The Magazine Pit area is located in the southeast part of the tenement package. It is underlain by Magazine Schist (stratigraphically above the Cockatoo Formation). However, within the Magazine Schist there are haematite rich bands with quartzite. Previous explorers have examined the area (via completing 25 RC holes) for beneficiation grade iron ore (20-40% Fe). The company is planning to drill confirmatory holes in this area.
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High grade haematite mineralisation can be observed on Pearl Gull’s Mining Lease, along strike from the historical Seawall mine in an area the Company has called Switch Pit. An exploration drilling program has commenced in this area.
Interpretative work undertaken by Pearl Gull Iron has identified the potential for high-grade structural repeats on the northern side of the island. An exploration drilling program has commenced in this area where historically there has been no exploration, despite high grade haematite sands being clearly visible on the beach.