Magnetite Range

Magnetite Range

Magnetite Range Project (Accent 100%)

The Magnetite Range project is an advanced iron project, with greenfields gold potential, located ~260km east south east (~305km by road) of Geraldton and immediately adjacent, and along strike of the operating Extension Hill iron ore mine. The Extension Hill project is also referred to as the Mt Gibson project.

Magnetite Range project occurs immediately west of the Great Northern Highway between Wubin and Paynes Find and consists of granted mining lease M59/166, granted exploration licences E59/875 and 1732 and granted PL59/1952. It has a combined area of 158 square km.

The project is well located in the southeast of the developing Midwest iron ore region and immediately adjacent, and along strike of the operating Extension Hill iron ore project. The Extension Hill project, also known as Mt Gibson, has a dual ownership structure between Mount Gibson Iron Ltd (ASX:MGX) and unlisted company Asia Iron Holdings Limited. Mount Gibson Iron Ltd commenced mining the upper Direct Shipping ore (DSO) deposit in Q1-2010, with the first DSO ore shipments through Geraldton port completed in Q4-2011. Scheduled production is 3Mtpa over 5 years. The deeper magnetite iron rights are owned by Asia Iron, a joint venture between the State owned Chongqing Chonggang Minerals Development Investment – CCMD (60%) and privately owned SINOM Investments (40%). Regulatory approvals are in place for Stage 1 development of a 1 billion tonne open pit and an ore processing plant that will produce at least 10Mtpa of high-grade iron ore magnetite over +40 years. Asia Iron has completed pre-development work on the site, including building an accommodation village, and awaits final decision to proceed to finance and develop the project. First shipment of magnetite concentrate to China is likely to be late 2017.

The Magnetite Range Project is Accent Resources`s flagship project and consists of five Exploration Licences, E59/875, E59/1732, E59/1878, E59/2043, E59/2044 and one Mining Lease 59/166 acquired from Legend Mining Ltd in August 2009. Prospecting Licence 59/1952, granted on 20 January 2012 was amalgamated into E59/875 during 2016.

Magnetite Range Project – Location Relative to Extension Hill Project MAP


The Magnetite Range iron project has a JORC 2004 compliant Mineral Resource of 434.5Mt at 31.4% Fe and 46.5% SiO2 at 15% Davis Tube Recovery (DTR) weight recovery cut off (ASX Release: 28 November 2012). The DTR magnetite content averages 67.4% Fe and 5.2% SiO2 at 36% DTR weight recovery. The resource was delineated by more than 21,800m of drilling over 14km of BIF, completed between 2006-2010. More than 70% of the Resource is in the Indicated category. Significant amounts of metallurgical test work and process engineering studies have demonstrated that a clean, saleable magnetite concentrate can be produced with relatively low energy requirements and good mass recoveries. The Julia prospect ore in particular is characterized by coarse liberation of magnetite at a coarse grind size of P80 = 75 micron and P80 = 45 micron.

Because of the downturn in the iron ore price studies at Magnetite Range have been deferred. The company remains committed to development of the project and continues to review land access, infrastructure and corporate options.