Receipt of the first instalment of A$3.5 million means that FEL cash in the bank of A$5.2 million and is fully funded to begin further exploration at the JV’s Hillside Copper and Gold Project in Western Australia’s Pilbara region.
Ground survey planned
FEL is finalising plans for a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project.
This will cover a section of the previously identified gossan line as well as a series of individual FLEM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.
“Excited by news”
Macarthur Minerals president and executive chairman Cameron McCall said: “We are excited by the news that Fe Limited is adding A$7 million to its bank balance and will be fully-funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama and Strelley projects.
“All results so far have been very encouraging.”
FEL has sold the royalty over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of WA to TRR Services Australia Pty Ltd, a wholly-owned subsidiary of Trident Resources PLC (LON:TRR).
A further instalment of A$3 million is payable in 12 months.