Ferret sources are still spruiking the real value of minnow...

Ferret sources are still spruiking the real value of minnow
MANGNETIC RESOURCES NL (ASX:MAU) which recently reported that it has
received further encouraging results regarding the potential of its
Ragged Rock project with the receipt of remaining test work from the
stage 1 program (809m) and the recently completed stage 2 program (676m).
The shares dipped on the original news but then on Friday edged
up 0.9c to 8.1c
All drilling confirms the presence of several zones of magnetite
iron mineralization over a drilled 5km strike length. A total of 19
holes were drilled.
It is aimed at defining the underlying thickness, quality and
extent of the high-grade magnetite at Ragged Rock.
Magnetic said all 18 completed with one hole stopping short of
target depth due to wet drilling conditions.
The drilling intersected multiple horizons of magnetite BIF and
predominantly tested three sections of geophysical target zones.
Whilst encouraging, the greater significance for Magnetic is the
strong correlation between the elevated magnetic signatures and the
intersection of mineralisation.
Areas of high ground magnetic signatures corresponded accurately
with the intersection of mineralisation, providing the company with a
high degree of confidence that further drilling along the length of the
strike will result in additional mineralisation.
Mineralisation into fresh rock was intersected typically around
8-10 metres below surface indicating shallow overburden conducive to
future mining for the majority of drilled holes.
Another important factor in the equation is that Chinese investor
Eric Lim has just taken an 8.73 per cent stake in the company and already
holds a significant interest in Image which in turns holds 12.5 per cent.