Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO)
(the “Company” or “Macarthur”) has confirmed significant
intersections of magnetite mineralisation at its Lake Giles Iron
Project near Kalgoorlie in Western Australia following the
completion of its infill drilling program.
Drilling at the Moonshine North deposit
comprised 21 reverse circulation (RC) holes for 3379 metres advance
and 9 diamond drill (DD) holes for 1676.2 metres advance totalling
5055.2m. Drilling was completed in December 2019 with final assay
results received this week.
Highlights
- DD hole LGDD_070 intersected high
grade magnetite mineralisation. The interval 73m to 174m (101m)
averaged 28.4% Fe.
- DD hole LGDD_071 intersected the
interval 78m to 162m (84m) averaging 30.4% Fe (including the
interval 106m to 130m with a grade of 41.2% Fe).
- DD hole LGDD_074 intersected the
interval 46m to 99m (53m) averaging 32.8% Fe (see Photo 1).
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/28c81eb2-0324-44db-b9fa-4e6a213792a0
Macarthur Minerals Executive Chairman Mr Cameron McCall was
encouraged by the results, saying the successful intersections
would form the basis of a revised mineral resource estimate.
“This is an outstanding result that builds our
confidence to upgrade the resource classification to include
Indicated and Measured Mineral Resources,” Mr McCall said.
“The updated mineral resource, when completed,
will underpin the Feasibility Study to be completed for the Lake
Giles Iron Project.”
Mr McCall said current drilling was spaced
closer together to upgrade the resource classification for some of
the Moonshine and Moonshine North deposits to include Indicated and
Measured Mineral Resources.
Previously, the deposits were defined by drill
hole spacings of 200m x 200m and classified as an Inferred Mineral
Resource of approximately 710 mt at 30.2% Fe1 .
Drilling Results
The following table details significant
intervals of magnetite mineralisation for the final five DD and 2
RC holes drilled (Table 1). Note these intersections are not true
widths. These results complement the assay results for the first
round of samples from the Moonshine Magnetite deposit previously
reported to the market on 10 December 2019. For completeness, the
drill hole locations for all holes drilled in the infill program
are presented in Table 2. Significant magnetite intervals and drill
hole locations throughout the Moonshine deposit are shown in Figure
1.
The table below provides analytical results of
the programme returned from the SGS Australia Pty Ltd laboratory in
Perth. SGS Australia Pty Ltd is a Member of the SGS Group that
provides analytical services throughout the world. All samples were
dispatched to SGS Perth Laboratory. On completion of each drill
hole the calico sample bags were placed in poly-weave bags and
transferred to the Ularring exploration compound where they were
securely stored. The poly-weave bags were placed in large bulka
bags and transported to the assay laboratory depot in Kalgoorlie
and then Perth using a contracted freight company.
At all times the samples were under the security
of either Macarthur or the transport company personnel, and then
under the security of the laboratory. Rip tie security tags were
used to secure all samples. Pulp samples were analysed using Borate
Fusion with XRF finish (laboratory analytical code XRF78L),
considered the industry standard practice for iron ore. Industry
standard certified reference materials (CRMs) and blanks were
utilized in order to check laboratory assay quality control. The
insertion rate for CRMs is a nominal 1 in 20. Different CRMs have
been selected for use at varying Iron grades over the life of the
project. The combined insertion rate of pulp blanks and CRMs is a
nominal 1 in 20 samples. The QA/QC program includes CRMs, blanks,
preparation duplicates and field duplicates and is acceptable
according to industry standards. Pulp duplicates were also analysed
to test for analytical accuracy.
Assay results for intervals of high-grade
magnetite reported here are provided in the table below, NOTE these
are drill intersections and not true widths.
Samples have been submitted to the laboratory
for Davis Tube Recovery (DTR) analysis for determination of the
magnetite fraction and concentrate grade.
Table 1. XRF assay results for DD and RC drill samples from the
Moonshine and Moonshine North deposits.
