Magnetite Mines has identified additional near-surface rare earth mineralisation at its fully owned Ironback Hill project in South Australia, with a targeted drilling programme scheduled for early 2026.
This rare earth mineralisation was identified through an expanded re-testing programme of archived, clay-rich reverse circulation (RC) drill samples, initially collected during an iron ore resource drilling programme in 2011–12.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The assays indicate that rare earth element (REE) mineralisation occurs in shallow clay layers that generally follow local creek and drainage lines.
This distribution is consistent with Magnetite Mines’ working model, which suggests that minerals have been concentrated in zones of increased weathering caused by fluvial activity.
The latest results establish the foundation for a planned scout drilling programme at Ironback Hill.
Magnetite Mines has outlined drill targets near the current mineralisation intercepts and regionally, within five kilometres of Ironback Hill, aiming to assess the spatial extent and geological controls of the mineralisation.
A small air-core drilling programme of 1,000–2,000m is planned, with permitting and stakeholder engagement activities under way.
Magnetite Mines managing director Tim Dobson said: “Results from the extended assay programme further confirm the presence of rare earth mineralisation at Ironback Hill, with our geological model showing a strong correlation between mineralised horizons and local creek systems.
“To better define the extent and character of this mineralisation, the company will undertake a small, scout drilling programme to test continuity, ariability and metallurgy. This work is consistent with our strategy to increase shareholder value through disciplined, selective exploration of critical minerals.
“In a constructive but discriminating market for these commodities, it is encouraging that the mineralisation identified to date is in low-density pastoral country close to existing infrastructure, supporting efficient follow-up activities.”
Additionally, Magnetite Mines has submitted an exploration licence application (ELA-01049) to secure ground adjacent to the current REE intercepts.
The tenement covers 226km² to the south-east of the intercepts and encompasses a substantial creek system originating at Ironback Hill.
The application has cleared the Department for Energy and Mining’s validity assessment and currently awaits formal granting, which is expected in early 2026.
The company’s next steps involve integrating the new assay data into its geological model, defining drill-hole targets and continuing permitting for the initial drilling programme.
Dobson added: “The company has also applied for, and is awaiting, the formal granting of an exploration licence covering the south-eastern extent of the local drainage and creek network, providing low-cost optionality for further REE prospectivity in the area.
“Our next steps are deliberately capital-light and decision-gated: confirmatory scout drilling, mineralogical characterisation and leachability testing to assess continuity and extractability before we consider a larger programme. This disciplined approach aligns with our broader tenement review, while Razorback remains the company’s core development focus.”
Last year, in February, Magnetite Mines signed a memorandum of understanding with Port Pirie Regional Council, a local government area in South Australia, to develop Port Pirie into a future hub for green iron production.
