logo-loader
viewMacarthur Minerals Ltd

Macarthur Minerals drills 101-metre magnetite intersection at Lake Giles

The successful drilling results will form the basis of a revised JORC resource estimate at the project.

Macarthur Minerals Ltd - Macarthur Minerals drills 101-metre magnetite intersection at Lake Giles
An updated JORC resource will feed into a feasibility study

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) has received results from its infill drilling program at its flagship Lake Giles Iron Ore Project near Kalgoorlie in Western Australia.

The objective of the infill drilling was to upgrade the resource classification for some of the Moonshine and Moonshine North deposits to include indicated and measured resource categories.

Highlights include:

  • 101 metres at 28.4% iron from 73 metres;
  • 84 metres at 30.4% iron from 78 metres including 14 metres at 41.2% iron;
  • 53 metres at 32.8% iron from 46 metres.

These results are from the final five diamond and two RC holes in the infill drilling program and follow the previously reported results in December 2019.

Results to feed into resource update

Macarthur’s executive chairman Cameron McCall said: “This is an outstanding result that builds our confidence to upgrade the resource classification to include indicated and measured mineral resources.

“The updated mineral resource, when completed, will underpin the feasibility study to be completed for the Lake Giles Iron Project.”

Results add to December’s first assay batch

The infill drilling program was completed in late December and comprised 21 RC holes and nine diamond holes.

Highlights from the first results in December included 94 metres at 40.51% iron at Moonshine North.

ASX listing via IPO in December 2019

Macarthur commenced trading on the ASX on December 6, 2019, after raising $5 million through the issue of shares priced at 25 cents each.

Funds from the IPO were primarily assigned to advance the company’s flagship Lake Giles Iron Project in WA’s Yilgarn region, about 175 kilometres northwest of Kalgoorlie-Boulder.

The company also has gold assets WA and lithium assets in Nevada.

Quick facts: Macarthur Minerals Ltd

Price: 0.205 AUD

ASX:MIO
Market: ASX
Market Cap: $20.61 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Macarthur Minerals Ltd named herein, including the promotion by the Company of Macarthur Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bull, Bears & Brokers: Shaw and Partner’s Davide Bosio forecasts what themes...

Shaw and Partners WA state manager Davide Bosio updates Proactive on Panoramic Resources completing an underwritten rights issue raising a total of $31 million, following the unsolicited takeover approach by Independence Group NL (ASX:IGO). He also talks about iron ore pre-developer Macarthur...

on 10/12/19

2 min read