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resource of 479 mt at 37 percent magnetite

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    Fraser Iron, Western Australia

    Minemakers has an option to acquire an initial 80% equity in two Exploration Licences in Western Australia which are considered highly prospective for magnetite iron ore.

    They are located in areas of good infrastructure close to the coast and only about 120 km from the export port of Albany.

    The eastern project is termed West Southdown and is contained within E70/2640. Based on historic aeromagnetic data, it was interpreted that the licence may hold the fault – offset westerly extension of the Southdown Magnetite deposit owned by Grange Resources Limited and Japan's Sojitz Corporation.

    Southdown has a resource of 479 Mt @ 37% Magnetite and a feasibility study has been completed upon it.

    Outlook and aims
    Minemakers intends to value-add to these projects at an early stage by undertaking limited drilling of readily accessible areas to test for the presence of magnetite and to get indications of tonnage potential of the bodies and their grades and depth of cover. Assuming drilling success, it will then look to attract a major partner which would manage the projects to development and fund that work.

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