Magnetite Mines Limited (ASX:MGT), an Australian iron ore company focused on developing magnetite iron ore resources in South Australia’s Braemar Iron Region, has announced the grant of Exploration Licence EL7100, named ‘Braemar Creek’. The licence, 100% held by Magnetite Mines, covers 227 square kilometres adjacent to EL6126, the site of the Ironback Hill rare earth element (REE) mineralisation.
The newly granted Braemar Creek licence secures downstream drainage corridors interpreted to be associated with the clay-hosted REE mineralisation at Ironback Hill. This strategic acquisition provides Magnetite Mines with exploration optionality for potential REE extensions in the area. The licence application was initially lodged in August 2025 and has now been granted for an initial term of two years, subject to standard statutory expenditure and land-access conditions.
Magnetite Mines’ Managing Director Tim Dobson stated that the Braemar Creek ground was identified as strategically important, securing key drainage corridors immediately downstream of the clay-hosted REE mineralisation at Ironback Hill. He further noted that the grant provides optionality for future rare earth exploration, contingent on ongoing work at Ironback Hill. The company plans to advance exploration work in a disciplined manner, while maintaining its primary focus on the Razorback Iron Ore Project.
The company intends to undertake initial work programs on Braemar Creek, including compiling and reviewing open-file data, refining regolith and drainage-based REE targeting, and conducting reconnaissance mapping and surface geochemical sampling. The results will be integrated with the planned air core drilling program at Ironback Hill to assess the need for follow-up drilling on the new tenement. All on-ground activities are subject to heritage clearances, landholder consultation and regulatory approvals.
