highly prospective strike length with an outcrop of metamorphosed BIF in the form of banded quartzmagnetite- grunerite granulite occurring in the northern part of E70/3535.
These are consistent with the previous tenements being about 17km from the rail at Corrigin and about 12 km south of the rail at Quairading.
Magnetic Resources is undertaking roadside ground magnetic traverses to further refine the location of prospective horizons within these tenements with a view to being able to identify drilling targets as soon as the tenements and statutory approvals are in place.
Contact
George Sakalidis
Managing Director
Phone: (08) 9485 2410
Mob: 0411 640 337
Roger Thomson
Executive Director
Phone: (08) 9485 2410
Mob: 0419 969 183
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