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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: 0.16 AUD

Market: ASX
Market Cap: $16.37 m

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Macarthur Minerals reveals strong magnetite intersections from Lake Giles...

EAS Advisors Founder Eddie Sugar tells Proactive that Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) recently received assays that confirmed strong magnetite intersections at the Lake Giles Iron Project near Kalgoorlie in Western Australia, with the results to form the basis of a revised resource...

on 12/5/20

2 min read