Three adjoining licence areas in the Baratta Trough within the northern Nackara Arc have been taken up to explore for possible economic buried Neoproterozoic metasedimentary semi-stratabound iron ore. Central EL 4267 covers ~3 km strike length of the Braemar ironstone facies, which outcrops at the principal site of interest, where formerly some exploratory small scale underground mining occurred. This tenement contains the Razorback, Iron Peak, Interzone and South Black Hills iron ore prospects. These were the focus of exploration through the subject project's first reporting year. The other two licences in the project, ELs 3927 and 3997, are together thought to contain more than 100 km strike length of as yet untested Braemar ironstone facies. Locally, the Braemar ironstone facies at Razorback has been separated into two major tillitic iron-rich metasedimentary sequences wherein a number of bedded magnetite-bearing units assigned to the Pualco Tillite are interlayered with shales, siltstones and dolomitic beds of the Benda Siltstone. The iron content is markedly variable between layers. In 1969, SADM geologist Graham Whitten divided these layers into seven members, Members A to G. The  economically mineralised horizons comprise just two members, B and D, having a combined thickness of approximately 100 m, and these form the prominent topographic ridge that is Razorback Ridge. Razorback Ridge forms a gently north-dipping limb of the Pualco Anticline, and is aligned east-west. Faulting is not significant at the prospect scale. The rocks are of greenschist metamorphic grade. Initially, a high resolution aeromagnetic survey and detailed geological mapping were undertaken in the abovementioned prospect areas to delineate additional targets for follow-up drilling. This work provided focus for the first phase of drilling, which took place at the  Razorback Ridge prospect. Drilling results obtained there showed consistent thickness and grades of iron mineralisation, allowing the licensees to prepare a maiden JORC compliant Inferred Mineral Resource estimate of 277 Mt @ 26% Fe.  The revealed grades and thickness appear similar to those seen in work completed by the South Australian Department of Mines in the 1960s. Drilling done at the Interzone and Iron Peak prospects demonstrated that the magnetite -bearing rock units there are similar to those at Razorback Ridge, however, there are some signs of internal dilution in the tilltic unit. Further work is required to examine this. Preliminary surveys made of flora and fauna have indicated that thus far that there is no ecological disturbance factor evident which could impede the potential development of a mine. The geological mapping was completed in two stages and on two areas, the main purpose being to determine the extent and along-strike facies variations of the numerous magnetite ironstone occurrences (Braemar ironstone) related to the middle Neoproterozoic Benda Siltstone. This work was completed by consultant Barry Cotton. In November 2009 mapping of the Red Dragon stage was completed at 1:25,000 scale over an area of approximately 520 square km. Photogeological mapping of the Pualco area was done at 1:40,000 scale and was completed between December 2009 and February 2010.  This mapping covered an area of approximately 700 square km. Outputs of the mapping were standard lithostructural geology maps showing the basic bedrock units and structure, any folds and bedding trends, faults and fractures and any cover rocks or regolith units that substantially conceal the basement. The maps' content was based on interpretation of aerial photographs and then was refined using high resolution, enhanced Quickbird, SPOT and Landsat imagery. Some field checking was required for the Red Dragon stage, and during this reconnaissance, 24 rock chip grab samples of outcrops were collected for checking their iron content. Over the period December 2009 to January 2010, Royal Resources as Razorback Project operator and acting under its option agreement with Goldus acquired a detailed low level aeromagnetic/radiometric/DTM survey covering the majority of the project area. 26,087 line km were flown along grids comprising either north-south or east-west aligned flight lines spaced 50 m apart, using a 20 m sensor mean elevation above the ground surface. The resulting data were image processed by a specialist consultant and modelled to define possible magnetite - rich subcrops to the broad covered areas surrounding the Benda Range. After interpreting the new geophysical data, Royal Resources proceeded to drill at deposit scale at Razorback Ridge and at prospect scale at Interzone, Iron Peak and Black Hill South. At Razorback Ridge, 66 inclined RC holes with an average depth of ~110 m, RRRC0001 – 0066, were completed over a ~3.5 km strike length, for a total penetration of 7164 m, to form the basis of a JORC compliant Inferred Mineral Resource estimate. Logging of these