Sydney - Monday - May 12: (RWE Australian Business News) - Rex...

Sydney - Monday - May 12: (RWE Australian Business News) - Rex
Minerals Ltd (ASX:RXM) has received the results of a regional
geophysical gravity survey completed on EL3418 (Cowell Project) on the
Eyre Peninsula, South Australia.
The survey has confirmed the potential for hematite and
magnetite iron ore within the licence area.
A 12km-long magnetic feature dominates the Cowell Project, which
is interpreted to be the extension of the iron formations in the
Middleback Ranges.
The Middleback Ranges have historically produced over 200m
tonnes of high-grade (>60pc Fe) iron ore.
Exploration by Rex commenced on the Cowell Project in March with
a gravity survey recently completed over the entire licence area.
Modelling and interpretation of the gravity data has been
undertaken, and a number of targets with potential for shallow concealed
hematite iron ore identified.
Deeper magnetite (BIF) iron ore has also been identified.
The Cowell Project is situated near the township of Cowell on
the Eyre Peninsula. The project is close to established infrastructure,
being 40km south of OneSteel Ltd's (ASX:OST) Middleback Range iron ore
operations and 80km southeast of township of Whyalla.
Rex is "very encouraged" by these results and well-placed to
undertake first-pass drilling of the defined targets in the September
quarter.