PBX 0.00% 0.3¢ pacific bauxite limited

read this one to two billion tonnes iron ore

  1. 10,214 Posts.
    The Miaree area contains the Miaree Magnetite Trend, which is an exploration target of up to 1-2 billion tonnes of magnetite-bearing rock. This prospective zone has very similar magnetic field strength to the nearby Balmoral and Cape Lambert magnetite deposits, which contain recoverable grades of 40-45% magnetite. As there is a very close correlation between magnetic intensity and magnetite content, it is likely that portions of the Miaree Magnetite Trend contain similar magnetite contents. This has to be confirmed by drilling. The area also holds potential for the delineation of direct shipping grade hematite deposits. Red River has entered into an agreement where, subject to preparation of an independent experts report and subsequent approval by shareholders, Iron Mountain Mining Limited can earn 70% equity in the project area (and in Wongan Hills) by the expenditure of $4.75 million.

    The area is well served by infrastructure being close to the coast, the North West Coastal Highway, the Dampier to Bunbury gas Pipeline, electricity and also, the town of Karratha.

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