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Magnetite Mines Limited (ASX:MGT)

ALERT: Price-sensitive ASX Announcement for MGT
Current share price for MGT : $0.019 -0.006 (-24%)+
Announcement
Release
22 Jun 2026 9:32AM
Price at Release
$0.025
Full Release
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Summary
Magnetite Mines Limited has reported the first assay results from its 2026 air core drilling program at the Ironback Hill REE Project in South Australia. The program, targeting shallow clay-rich horizons, confirmed further rare earth element (REE) mineralization, with the highest-grade intercept at 4,937 ppm TREO from drillhole PLAC0015. This project aims to explore rare earth mineralization associated with clay-rich horizons above weathered basement, aligned with local creek systems. The assays from three of 37 completed drill holes show encouraging results for future exploration, although further geological modeling and metallurgical test work are needed before additional exploration and drilling can proceed.
Key Points
  • First assay results from 2026 air core drilling program at Ironback Hill REE Project received.
  • Highest-grade intercept reported at 4,937 ppm TREO from drillhole PLAC0015.
  • Project targets shallow clay-rich horizons associated with local creek and drainage systems.
  • Assays confirmed further REE mineralization within clay-rich horizons.
  • Future work includes completing remaining assays and conducting metallurgical test work.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.