announcement out

Good to see management still progressing - granted again these are more "preliminary" type announcements based upon estimates, but given that eventually these estimates will be more concrete findings, MXR looks good to be a mid term investment.

HIGHLIGHTS
• Drilling has been progressing on a second
Canegrass gravity target at Block 3 which
contains an exploration target of between
200 and 300 million tonnes of gabbro
containing 20–40 volume % magnetite.
• The 200–300 million tonne target is in
addition to the previously reported 1.7 to
3.0 billion tonne Block 1 Canegrass target.
• Block 3 assay and visual drill results to
date show intersections of abundant
magnetite.
• Assays for reverse circulation hole
MNRC38 indicate 35 weight % total iron
over a true width of 54 metres.
• Visual estimates and geophysical
measurements from Hole MND2 average
25–40 vol % magnetite over 56 metres.
This includes zones of up to 7 metres
averaging around 50 volume % magnetite.
Note: Due to the high density of
magnetite at 5.2 gm/cc, 30–40 volume
% magnetite is equivalent to 44–55
weight % magnetite in Canegrass
gabbro (density about 2.8 gm/cc). This
is equivalent to about 32–40 weight %
iron in magnetite in Canegrass magnetite
gabbro rock.