Magnetite Mines has confirmed additional rare earth mineralisation at Ironback Hill following lab results from 294 reverse circulation re-assayed samples, with drilling now in the works.
These archived drill samples verified further near-surface, clay-hosted rare earth element (REE) mineralisation.
Significant intercepts included 8 metres at 1238 parts per million (ppm) total rare earth oxide (TREO), 260ppm neodymium(III) oxide (Nd2O3) from 28 metres to 36 metres.
This is within 24 metres at 1048ppm TREO, 194ppm Nd2O3, from 10 metres to 34 metres, which extends from the previously reported 18 metres at 866ppm TREO from 10 metres to 28 metres.
Magnetite managing director Tim Dobson said the company’s geological model is 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 program to test continuity, variability, and metallurgy,” he said.
“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.”
Dobson said the work is consistent with Magnetite’s view to increase shareholder value through disciplined, selective exploration of critical minerals.
Another significant intercept included 2 metres at 1088ppm TREO, 113ppm Nd2O3, from 20 metres to 22 metres, within 6 metres at 721ppm TREO, 78ppm Nd2O3, from 18 metres to 24 metres.
Magnetite’s wholly-owned Ironback Hill prospect in South Australia, sits adjacent to its magnetite iron ore deposit. These results, originally from drilling programs between 2011 to 2012, build the foundation for the scouting program in early 2026.
This program is aimed for the first quarter (Q1) of next year, comprising roughly 1000-2000 metres of air core (AC) drilling to approximately 40-60 metres depth, targeting oxidised near-surface clay horizons along priority creek lines.
Alongside these results and progress, Dobson said Magnetite has also applied for an exploration licence covering the south-eastern extent of the local drainage and creek network.
“Our next steps are deliberately capital-light and decision-gated,” he said.
“This will be scout drilling, mineralogical characterisation, and leachability testing to assess continuity and extractability before we consider a larger program.
“This disciplined approach aligns with our broader tenement review, while Razorback remains the company’s core development focus.”
The 226-kilometre-squared tenement application exploration license application (ELA) has passed the Department for Energy and Mining’s validity, with formal granting expected in early 2026.
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