Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) (OTCMKTS:MMSDF) has completed a magnetite resource upgrade to underpin a feasibility study for the Lake Giles Iron Project in Western Australia.
The measured resource at the project totals 53.9 million tonnes while the indicated mineral resource is 218.7 million tonnes and the inferred mineral resource is 997 million tonnes.
During 2019, Macarthur completed a program of infill drilling at Moonshine Deposit to upgrade the mineral resource category to include indicated and measured resources.
The upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project feasibility study.
About 30% of the Moonshine resource is now classified as indicated with around 7.5% classified in the measured category.
The inferred resource at Moonshine North was extended to beyond 200 metres below the depth of drilling, with geological continuity at these depths implied based upon results from aeromagnetic surveys.
Plan view of Lake Giles Iron Project mineral resource
Macarthur’s infill drilling program concentrated on just a portion of the previously reported resource to establish measured and indicated resources.
Further drilling will be conducted as required but the company is confident it has established sufficient resources to support its feasibility study.