Magnetite Mines (ASX:MGT) has been granted Exploration Licence EL7100, known as Braemar Creek, covering 227km2 in South Australia's Braemar Iron Region.
The licence, formerly application ELA-01049, is 100% owned by the company and lies immediately adjacent to EL6126, which hosts the Ironback Hill rare earth element prospect and magnetite deposit.
The grant secures downstream drainage corridors believed to be linked to the clay-hosted REE mineralisation identified at Ironback Hill, providing strategic optionality for future exploration.
Magnetite Mines’ Managing Director Tim Dobson said the licence is a "logical addition" to the company's tenure, enabling potential REE follow-up in areas coinciding with local drainage features while maintaining focus on the core Razorback Iron Ore Project.
Initial work on EL7100 will involve data compilation, reconnaissance mapping, and surface geochemical sampling, with any further drilling contingent on results from ongoing work at Ironback Hill.
At the time of reporting, Magnetite Mines' share price was $0.058.