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Magnetic Resources MD continues to increase shareholding

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.