Metal: Magnetite Iron Ore Aurora 100%
The company has utilised its extensive Western Australia airmagnetic database to target a new iron ore prospect, Wellstead, in the south west of Western Australia approximately 80 km east of the port town of Albany.
The Wellstead prospect is located approximately 4km south of the large Southdown Magnetite iron deposit which is currently undergoing a feasibility study by Grange Resources Limited (refer to attached map). Grange’s reported plan is to produce a high grade magnetite separate and ship magnetite ore through the Albany port to steel mills in Malaysia.
Southdown currently holds an Indicated Resource of 347 million tonnes at 38% magnetite and is coincident with a prominent linear magnetic signature.
The Wellstead Prospect is on a parallel trend with similar linear magnetic signature. Prominent cross- cutting faults are also a noted characteristic of both Southdown and Wellstead.
Like Southdown, the Wellstead Project is on privately owned farmland. Following a data review and agreement with the landowner, the proposed program would be to conduct a ground inspection and magntometer survey.