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Large Magnetite Discovery at Mt Dempster for Iron Ore Holdings

The shares in Iron Ore Holdings Ltd rose this week after the company announced that it had made a significant magnetite discovery in the Pilbara region in Australia.

The large discovery is said to be about 10 km away from the Mesa J iron ore mine owned by Rio Tinto.

The company had been conducting exploratory drilling at the Mt Dempster prospect when it found the potential 2 to 3 billion metric ton magnetite resource. It is now planning a second phase of drilling to clearly delineate the deposit and explore viable options of mining it.

The company has essentially limited the exploration to an area of 6 by 2 km for the initial drilling. Five of the drill holes here have nearly 150 meters of intersections of nearly horizontal magnetic BIF zone. The iron grade of the ore is also good at 32%.

Another factor that works in the favour of developing the iron ore project is the fact that it is located within 10 km of the planned railway to Anketell Port. Although the drastic fluctuations in the price of iron ore this year may give the management some pause for thought as they consider beginning the project.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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