Hole ID |
m From |
m To |
Interval |
Fe% |
SiO2% |
P% |
S% |
Al2O3% |
LOI |
LGDD_070 |
72.8 |
174 |
101.2 |
28.4 |
54.9 |
0.05 |
0.5 |
0.2 |
1.4 |
INC |
72.8 |
98 |
25.2 |
33.0 |
50.1 |
0.03 |
0.4 |
0.5 |
1.1 |
LGDD_071 |
78 |
162 |
84 |
30.4 |
47.2 |
0.05 |
2 |
1.9 |
1.9 |
INC |
106 |
130 |
24 |
41.2 |
36.9 |
0.06 |
1.1 |
1.1 |
2.1 |
LGDD_072 |
43 |
119 |
76 |
28.5 |
52.1 |
0.04 |
0.8 |
0.9 |
2 |
INC |
57 |
92 |
35 |
34.0 |
47.1 |
0.04 |
0.4 |
0.3 |
2.1 |
LGDD_073 |
110.35 |
141.5 |
31.15 |
28.2 |
53.4 |
0.06 |
0.3 |
0.7 |
2.1 |
AND |
195 |
268.63 |
73.63 |
30.2 |
46.7 |
0.05 |
2.2 |
1.6 |
2.1 |
INC |
241 |
268.63 |
27.63 |
34.0 |
47.2 |
0.04 |
0.3 |
0.1 |
2.1 |
LGDD_074 |
46 |
99 |
53 |
32.8 |
49.8 |
0.05 |
0.3 |
0.3 |
2 |
LGRC_2150 |
25 |
92 |
67 |
27.7 |
55.9 |
0.1 |
0 |
0.3 |
2.6 |
INC |
45 |
67 |
22 |
30.8 |
52.2 |
0.04 |
0 |
0.2 |
2.9 |
LGRC_2163 |
39 |
78 |
39 |
30.8 |
51.7 |
0.04 |
0.1 |
1.2 |
2.6 |
INC |
72 |
78 |
6 |
46.3 |
30.6 |
0.09 |
0.1 |
0.3 |
2.3 |
AND |
83 |
103 |
20 |
30.2 |
33.7 |
0.08 |
0.1 |
4.4 |
6.4 |
Table 2. Drill hole locations for the Moonshine Magnetite infill
drilling program.Highlighted holes relate to assay data presented
herein.
Hole_ID |
Hole Type |
Prospect |
MaxDepth |
NAT_RL |
NAT_Grid |
NAT_East |
NAT_North |
DIP |
AZIMUTH |
LGDD_066 |
DD |
MOONSHINE |
228.4 |
502.842 |
MGA94_50 |
790222.9 |
6672154.3 |
-60.37 |
244.97 |
LGDD_067 |
DD |
MOONSHINE |
138 |
499.512 |
MGA94_50 |
790050.1 |
6672396.3 |
-60.78 |
242.59 |
LGDD_068 |
DD |
MOONSHINE |
222 |
501.624 |
MGA94_50 |
790289.5 |
6672079.6 |
-59.64 |
236.29 |
LGDD_069 |
DD |
MOONSHINE |
145 |
501.338 |
MGA94_50 |
790492.9 |
6671732.0 |
-60.49 |
241.84 |
LGDD_070 |
DD |
MOONSHINE |
215.1 |
507.458 |
MGA94_50 |
790351.7 |
6671884.0 |
-60.5 |
240.94 |
LGDD_071 |
DD |
MOONSHINE NORTH |
223.4 |
480.941 |
MGA94_50 |
787935.2 |
6674890.6 |
-61.72 |
248.38 |
LGDD_072 |
DD |
MOONSHINE |
133.2 |
490.221 |
MGA94_50 |
789865.0 |
6672633.7 |
-60.03 |
246.21 |
LGDD_073 |
DD |
MOONSHINE |
270.8 |
498.521 |
MGA94_50 |
789956.5 |
6672801.8 |
-60.66 |
241.84 |
LGDD_074 |
DD |
MOONSHINE NORTH |
100.3 |
488.778 |
MGA94_50 |
787735.6 |
6675226.8 |
-60.66 |
255.25 |
LGRC_2146 |
RC |
MOONSHINE |
150 |
497.672 |
MGA94_50 |
790002.0 |
6672371.0 |
-59.64 |
241.61 |
LGRC_2147 |
RC |
MOONSHINE |
282 |
498.468 |
MGA94_50 |
790155.1 |
6672346.7 |
-59.64 |
241.18 |
LGRC_2148 |
RC |
MOONSHINE |
108 |
498.484 |
MGA94_50 |
790087.2 |
6672300.1 |
-60.13 |
240.53 |
LGRC_2149 |
RC |
MOONSHINE |
126 |
506.135 |
MGA94_50 |
790221.0 |
6672028.6 |
-60.14 |
230.83 |
LGRC_2150 |
RC |
MOONSHINE |
132 |
500.564 |
MGA94_50 |
790164.6 |
6672132.9 |
-60.33 |
227.21 |
LGRC_2151 |
RC |
MOONSHINE |
186 |
508.888 |
MGA94_50 |
790398.5 |
6671905.3 |
-60.61 |
245.79 |
LGRC_2152 |
RC |
MOONSHINE |
39 |
508.93 |
MGA94_50 |
790347.6 |
6671769.4 |
-59.96 |
247.61 |
LGRC_2153 |
RC |
MOONSHINE |
132 |
509.043 |
MGA94_50 |
790342.4 |
6671767.2 |
-59.96 |
247.61 |
LGRC_2154 |
RC |
MOONSHINE |
234 |
508.398 |
MGA94_50 |
790549.0 |
6671763.6 |
-59.82 |
238.13 |
LGRC_2155 |
RC |
MOONSHINE |
114 |
498.103 |
MGA94_50 |
790428.4 |
6671707.7 |
-60.5 |
221.8 |
LGRC_2156 |
RC |
MOOSHINE |
151 |
500.828 |
MGA94_50 |
789918.7 |
6672458.8 |
-60.2 |
213.48 |
LGRC_2157 |
RC |
MOONSHINE |
138 |
498.558 |
MGA94_50 |
789788.2 |
6672579.1 |
-60.24 |
237.28 |
LGRC_2158 |
RC |
MOONSHINE |
120 |
493.389 |
MGA94_50 |
789719.1 |
6672674.8 |
-60.16 |
259.02 |
LGRC_2159 |
RC |
MOONSHINE NORTH |
294 |
502.948 |
MGA94_50 |
787889.7 |
6675197.1 |
-60.36 |
234.16 |
LGRC_2160 |
RC |
MOONSHINE NORTH |
294 |
486.933 |
MGA94_50 |
787908.1 |
6674997.0 |
-60.28 |
222 |
LGRC_2161 |
RC |
MOONSHINE NORTH |
261 |
486.27 |
MGA94_50 |
787904.6 |
6674993.7 |
-77.35 |
229.3 |
LGRC_2162 |
RC |
MOONSHINE NORTH |
100 |
483.151 |
MGA94_50 |
787760.8 |
6675122.9 |
-60.51 |
240.45 |
LGRC_2163 |
RC |
MOONSHINE NORTH |
114 |
488.285 |
MGA94_50 |
787807.9 |
6675038.1 |
-60.59 |
244.4 |
LGRC_2164 |
RC |
MOONSHINE NORTH |
114 |
486.831 |
MGA94_50 |
787852.4 |
6674946.7 |
-59.52 |
239.31 |
LGRC_2165 |
RC |
MOONSHINE NORTH |
130 |
486.6 |
MGA94_50 |
787888.9 |
6674854.7 |
-60.23 |
244.79 |
LGRC_2166 |
RC |
MOONSHINE NORTH |
160 |
475.268 |
MGA94_50 |
788022.4 |
6674690.6 |
-60.61 |
245.02 |
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce0f82c3-e9df-4186-8c40-94a99e80b3f9