holes identified approximately 100 m of magnetite mineralisation of near true thickness within two formerly identified stratigraphical units, B and D. Subsequently, 10 inclined diamond holes (RRDD0100 – 0109) were drilled during July and August 2010 for a total of 1156.7 m of HQ coring, to provide material for Davis Tube Recovery (DTR) tests and for confirming RC results used for the JORC Resource estimate, since five of these diamond holes were twins of RC holes. All of the diamond drillholes were sampled at 1 m intervals over mineralised zones, with quarter core samples sent for assaying and rock unit density measurements. Only minor structures were observed in the drill core. A consistent narrow breccia zone ~2 m wide occurs at the base of the Unit B2 tillite bed. The easternmost drillhole fence (line K) displays intense weathering to goethite in Unit B and D over the first ~80 m, which appears to be related to a fault and associated major drainage.  Some minor to moderate goethite and haematite weathering is present within the top 10 m where the Braemar ironstone outcrops and was drilled. Due to the steep hilly terrain at Razorback Ridge, drillhole spacing was strongly dictated by rig access. RC drilling traverses ended up being between 200 to 450 m apart, and in general were located along spurs running up the ridge. Along each fence the holes were sited either 50 m or 100 m apart. They were directed perpendicular to strike (mostly indicated from outcrop), the majority at 60 degrees declination, providing drill intercepts with nearly true thicknesses. RC drilling at the Interzone prospect was completed in July 2011, with 11 holes (RRRC0067 – 77) drilled to an average depth of ~100 m for a total of 1106 m. One diamond hole, RRDD0109, was completed in August to a depth of 177 m, drilling through both units B and D. Whilst Unit D here has similar grade and thickness to that at Razorback Ridge, Unit B shows internal dilution in its tillitic part due to it being sandier. Eight RC holes (RRRC0078 – 0085) totalling 1106 m were drilled at the Iron Peak prospect. The economic geology at this prospect resembles that of Interzone, in that intercepts of units B1 and B3 have good grade, whereas there appear to be lower grades within the tillitic portion (Unit B2) of the mineralised package. The best intercepts at Iron Peak were made around the hinge of the fold, with around 100 m @ ~24% Fe for Unit B. Two RC holes for a total of 152 m (RRRC0087 and 0088) were drilled along the south-eastern limb of the fold hinge at the South Black Hills prospect. Hole 0088 put into Unit D  intersected grades and thickness similar to those at Razorback Ridge (i.e. 34 m @ 25% Fe), whereas hole 0087 put into Unit B found it to be significantly thinner than at Razorback Ridge (with 32 m @ 26% Fe). Aeromagnetic data suggest that the south-eastern limb of the  South Black Hills fold hinge is faulted, which may explain this thinning. The aeromagnetic data also suggest that the magnetic units thicken in the hinge and on the north-western limb, locations which were inaccessible due to eroded creek crossings during the first phase of drilling, but will be the focus during Phase II drilling. RC drilling at the Manunda Creek prospect was abandoned at 15 m due to excessive groundwater influx. Another program will be attempted, most likely using a diamond drill rig. An adit developed on Razorback Ridge by the SADM during the 1960s was safety inspected and then was mapped geologically and bulk sampled for rock material physical property determinations of the three facies of host metasediments. The adit walls were rock chip sampled at 1 metre intervals for assaying to select samples to send for future metallurgical testing. During the second year of the project, continued exploratory drilling took place on EL 4267, and drilling was begun on ELs 3927 and 3997, but was interrupted during 2011 due to Native Title issues. 48 RC holes for a total of 7579 m were drilled over a 4.5 km strike length in the Razorback Ridge / Razorback West prospect areas. Some of the new drilling was concentrated along the northern edge of the Razorback Ridge inferred resource envelope, with the aim of extending it down dip, effectively deepening the deposit from ~200 m to ~300 m. Data obtained from most of these holes were used to produce a total JORC compliant Indicated Iron Ore Resource at Razorback Ridge of 568 Mt @ 26% Fe. 12 diamond holes were subsequently drilled on this prospect for a total of 1617 m, again twinning important thickly mineralised RC holes. In addition, a further 4 exploratory diamond holes for 742 m were completed at Iron Peak prospect, 1 diamond hole at Interzone prospect (77.8 m), and 1 diamond hole (119 m) at Manunda prospect on EL 3997. Within EL 3927, 2 RC holes (296 m) and 2 diamond holes (330 m) were drilled at Levi Range prospect, and 45 RC holes (6836 m) and 4 diamonds holes (629.3 m) were drilled at Ironback Hill