Magnetite Mines (ASX:MGT) commenced air core drilling programme at the 100% owned Ironback Hill Rare Earth Elements Project.
Located in north-east South Australia, the exploration site sits strategically south of the company’s flagship Razorback Iron Ore Project.
While operations were initially hampered by extreme weather—specifically a major rain event that triggered regional flooding and restricted site access—the company confirmed that contractors and equipment have now mobilised to the site.
The current campaign involves up to 2,000m of air core drilling, specifically engineered to investigate shallow clay horizons.
Geologists have identified the horizons as high-priority targets, interpreted to be associated with local creek and drainage systems that likely host REE mineralisation.
The theory was bolstered by the recent re-assaying of archived drill samples from historical iron ore exploration, which revealed the presence of near-surface, clay-hosted minerals.
Managing Director Tim Dobson emphasised that this "capital-light" approach allows the company to test the spatial extent and geological controls of the prospect without detracting from its primary iron ore objectives.
The "step-out" drilling strategy will focus on lateral and downstream corridors to determine if the mineralisation extends beyond the historical footprint.
Beyond confirming the scale of the deposit, the programme is designed to provide fresh samples for comprehensive metallurgical and mineralogical assessments.
At the time of reporting, Magnetite Mines’ share price was $0.031.