Magnetite Mines Ltd (ASX:MGT, OTCQB:RRSXF, FRA:RRSXF) has reported high-grade silver and copper mineralisation from a re-assay of archived diamond drill core at its Mutooroo Ridge project in South Australia, with the standout result returning 8 metres at 38.5 grams per tonne (g/t) silver.
Mutooroo Ridge Project, tenement and location map.
The headline silver intercept, from historic hole DDH M7, included a peak 1-metre interval grading 63.2 g/t silver, highlighting what the company says are zones of high-grade silver mineralisation that were not fully recognised when the hole was originally drilled in the 1970s.
A second silver zone returned 3 metres at 20.0 g/t silver, including 1 metre at 26.3 g/t silver.
DDH M7 diamond drill core, NQ diameter 47.6mm, 146 to 153.31 metres, zone of mineralisation. Intersection 150-151m highlighted yellow corresponds with assayed results of 63.2g/t silver and 2.8% copper.
Copper results support broader mineralised system
Alongside the silver results, the re-assay also confirmed multiple copper intersections, supporting the presence of a copper-silver mineralised system at Mutooroo Ridge.
Key copper intercepts included 11 metres at 1.40% copper, including 1 metre at 2.8% copper, and 7 metres at 1.10% copper, including 1 metre at 2.44% copper.
The company said the copper and silver mineralisation is hosted within the Boucaut Volcanics and appears consistent with a structurally influenced hydrothermal system.
Historic core work reveals overlooked potential
The re-assay program focused on archived core from drill hole DDH M7, which Magnetite Mines selected for reassessment after geological observations and visible evidence of copper mineralisation in the stored core.
According to the company, the work shows the value of revisiting historic drilling with modern geological interpretation and analytical methods, particularly where earlier sampling may not have fully captured mineralised zones.
Managing director Tim Dobson said the results had confirmed a copper-silver mineralised system and revealed high-grade silver zones that were not fully recognised at the time of drilling.
“Our re-assay of archived 1970s drill core at Mutooroo Ridge has confirmed a copper–silver mineralised system and revealed zones of high-grade silver mineralisation that were not fully recognised at the time of drilling. These results reinforce the value of re-examining historic core using modern geological techniques and independent technical oversight.
“With copper and silver both trading at strong prices and benefiting from favourable market fundamentals, the findings highlight the potential of the Mutooroo Ridge prospect in today’s market context. Importantly, this work demonstrates how Magnetite Mines can leverage its extensive South Australian tenement position, in-house geological expertise and access to the South Australian State Core Library, to unlock additional commodity opportunities across our ground. The work was completed at very low cost and provides a strong technical foundation and clear motivation for further evaluation at Mutooroo Ridge.”
Follow-up work to test extensions
Magnetite Mines said the results will now be used to refine its geological model for Mutooroo Ridge and guide follow-up exploration.
Next steps are expected to include assessing potential extensions to the mineralisation along structure and at depth, with geophysical surveys and further drill testing under consideration.
The company said the work was completed at low cost and provides a technical basis for further evaluation of the prospect.