prospect. All RC and diamond holes were sampled for laboratory assaying, and some holes were geophysically logged. The drillholes at Levi Range, located within the fold hinge of the Loch Winnoch Syncline, revealed that here the Braemar ironstone facies mineralisation down to 50 m below the surface is haematite-dominated. This factor could downgrade the prospectivity here, and petrological studies are needed to guide any further work. The drillholes at Ironback Hill located on the southern limb of the Pualco Anticline disclosed a stratigraphic sequence and iron mineralisation grades that are similar to those found at Razorback Ridge and Iron Peak, within strata which are dipping at 75 to 90 degrees. More drilling along a 10 km strike length is planned, at 800 m x 100 m hole spacing, to produce a maiden JORC inferred mineral resource for the prospect. Diamond hole RRDD0110 drilled to 119 m at the Manunda Creek prospect also had to be abandoned due to foreseeable flooding at the drill pad. The zone of weathering persisted to 40 m in this hole. The drill core to ~60 m consists of bedded /interlaminated magnetite siltstone, with an average iron grade of ~28% Fe, followed by diamicrite with distinguishing dropstones continuing to the end of the hole, with average iron grades of ~15% Fe. While the overall iron content here is lower than that at Razorback Ridge, the magnetite content appears to be higher, as indicated by higher magnetic susceptibility measurements made from handheld readings and SATMAGAN taken in the assay lab. DTR tests are now underway. At present it is unclear which Braemar ironstone facies subunits (according to Whitten’s classification based on Razorback Ridge ) have been intersected at Manunda Creek. Mineral processing, mining feasibility and hydrogeological studies remained in progress during the year, to inform a pre-feasibility study report which is presently being written. During July 2011, geological consultant Mark Benbow mapped the stratigraphy and structure of the Ironback Hill prospect. One outcome from his mapping was that Unit A, the base of the Braemar ironstone facies sequence at Ironback, was found to contain several bands of high-grade magnetite in bedded siltstone, and may be included as a target in future drilling. 12 reconnaissance grab samples of outcrop were collected during prospect scale mapping done at Ironback Hill, Levi Range and Iron Peak, and were assayed for the conventional suite of trace elements and silicates. During the third year of the project, Royal Resources performed an extensive resource definition drilling program. New work included the drilling, ore horizon sampling, downhole geophysical logging, ore petrology, 1:5000 scale surface geological mapping, and resource modelling. 58 RC holes for 13,556 m, and 38 diamond cored holes for 8030.62 m, were completed to obtain resource-related information from the Razorback West, Iron Peak and Razorback Ridge prospects (together now formally recognised by the project partners as the Razorback Premium Iron Project - RPIP) and from the Ironback Hill prospect, where an inferred resource separate to that of the RPIP has been defined. The broad outcome of this work has been the calculation of a project-wide, JORC compliant Inferred and Indicated iron ore resource estimate of >3 Bt at 21.8% Fe. Activities now underway comprise the continuation of writing of a mining Pre-Feasibility Study, which should lead to the generation of a Mining Lease Proposal for the RPIP. During the fourth year of the project, in January 2013, the mining prefeasibility study was completed, while updated resource models were prepared, and metallurgical testwork and rock chip sample petrology studies were continued. An additional 84 samples underwent DTR tests, and 229 samples had specific gravity measurements made on them. 1:5000 scale geological mapping of the South Black Hills prospect on EL 4267 was completed. Diamond drillhole RRDD0130 at Razorback Ridge was wireline geophysically logged by Endeavour Geophysics for the University of Adelaide, as a precursor to engineering geology testing of drill core samples. Logging tools run were borehole imaging/acoustic televiewer, multisurvey tool (gamma ray, SP, deviation, temperature, resistivity), full wave sonic, and magnetic susceptibility + conductivity. Preparation of a mining lease proposal for open cut mining of the Razorback Ridge deposit, with Iron Peak to act as a satellite pit, was commenced by Royal Resources with the assistance of mining consultants Parsons Brinkerhoff. During the fifth year of the project, the main activities were the conduct of additional minor studies required to optimise the pre-feasibility study's outcomes. Further geotechnical data acquisition, comprising 171 PLI (Point load Index) tests on 21 diamond core samples and 31 laboratory UCS (Uniaxial Compressive Strength) tests on 14 core samples, was done for previously uncut drill cores to provide additional rock strength information for determining pit wall slope stability and excavation characteristics. Rock chip sample petrology studies were continued, and an additional 26 samples underwent DTR tests. 