Dual-listed IMX Resources (ASX: IXR, TSX: IXR) could be mining Direct Shipping Ore (DSO) hematite from its Mt Woods tenements in South Australia, located near its operating Cairn Hill direct shipping magnetite operation.
This was after a test exploration program returned wide intersections showing hematite derived from alteration of a magnetite iron formation.
There was an exploration target tonnage of 0.9-1.2 billion tonnes of magnetite iron formation for the tenements, ranging from 18-32% iron in an area of 60km by 30km.
Significant iron intersections included 90m at 30.8% iron predominantly in hematite, from 26 metres and 19m at 36.6% iron and 54m at 35.6% iron.
The program shows that hematite-forming geological processes occur at Mt Woods and second, that economical exploration methods can detect it.
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