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Magnetic Resources MD George Sakalidis takes November share spend to $35,914

Magnetic Resources’ (ASX: MAU) managing director George Sakalidis has again increased his stake in the company with the purchase of 50,000 shares on market between November 24 and 28 for a consideration of A$6,450, providing an average entry price of $0.13. 

This latest purchase takes Sakalidis’ total spend for November to $35,914 for 235,000 shares. He now holds 4.5 million shares in Magnetic Resources.

Magnetic continues to advance exploration at its wholly owned iron ore tenements in the southwest of Western Australia.

Calingiri's proximity to Atlas Iron's (ASX: AGO) 187 million tonnes at 30.9% Yerecoin project and the recent discovery of possible direct shipping type ores at Calingiri could potentially bode well for Magnetic.

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 suggesting the possibility of direct shipping type ores being present.