Minotaur Exploration based in Adelaide has found a promising iron ore prospect west of Broken Hill in South Australia. Today Minotaur Resources reported a 40km long magnetite iron ore deposit which is about 124m thick.
The MEP shares went up 33% immediately after the announcement. MEP owns 40.9% of the project in partnership with the Sumitomo group from Japan. According to the partners the two holes drilled so far were a follow up to magnetic and geophysical work. Additional drill targets - with aggressive new drill schedules are now being planned.
Location of Mutooroo Ironstone Project
"The results are highly encouraging and an excellent outcome from such early exploration work. The individual mineralised units in the magnetised strata are greater than 100 metres thick and extend continuously along strike for many kilometres. Significantly, two parallel horizons drill tested have produced excellent Davis Tube Recovery results which have seen initial iron grades of around 20-23% deliver a magnetite concentrate of in excess of 69% iron. There is now a very compelling case to undertake additional high resolution magnetic exploration work and an aggressive drill out program across the tenement - and these schedules are currently under consideration and planning", Minotaur's Managing Director, Mr Andrew Woskett, said.
Considering that MEP found the Prominent Hill discovery in South Australia is also helping the shares rise to 51% higher at the time of writing. The location of Mutooroo is just 24 km west of the Hawson iron ore project owned by Carpentaria Exploration.