Magnetite Mines (ASX:MGT) has reported assay results from a re-assay program that was completed on a historic diamond drill core from the Mutooroo Ride copper-silver prospect in South Australia, identifying ‘high-grade’ silver and copper mineralisation.
The re-assay program is part of Magnetite’s strategy to unlock under-explored copper and other opportunities within its 2,453km2 tenement portfolio in South Australia.
The original diamond drilling was completed by Longreach Minerals in the late 1960s and early 1970s at Mutooroo Ridge.
Magnetite notes that the re-assay program is specifically focused on the historic drill hole DDH M7 due to visible evidence of copper mineralisation in the archived core.
The re-assay program involved re-logging and re-sampling of the core under a permit from the South Australian Department for Energy and Mining State Core Library.
Copper intercepts from the re-assaying include 11m @ 1.4% copper, including 1m @ 2.8% copper, and 7m @ 1.1% copper, including 1m @ 2.44% copper.
Silver intercepts include 8m @ 38.5 grams per tonne silver, including 1m @ 63.2g/t silver, and 3m @ 20g/t silver, including 1m @ 26.3g/t silver.
Managing Director Tim Dobson says that the re-assay program has confirmed a copper-silver mineralised system and ‘high-grade’ silver zones that were not previously identified.
“These results reinforce the value of re-examining historic core using modern geological techniques and independent technical oversight,” Dobson says.
“With copper and silver both trading at strong prices and benefiting from favourable market fundamentals, the findings highlight the potential of the Mutooroo Ridge prospect in today’s market context.
“Importantly, this work demonstrates how Magnetite Mines can leverage its extensive South Australian tenement position, in-house geological expertise and access to the South Australian State Core Library, to unlock additional commodity opportunities across our ground.”
The company will now incorporate the re-assay results into the geological model for the Mutooroo Ridge prospect and will then assess the potential for follow-up exploration work.
Magnetite Mines is an iron ore company focused on the development of resources in South Australia.
Write to Amy Rotman at Mining.com.au
Images: Magnetite Mines
