Magnetite Mines Limited, Media Release, 16 February 2026
Magnetite Mines Limited (ASX:MGT) is pleased to advise that all necessary permitting, approvals and heritage clearances have been secured for an initial drilling campaign at the Ironback Hill Rare Earth Element (REE) Project, located near the Razorback Iron Ore Project, in South Australia.
- Drilling imminent: Drilling contractors have been engaged and drilling is scheduled to commence in the coming week.
- Program scope: Up to 2,000m of aircore drilling is planned to test the extent and controls of previously announced clay-hosted REE mineralisation detected in historical iron ore drilling samples.
- Next steps: The field program is expected to take approximately 10 days, with sample assays anticipated within six to eight weeks thereafter, subject to laboratory timing.
Managing Director, Tim Dobson, said:
“The Ironback Hill REE Project is an emerging rare earth prospect discovered by Magnetite Mines’ geologists last year, with initial results indicating further prospectivity for clay-hosed rare earth mineralisation. The discovery was initially identified via the re-assay of archived iron ore drilling samples and the intent of this program is to determine if the rare earths mineralisation extends beyond the historic drilling area as well as the geological controls that govern the local occurrence of rare earth elements.
“As previously disclosed, drill testing of this prospect is fully aligned with the Company’s strategy to create long-term shareholder value through a disciplined, multi-commodity exploration approach across its substantial South Australian tenement portfolio, while continuing to prioritise the development of our flagship Razorback Iron Ore Project.
“We greatly appreciate the support of the Ngadjuri Nation Aboriginal Corporation in undertaking the necessary cultural heritage survey, and of the landowner for readily enabling access onto the ground and supporting program logistics.”
