Reading between the lines, Razorback looks like a significant resource. The elusion to government work in the 1960s suggests a resource already exists, but ROY might have been stopped from quoting it as it is historic, so doesn't meet JORC/ASX requirements. Digging an adit on the basis of three drill holes(?) certainly suggests there is something significant there. An "accelerated target definition" programme, and a PFS within 3 years, supports that view. The price paid (consultancy fees might be a way of avoiding stamp duty?) also suggests a very large existing resource.
Its main advantages, however, seems to be that it has access to rail, port, and town infrastucture - something most other iron deposits in the Pilbara and Mid West do not have. Iron is an infrastruture play first and foremost.
MFE Price at posting:
7.8¢ Sentiment: Hold Disclosure: Held
