This is actually not Magnetite nor Heamatite, but something called Pisolite, which is basically gravel from an ancient river bed (paleochannel). You will often hear of them being described as CIDs (Channel Iron Depositis). This gravel can be semi-fused together but is often quite friable (loose). A hill of this stuff sticking out the ground is really easy to mine: drill, blast, crush, shovel, truck, boat. The other trick about M4M's starter project, Cane Bore, is that it is right on a brand new haul road, just being opened by MinRes, to the nearby port of Onslow. When you put all this together, the economics are supper attractive. First ore from this project could well be on a boat heading to China within a year. The market is just starting to figure this out, hence the share price action.
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