(CZR 85%)


CZR’s Ashburton Magnetite deposit is an 11km long, outcropping magnetite schist, located 20km north of CZR’s Robe Mesa DSO project, 50km south of Citic Pacific’s Sino Iron magnetite mine and close to critical energy, water and transport infrastructure.

Drilling at the Ashburton Magnetite deposit, undertaken from 2014-2016, included 29 reverse circulation (RC) and 3 diamond drill holes for 7,349m, intersecting extensive magnetite mineralisation. Comprehensive Davis Tube Recovery (DTR) and bench-scale magnetic separation test work has been completed on drill hole samples, with concentrates reporting +65% Fe on a mass yield ranging from 26% to 39% from magnetite separation.

An extensive technical review completed by CZR in Q3 2023 found Ashburton has the potential to become a substantial deposit, capable of producing high-quality magnetite concentrate (ASX announcement 2 August 2023). The review has resulted in an Exploration Target of 450Mt – 880Mt at 24-30% Fe, generating a magnetite concentrate of 65-68% Fe at a 25-30% mass yield, based on geological modelling of drill holes to a depth of 200m, guided by magnetic and gravity data and metallurgical test work

The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient work completed to estimate a Mineral Resource. It remains uncertain that further exploration will result in the estimation of a Mineral Resource