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Macarthur Minerals set to advance Moonshine nickel prospect with government funding

Under the Exploration Incentive Scheme (EIS), $5 million a year is provided to encourage innovative drilling in greenfields and under-explored areas of the state.

Macarthur Minerals Ltd - Macarthur Minerals set to advance Moonshine nickel prospect with Australian Government funding
The Moonshine North Nickel prospect is within the Lake Giles Iron Project, 150 kilometres northwest of Kalgoorlie

Macarthur Minerals Ltd (ASX:MIO) has been awarded an $85,000 grant from the Western Australian Government to support drilling of a diamond hole at its Moonshine North Nickel prospect within the Lake Giles Iron Project in Western Australia.

Under the Exploration Incentive Scheme (EIS) administered by the Industry Regulation and Safety (DMIRS), $5 million a year is provided to encourage innovative drilling in greenfields and under-explored areas of the state by offering up to 50% contribution to drilling costs.

Macarthur is planning to undertake deep drilling at two prospective targets:

  • A 20,000 Siemens plate conductor geophysical anomaly; and
  • An anomalous nickel horizon found in a nearby drill hole close to surface – this hole intersected 19 metres at 1% nickel, including 1 metre at 1.42% nickel.

Moonshine targets

Anomalous nickel values of up to 1.42% were found within the first 30 metres of historical diamond drill hole LGDD_054 from the Moonshine North prospect, which is uniquely high in nickel concentration in comparison to subsequent drill hole data.

In 2018, Macarthur completed a Moving Loop Electromagnetic (MLEM) survey delineating two bedrock conductors, MC01 and MC02.

There was a standout anomaly on line 50600N which had the highest amplitude Bz response and a conductance of 20,000 Siemens, more than twice that used for modelling the same conductor on adjacent lines.

Interpretation of the data recommended a target drill hole into MC02 and on or close to line 50600N.

Although the Moonshine North prospect has been previously drilled for magnetite, no holes have adequately tested the conductor with historical drilling typically limited to a depth of 250 metres.

Map showing cross section of planned hole CFDD_2 illustrating the two targets

A 460-metre diamond drill hole (CFDD_2) is planned to target two separate prospective horizons.

The anomalous nickel horizon previously intersected by nearby historical drill hole LGDD_054 close to surface and the MC02 conductor plate identified in the 2018 MLEM survey at depth.

This drill hole will also provide a better understanding of the genesis and litho geo-chemistry of the komatiites at the Moonshine Nickel Prospect and aid further targeting for the possible discovery of a komatiitic nickel ore deposit.

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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

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