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more information please contact:
Joe
Phillips
CEO &
Director
M +61 (0)448 899
247
jphillips@macarthurminerals.com
A different version of the current report was
submitted to the ASX and formatted according to the JORC
requirements. The technical data presented in both reports are
identical and only the format and legal statements may differ.
Qualified persons
Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S.
FAusIMM, a Fellow of the Australasian Institute of Mining and
Metallurgy (membership number 107348, is a consultant of Macarthur
and is a Qualified Person as defined in National Instrument 43-101.
Mr Cooper is in charge of Macarthur’s exploration programs and has
reviewed and approved the technical information contained in this
news release.
Company profile
Macarthur is an iron ore development, gold and
lithium exploration company that is focused on bringing to
production its Western Australia iron ore projects. The Lake Giles
Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Moonshine magnetite resource of
710 million tonnes (Inferred). Macarthur has prominent (~1,281
square kilometer tenement area) gold, lithium and copper
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
This news release is not for
distribution to united states services or for dissemination in the
United States
Caution Regarding Forward Looking
Statements
Certain of the statements made and information
contained in this press release may constitute forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. All statements herein, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but limited to statements regarding: the
proposed strategy regarding core mining, road and rail inputs at
the Project; anticipated increases in annual production at the
Project; anticipated decreases in Project costs; the possible
reclassification of current inferred mineral resources on the
Project as indicated mineral resources in the future; expected
completion of the FS on the Project containing a new reserve
calculation and a new economic assessment; the granting of a
license for the Menzies rail siding; the status of the MRRT; and
plans to secure mining approvals under the Mining Act, are
forward-looking statements. The forward-looking statements in
this press release reflect the current expectations, assumptions or
beliefs of the Company based upon information currently available
to the Company. With respect to forward-looking statements
contained in this press release, assumptions have been made
regarding, among other things, the reliability of information
prepared and/or published by third parties that are referenced in
this press release or was otherwise relied upon by the Company in
preparing this press release. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; future changes in strategy regarding
core mining, road and rail inputs with respect to the Project;
final Project costs varying from those determined from the EOI
program; failure to successfully negotiate a BOO arrangement for
the Project; failure to complete the FS; failure of the FS to
reflect currently anticipated increases annual production and
decreases in expected costs at the Project; the results of infill
drilling being insufficient to reclassify current inferred mineral
resources on the Project as indicated mineral resources; failure to
receive a license for the Menzies rail siding; failure to repeal
the MRRT; and failure to obtain mining approvals under the Mining
Act. Readers are cautioned not to place undue reliance on
forward-looking statements due to the inherent uncertainty thereof.
Such statements relate to future events and expectations and, as
such, involve known and unknown risks and uncertainties. The
forward-looking statements contained in this press release are made
as of the date of this press release and except as may otherwise be
required pursuant to applicable laws, the Company does not assume
any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
____________________________
1 NI43-101 Technical Report filed June 17, 2019, titled
“Macarthur Minerals Limited, Preliminary Economic Assessment Lake
Giles Iron Project, Western Australia”, NI43-101 Technical Report –
Preliminary Assessment
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