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Magnetite Mines Ltd.
Summary
| Project: | Mawson Iron | |
|---|---|---|
| Deposit: | Olary | |
| Location: | Australia | |
| Commodities: | Iron-Aluminium-Silica-Phosphorus | |
| Date: | 5/11/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 11-5-2018: Magnetite Mines Ltd. announces a Resource Estimation report for its Olary deposit at the Mawson Iron project. Clarified Resource estimate at the deposit. Magnetite Mines Limited (ASX: MGT) ( Company) refers to the article published in the Austr | |
| Resources: | (Resource, Inf.): 542.9Mt @ 19.04% DTR for 103.4Mt DTR at Olary | |
| CP/QP: | [Resources]: Not stated (n/a) | |
| ABSTRACT: | Magnetite Mines Limited (ASX: MGT) ( Company) refers to the article published in the Australian Financial Review on Thursday 10 May 2018 (Article). The Article makes reference to various statements set out below that require clarification or retraction. Reference to reserves of 4 billion tonnes The Article refers to there being estimated reserves of 4 billion tonnes of magnetite ore in the Mawson Iron Province in the Braemar region of South Australia. The Company has a 100% interest in the Razorback Deposit and is party to a framework agreement to acquire a 100% interest in the Olary Deposit (see ASX announcement of 29 March 2018). Both projects are located in the Mawson Iron Province in the Braemar region of South Australia. As previously disclosed, the Company's table of mineral resource estimates does not contain any ore reserve estimate. The Company confirms it does not presently have an ore reserve estimate and that the reference to reserves is an error in the Article. The total mineral resource estimates for the Razorback, Ironback Hill and Olary deposits are set out below. The Mineral Resource information below for the Razorback Deposit was prepared and first disclosed under the JORC Code 2004 and the information has not been updated since to comply with the JORC Code 2012 on the basis the information has not materially changed since it was last reported. The Resource was first announced on 11 June 2013. | |
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