An iron ore province straddling the NSW-South Australia border just south of Broken Hill, there has been evidence lately that the resource map will soon have a new addition.

A 40km-long magnetite iron ore deposit drill-proven to be up to 124m thick, has been reported. In partnership with Japan’s Sumitomo group, MEP owns 40.9% of the project. A concentrate grade of 69.3% iron has been received at an early test that has been named ‘Mutooroo’.

A potential for numerous additional drill targets has so far been suggested by the interpretation of drilling data.Agressive drill schedules are being planned as two holes have been drilled as a follow up to magnetic and geophysical work.

At the time of writing MEP shares were up 33%.

MEP is run by the same team which found the huge Prominent Hill discovery in South Australia and apart from this fact another source of significance is that that Mutooroo is just 24km west of the Hawson iron ore project owned by Carpentaria Exploration on the NSW side of the border.

Encouraging early work 60km south of Broken Hill, CAP now has three drill rigs at work, there. It owns the Burta prospect there in its own right, and is earning a 51% interest in the Redan deposit from Perilya.

There was a speculation that a new gold float was shaping up after the Company concerned bought out the stake owned by Blackham Resources in the Carbine North gold project.