THE Mutooroo Magnetite project, a joint venture between Mintoaur Resources (40.9 per cent) and Japans’ Sumitomo Metal Mining Oceania (59.1 per cent), has reported a massive increase in iron mineralisation.
Minotaur has modelled seven considerable magnetic anomalies at Mutooroo: Muster Dam, Muster Catch, Muster South, Duffields 1, Surrender Dam, Peaked Hill and Peaked Hill West.
After establishing an inferred resource of 1.5 billion tonnes at 15.2 per cent David Tube Recovery (DTR) for the Muster Dam deposit in November 2011, Minotaur has identified an additional 2.2 to 4.2bt of magnetite at a DTR of between 15 and 18 per cent.
High-quality magnetite concentrate with 70 per cent iron – mostly from the Duffields 1 prospect – has been produced from samples taken at several of the magnetic anomalies.
Minotaur managing director Andrew Woskett said the exploration target of 2.2 to 4.2bt represented a significant increase in the magnetite potential at
“About 45 per cent of the revised exploration target tonnage came from the Duffields 1 prospect, with further potential remaining along strike in areas not included in the new exploration target,” he said. “Significantly, recent drill results have improved confidence in the thickness and continuity of mineralisation at Duffields 1, at potentially higher grades than at Muster Dam.”
About 100km southwest of Broken Hill, the Mutooroo deposits are part of the extensive Braemar Ironstone Formation, which stretches for more than 200km through NSW and South Australia.
By Reuben Adams