Magnetic has undertaken a
programme of first-pass exploration on this large and
mostly unexplored tenement package with the aim of
identifying the most prospective areas for further
exploration. The joint venture package currently
comprises exploration licences on which targets for
gold, iron, nickel or uranium have been identified. In
addition Magnetic has acquired several areas in its own
right, prospective for iron and uranium.
Magnetic is devoting a large percentage
of its current exploration effort in its iron ore
projects in the wheatbelt of south western Australia.
The exploration effort ranges from first pass grassroots
to more advanced projects exploring for both DSO and
on these exploration activities are reported regularly
to the ASX.