New iron ore discovery on SA-NSW border

Found along South Australia’s border with New South Wales, the deposit is being targeted by Minotaur Exploration and Japan’s Sumitomo group.
Early testwork has shown that the discovery, on the Mutooroo iron project in EL 3745, returned a Davis Tube Recovery (DTR) concentrate grade of 69.3 per cent iron.
The discovery is only 24 kilometres west of the Hawson iron project owned by Carpentaria Exploration.
Ongoing interpretation of results to date also suggests, the Joint Venture says, the potential for numerous additional drill targets - with aggressive new drill schedules now being planned.
Minotaur as JV Operator and 40.9 per cent stakeholder, along with Sumitomo Metal Mining Ocean (59.1 per cent), announced the discovery following processing of airborne magnetic data, geophysical mapping, high resolution ground magnetic surveys and the drilling of two initial Reverse Circulation holes into one of the project’s many identified magnetic anomalies.
“The results are highly encouraging and an excellent outcome from such early exploration work,” Minotaur’s managing director, Andrew Woskett, said.
“The individual mineralised units in the magnetised strata are greater than 100 metres thick and extend continuously along strike for many kilometres.
“Significantly, two parallel horizons drill tested have produced excellent Davis Tube Recovery results which have seen initial iron grades of around 20-23 per cent deliver a magnetite concentrate of in excess of 69 per cent iron.”
Woskett said there is now a very compelling case to undertake additional high resolution magnetic exploration work and an aggressive drill out program across the tenement - and these schedules are currently under consideration and planning.”