Magnetite Mines Limited (ASX:MGT) is a mineral exploration company exploring for iron ore and copper in South Australia and for iron, gold and uranium in the Northern Territory.
Our main focus is the Mawson Iron Project (MIP), a very large magnetite province located 240km NNE of Adelaide, South Australia - 100% owned and operated by Magnetite Mines Limited. The project has a JORC 2004 compliant resource of over 2.7 Billion tonnes (Indicated and Inferred) at the Razorback Ridge Deposit (Razorback) with an additional 1.2 Billion tonnes (Inferred) in the nearby Ironback Hill deposit. There remains up to a conservative 16 - 35 Billion tonnes as an exploration target at grades of 18 to 45% Fe. Razorback occurs in an infrastructure rich area that has access to nearby existing open user rail, port, power, gas, heavy engineering and dormitory towns. Presently a MOU between Magnetite Mines and Braemar Infrastructure exists for the implementation of an innovative slurry pipeline - infrastructure corridor to deliver iron ore concentrate from mine to ship in the Spencer Gulf.