The iron at Mt Lucy is a classic magnetite skarn produced by the intrusion of granite into limestone producing a concentration of magnetite with accessory garnet. Within the main outcrop granite can be observed in contact with the iron. A secondary low hill of ironstone located approximately 600m to the southwest provides encouragement that the ironstone body forms a continuous body below the current land surface. On the southwest side of the hill there is a skarn breccia with wollastonite and garnet-rich ironstone.
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