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  • Magnetite Mines (MGT) has been granted the tenement package for the Muster Dam Iron Project in South Australia
  • The project has an inferred mineral resource estimate of 1.5 billion tonnes of iron ore
  • Importantly, Magnetite Mines is touting the potential synergies between Muster Dam and its Razorback Project some 110 kilometres away
  • Shares have been trading 8.7 per cent higher at 2.5 cents

Magnetite Mines (MGT) has secured the Muster Dam Iron Project in South Australia following the grant of a tenement package.

The project has already been subject to significant exploration, including by Minotaur Exploration (MEP), and has an inferred mineral resource estimate of 1.5 billion tonnes of iron ore.

Importantly, Magnetite Mines is touting the potential synergies between Muster Dam and its Razorback Project some 110 kilometres away.

Magnetite Mines Chairman Peter Schubert said the timing is right for the company to expand its footprint in the province.

"We believe market conditions are ideal to advance high grade iron ore projects in regions endowed with extensive infrastructure such as the Braemar Iron Formation," he added.

"Magnetite Mines has assembled an extremely talented team of experts to deliver the Razorback Pre-Feasibility Study, and there are many overlapping synergies that can be immediately and advantageously applied to the Muster Dam Iron Project."

"We will deploy the same systematic and thorough development approach that is delivering for us as we progress Razorback, and we look forward to updating stakeholders in coming months after we review the ground in detail and assess the extensive work done to date on Muster Dam."

The tenement package contains several known deposits, including Muster Dam, Surrender Dam, Duffields and Peaked Hill.

Shares have been trading 8.7 per cent higher at 2.5 cents at 10:11 am AEDT.

MGT by the numbers
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