PERTH (miningweekly.com) – Metals Developer IMX Resources has increased the exploration target at its Mt Woods magnetite project to between 1.5-billion and 1.8-billion tons, after the discovery of a new iron-rich magnetite formation at the Axehead and Tomohawk North prospects.
The ASX- and TSX-listed company said on Wednesday that six prospects were drilled at the South Australian project, which increased the Mt Woods exploration target by between 168-million and 214-million tons.
“The latest results have boosted our global exploration target for Mt Woods beyond one-billion tons and confirms that the Mt Woods project has significant resource upside, as we have only scratched the surface from an exploration perspective,” said IMX MD Neil Meadows.
He noted that the company believed that the Mt Woods project had excellent development potential, with the ability to produce high-grade, coarse-grained magnetite concentrate that was in strong demand globally, and was attracting premium prices from steel producers.
“IMX is working hard to find a development partner to realise this potential for shareholders,” Meadows added.
Earlier this year, IMX appointed a corporate adviser to assess options for its Mt Woods magnetite project.