canegrass magnetite project, midwest w.a.

Whilst the main focus for Flinders is the hematite iron ore project,Flinders has a new magnetite project at Canegrass (South of Wiluna, W.A. near Mt Magnet) which it recently purchased from Maximus Resources ( at a bargain basement price), it is a new asset that could prove to be a valuable addition to Flinders. I have included in this post, a section of a media release from MXR last year which contains estimated targets of 2,000 million tonnes of magnetite to 3,500 million tonnes. For comparison purposes, Emergent Resources (EMG), today announced a maiden 127mt jorc resource at their Beyondie magnetite project North of Wiluna, which they have a MOU and 50:50 JV and funding arrangements with China Metallurgical Investment Co Ltd.
The JV is of interest to FMS in what potentially lays ahead for FMS. One to keep an eye.

The MXR ann'....
In an announcement today, Adelaide-based Maximus Resources Limited (ASX:“MXR”) said preliminary drilling programs totalling 7,000 metres had confirmed the presence of three magnetite-enriched zones that would now be the focus of closer spaced reverse circulation drilling targeting 280-500 million tonnes of iron ore.
The new target, covering two areas of Block 3 at Canegrass, is in addition to a previously reported target of 1.7-3.0 billion tonnes of 20-35% magnetite for Maximus’ principal Block 1 target.
“Preliminary standard Davis Tube tests on these three zones have readily produced magnetic concentrates containing over 50% iron, with variations in composition that should enable a wide range of commercial opportunities,” Maximus Resources’ Managing Director, Dr Kevin Wills, said.
“These include high iron and vanadium with moderate titanium for a vanadium-rich concentrate, and high iron with moderate titanium and vanadium for an iron-rich
concentrate,” Dr Wills said.

The EMG ann' ( part)....

ASX/MEDIA RELEASE 14 July 2009
EMERGENT CONFIRMS MAIDEN 127Mt JORC RESOURCE AT BEYONDIE IRON PROJECT
Key Points
• Maiden JORC Inferred Resource of 127Mt @ 28.15%Fe (21%Fe cut off) at Beyondie Iron Project in WA’s mid-west Iron Ore precinct
• Resource calculated from two drill programs totalling 5,651m across 46 holes
• Deposit has total strike length of 45km and remains open at depth and along strike in both directions
• Company aims to produce a high grade magnetite concentrate of +68%Fe with very low silica, aluminium, titanium, phosphorous, and sulphur impurities.
• Emergent has just entered into a non-binding MOU with China Metallurgical Investment Co Ltd (CMI) for the development of Beyondie Project, which includes a 50:50 Development JV and provision of AUD$200m funding at project, and A$4.9m placement to CMI
• Company has announced a A$2.5m placement to fund the next stage of development including drilling, metallurgical studies, engineering studies and progress toward a feasibility study
• Company plans to develop the Beyondie Project into a world class magnetite project with potential for a long life iron ore operation