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Midwinter Resources is a company focused on exploration for magnetite iron ore deposits located in the Limpopo province of South Africa. The company has identified a number of magnetic anomalies which have the potential to lead to significant resources in the project area with further drill testing. Early drilling results have already demonstrated the presence of high grade magnetite mineralisation with low impurity levels
Midwinter Resources (ASX: MWN) is a company which is principally focused on the exploration for iron ore deposits in the Limpopo Province of South Africa.
The company recently acquired an initial 49% interest in Capricorn Iron Limited which in turn owns a 70% interest in the ‘Northern Lights’ project. The Northern Lights project area is prospective for a number of magnetite iron ore deposits, identified by a recently flown aeromagnetic survey.
An initial drilling campaign consisting of 38 RC drill holes for a total of 3,605m has been completed targeting the anomalies identified in the survey. The campaign confirmed the nature of the mineralisation and highlighted the potential for Northern Lights to host a significant magnetite resource within the Banded Iron Formations (BIFs).
Midwinter has also carried out ore characterisation studies from samples taken from the two identified deposits. Test work indicates the ore contains course magnetite grains (~1mm) with very low impurity levels which should be amenable to cost effective processing techniques. High purity magnetite concentrates typically command premium prices
The outlook for the iron ore sector remains robust. The World Steel association is forecasting a 5.9% increase in steel production for 2011 followed by a further 6% increase in 2012. Longer term growth is likely to be compounded by continuing industrialisation of economies such as India and China.
In September 2010, Midwinter Resources acquired 49% of the shares in Capricorn Iron Limited by the...
ASX on Hotcooper: http://hotcopper.com.au/asx/MWN