Mooletar
Mooletar Magnetite:
Exploration Target of 240 million tonnes at an average grade of 30-35% Fe
- Exploration Target of 216-264Mt @ 30-35% Fe confirmed at Mooletar Project in the Murchison region of WA
- Exploration Target helps confirm the strong iron exploration potential of the Mooletar project
- Two high grade Banded Iron Formation (BIF) units identified over a 5km portion at the project
- Exploration Target was confirmed as a result of two drill programs and geological mapping completed over the project
- Laconia plans to use the results of the completed scoping study to fully evaluate the project’s exploration and development potential
- Mooletar project is located within the mid-west iron ore infrastructure corridor
As part of a systematic review of the geology on Laconia leases and detailed geological mapping, Laconia identified potential high-grade iron mineralisation along a 5.2 km long strike length comprised of two thick parallel bands of Banded Iron Formation (BIF) mineralisation separated by a layer of thin BIF/Mafic lithologies.
A scoping study by independent consultants, BM Geological Services Pty Ltd, produced an Exploration Target of 216-264 million tonnes of iron and identified the strong iron exploration potential of the Mooletar Project. Two drill programs and geological mapping undertaken at the project in 2010 confirmed these results.
The Exploration Target sits within a tonnage range of 216-264Mt, which is ±10% of the estimate of 240Mt. The magnetite bearing BIF units which outcrop in the area are 5-40 metres thick and form part of the Golconda Formation. They are interbedded with 10-50 metre wide mafic and ultramafic extrusive and intrusive rocks, forming a 200 metre wide package.
In addition to the Exploration Target, positive results from initial metallurgical test work at the Mooletar Project have confirmed the potential for the project to produce a high grade magnetite concentrate (see ASX announcement, 17 August). Results from Davis Tube Recovery (DTR) test work indicated that a high grade magnetite product may be achieved with grades up to 70.4%Fe and low levels of phosphorus and silica.
Two distinct high grade Banded Iron Formation (BIF) units have been identified over a 5km portion at the Mooletar project, and have been mapped. The Company now plans to use the completed scoping study to fully evaluate its exploration and development potential.
The Mooletar Project lies approximately 330km east of Geraldton and approximately 125km from the proposed rail line in the mid-west infrastructure corridor that would access the Oakajee port infrastructure. The project area is also accessible by sealed roads (see Mooletar project location map under Project Overview).
