Midwest Iron Ore

The Company has entered into an agreement to acquire 100% of Buddadoo and Buddadoo has 100% ownership of Exploration licence E59/1350, located 180 kms east of Geraldton and 70 kms from existing railway at either Morawa or Pindar. See Figure 3 below.

The Exploration Licence contains:

A layered mafic complex with outcropping magnetite horizons on which:

- Assays of up to 54% Fe have been obtained from massive magnetite outcrop over 8km strike;

- Recent drilling intersected 108m at 32.9% Fe, 0.2% V2O5 and 12.1% TiO2;

- 75 µm magnetic concentrate assayed 62.1% Fe in past metallurgical work.

A VMS copper-zinc target with past drill results of:

- 5.5 m @ 3.4% Zn  from 99 – 104.5 metres

- 3.15 m @3.8% Cu  from 188.7 – 191.85 metres;

- 1 m at 1.75% Cu and 4.4 g/t Au from 237.3 – 238.3 metres

Aeromagnetic data covering most of the tenement at 100m line spacing or better.

A second copper anomaly occurs in the south of the tenement, associated with a small gossan hosted by a sequence of basalt and dolerite and widespread surface malachite occurrences.

The Buddadoo Complex is a layered mafic intrusion (dominated by coarse gabbro) that has been emplaced into the Archaean Gullewa Greenstone Belt. The complex is approximately 8.6 kms long, 2.4 kms wide and dips steeply to the west. Layers of massive cumulate magnetite range in thickness from 5cm to 4m and are separated by gabbro and anorthosite containing variable amounts of disseminated magnetite.  Vanadium mineralisation is elevated within the magnetite bands also occur in economic concentrations in the adjacent gabbro layers.

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