nkl could fly, page-4

Didn't move on Splinter because:
- there is no way that magentite deposit will be mined. Its 200m below surface for gawds sake. Grange resources resource is right near the surface. Almost all other iron mines are on the surface. Not cost effective. Grades are low as well (ore is approx 13%).
- they are pulling rabbits out of the hat by calling it an IOCG. The magnetite explains the gravity/magnetic anomaly - thats it. Gold may be found in association with these magnetite deposits. But its not an IOCG.

Originally bought when drilling commenced on splinter as it looked like an IOCG and rumours were circulating WA mining types that they found something. Turned out to be a red herring and got out.