1:5000 scale geological mapping of the Iron Peak prospect on EL 4267 was completed. 3D inversion modelling of all aeromagnetic data was performed by John Paine (Scientific Computing and Applications), and the magnetic susceptibility spatial distribution results were used by Royal Resources to derive a revised magnetite exploration target for the project area, with some realism applied using rock property parameters obtained from recently drilled holes. The new aggregated amount, calculated down to a depth of 300 m, is significantly higher than that estimated in 2011, but the current lack of comprehensive drillhole information about the rocks on many magnetically defined prospects makes this figure doubtful. The assumption of similar grades to those seen at Razorback Ridge being present at other prospects, coupled with tonnage estimates based on volumes defined from inferred strike length and average thicknesses of the magnetite horizon, is still unsubstantiated for this region. During the sixth year of the project, not much new work was done. A corporate rebranding and reorganisation of Royal Resources to become Magnetite Mines Limited was completed, and negotiations were started with Peter Lewis to purchase all of the two Goldus - held tenements in the project portfolio. A modified DTR test was carried out on three drill core samples to measure their magnetite separation response against gauss flux strength, with respect to differing grind size, this following wet sieving of the ground material to determine particle size distribution. Good recoveries were obtained in the 0.5 mm to 1 mm particle size range at low to medium gauss. Brian Burdett of Mining Operations Consultancy Pty Ltd was retained by new project operator Magnetite Mines to review the metallurgical data collected for the prefeasibility study report, to try to identify any process flowsheet inefficiencies. During the seventh year of the project, Magnetite Mines undertook PFS optimisation and further scoping work on the geometallurgical properties of the Braemar Ironstone Formation orebody in an effort to more efficiently characterise and beneficiate its iron mineral concentrate. The metallurgical processing testwork was based on existing magnetite samples. Significant efforts were made over the course of 2016 to interest potential customers in China, in aid of pre-selling iron ore concentrate and raising capital for doing the further drilling and iron concentrate testwork which will be required as part of completing a Definitive Prefeasibility Study (DFS). These initiatives resulted in several LOI’s (Letters of Intent) and MOU’s (Memorandum of Understanding) being signed by Chinese steel mills and engineering companies. Following the geometallurgical studies of the previous reporting period, a series of metallurgical tests were undertaken on iron ore samples sourced from existing RC drillholes and from the adit located at Razorback Ridge. The aim of this testwork was to optimise aspects of the flow sheet, and to produce a magnetite concentrate product which further testwork such as pelletising and sinter preparation could be carried out on. Some comminution testwork was also performed using high pressure grinding rolls (HPGR). As HPGR technology has matured, the scalability of the apparatus has increased, allowing for its potential usage at the front end of the flow sheet. HPGR testwork was completed at SGS Laboratories and was initiated at Metso USA (results to be reported in subsequent reporting period). Results showed minor to moderate increases in final mass recovery. During Year 8 of the project, the continuation of the metallurgical and comminution test work commenced in the 2016 reporting period were continued. Additional work undertaken during the reporting period included further scoping work on the geometallurgical properties of the orebody in an effort to more efficiently characterise and beneficiate iron concentrate. Studies concentrated on low impact regional exploration – reconnaissance and metallurgical processing testwork based on existing sample reserves. Petrological studies were undertaken during the reporting period examining the relative abundances of concentrate and gangue mineral assemblages [See included report]. During Year 9 of the project, work on the Razorback Iron Project was minimal due to extenuating circumstances related to the corporate direction of the company. Limited metallurgical work in relation to impact crushing, high pressure grinding rolls and air classification was undertaken overseas, with the relevant reports included. A JORC 2012 update from JORC 2004 codes and guidelines was undertaken at the Razorback and Ironback Hill Deposits, no changes to resources tonnages were made.