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Magnetic Resources Receives Encouraging Iron Grades From Sampling At Ragged Rock

Magnetic Resources (ASX: MAU) has 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.

Importantly, this potential coarse grained magnetite tonnage is located just 10 kilometres from the standard gauge, multi user Trans Australian Railway and 10 kilometres from the Avon - Albany railway.

The multiple weathered banded iron formation (NYSE:BIF) sequences appeared to be coarse grained and crystalline, similar to those in Target 1.

These occur within more extensive aeromagnetic anomalies interpreted to relate to extensions of the BIF sequences below soil cover and indicating potential for further increases in the target tonnage.

Magnetic said it is still unclear if the multiple BIF horizons in each of the target areas are separate stratigraphic horizons or fold or thrust repeats of the same horizon, though it added the encouraging early results warrant drill testing.

This will focus on priority targets to assess both the weathered zone and the primary magnetite zone and obtain samples for further testing.

In addition, DTR tests carried at various grind sizes on surface samples from each of the target areas assessed to date have indicated that despite the partially weathered nature of the magnetite in the surface samples, a good grade, low impurity product can be achieved using magnetic separation with an overall average grade for all grind sizes of 68.56% iron, 1.81% silicon dioxide and 0.92% aluminum oxide.

This resulted in iron recovery of 58.86% and mass recovery of 35.42%.

The concentrate grade and recoveries do not appear to be sensitive to grind size, the 500 micron fraction returning similar grades and recoveries to the finer grind fractions. The concentrate grade and recoveries are expected to increase in the primary magnetite zone.

Six other targets at the project have yet to be assessed, which could lend further support to the latest results.

Ragged Rock

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.

Work on Target 1 had identified a broad east dipping Western BIF at least 300 metres wide and 5 kilometres long as well as a flatter east dipping Eastern BIF about 200 metres wide and 1.7 kilometres in length.

The results to date have also prompted Magnetic to carry out further investigation of the port and infrastructure options available to this project.

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