Historic Drill Core Re-assay Reveals 11m at 1.40% Cu and 8m at 38.5 g/t Ag

Historic Core Re-examined with Modern Techniques

Magnetite Mines Limited (ASX:MGT) has announced encouraging results from a re-assay program on archived diamond drill core at its Mutooroo Ridge Project, situated in the Adelaide Rift Complex of South Australia. The drill core, originally obtained in the late 1960s and early 1970s by Longreach Minerals Limited, was re-logged and re-sampled using contemporary geological methods and analytical techniques, revealing previously unrecognised zones of high-grade silver and confirming multiple copper intercepts.

Significant Copper and Silver Intercepts

The standout results include copper intercepts of 11 metres at 1.40% copper, including a peak of 2.8% over 1 metre, and 7 metres at 1.10% copper with a 1 metre interval at 2.44%. Silver mineralisation was also notable, with an 8 metre interval averaging 38.5 grams per tonne (g/t) silver, including a 1 metre section at 63.2 g/t, and a separate 3 metre zone averaging 20.0 g/t silver. These findings confirm the presence of a mineralised copper-silver system hosted within the Boucaut Volcanics, a volcanic-sedimentary sequence known for its structural complexity and potential for hydrothermal mineralisation.

Geological Context and Exploration Implications

The Mutooroo Ridge Project lies on Exploration Licence EL 6877, wholly owned by Magnetite Mines, covering approximately 78 square kilometres. The mineralisation is interpreted as structurally controlled, associated with fault intersections and shear zones that have facilitated the movement of mineralising fluids. The presence of copper oxides near surface transitioning to sulphide mineralisation at depth supports a hydrothermal genetic model, possibly related to a porphyry-style system. The re-assay results provide a strong technical foundation for further exploration, particularly to test extensions along strike and at depth where historic drilling was limited or unsuccessful due to technical challenges.

Strategic Value and Next Steps

Managing Director Tim Dobson emphasised the value of revisiting historic core with modern techniques, noting that the work was completed at low cost and leveraged the company’s extensive South Australian tenement holdings and access to the State Core Library. With copper and silver prices currently robust, the findings enhance the prospectivity of Mutooroo Ridge and align with Magnetite Mines’ broader strategy to unlock value from under-explored copper and alternative commodities within its portfolio.

Looking ahead, the company plans to integrate these results into its geological model and undertake geophysical surveys, including induced polarisation (IP) to identify chargeability anomalies indicative of sulphide mineralisation at depth. Targeted drilling is anticipated to test these extensions, aiming to establish continuity and potentially delineate a resource in due course.