Magnetic's iron double whammy Robin Bromby From: The Australian January 05, 2010 3:36PM
JUNIOR Magnetic Resources has a iron double hit - iron ore in the ground, seemingly in potentially large quantities, and an existing iron road (you know them as railways).
No wonder Chinese interests have been giving the project the once-over.
Magnetic took an unusual approach to its iron ore quest. Rather than go to the most likely places (e.g., the Pilbara or the Mid West region of Western Australia) and then, if something was found, deal with the question of logistics, the junior started looking in the vicinity of existing railways - in this case, the still complex grain rail network in the states wheat belt.
It found several possible deposits, all within short trucking distance of a railway station. Now the project seems to have been enhanced considerably by a new aeromagnetic survey.
This has enabled the company to announce that its main project, Jubuk, now contains five target areas covering 70km of potential iron formations. And here is the kicker: the eastern end of one target is just 15km from the Corrigin railway line and another is but 15km south of the Quairading-Bruce Rock line.
Magnetic will start drilling next week. Remember, this is the same management team that turned Image Resources into one of the country's most exciting mineral sands stories.
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