Macarthur Minerals Limited (TSX-V:
MMS) (ASX: MIO) (the “Company” or
“Macarthur”) is pleased to provide an update on the recent infill
drilling program at its Lake Giles Iron Project in the Yilgarn
region of Western Australia. Infill Drilling has intersected a zone
of high-grade magnetite mineralisation identified previously at the
Moonshine North deposit and assay results have been received for
several Reverse Circulation (RC) drill holes.
The drilling programme commenced on 17 August
2019 and concluded on 8 December 2019 with a total of 21 RC holes
and nine diamond drill holes completed.
The results of the drilling campaign have shown
a successful intersection of high-grade magnetite mineralisation.
Previous test work has demonstrated the potential to produce a
processed high-grade magnetite concentrate of approximately
68-69%.
HIGHLIGHTS
- Reverse Circulation drilling has successfully intersected the
previously identified high grade magnetite mineralisation at
Moonshine North.
- Hole LGRC_2160 intersected an interval 86m to 180m (94m)
averaging 40.51% Fe (including the interval 121m to 171m with a
grade of 47.52% Fe).
- Hole LGRC_2166 intersected the interval 95m to 152m (57m)
averaging 40.23% Fe (including the interval 129m to 147m with a
grade of 60.64% Fe).
- Diamond drill hole LGDD_071 drilled at Moonshine North has also
intersected the high-grade magnetite mineralisation from a down
hole depth of 91.5m to 162.74m (71.24m) with strong visual
magnetite content (Photo 1).
Photo 1 - Strong magnetite
mineralisation at Moonshine North Zone in diamond drill hole
LGDD_071
Photo 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/08d6ce4e-46a5-4bfe-8298-c94d62439a70
Mr Cameron McCall, Executive Chairman of
Macarthur Minerals commented:
“The Company is extremely pleased with its
successful listing on the Australian Securities Exchange (ASX) and
the positive market response in the first two days of
trading. Macarthur’s dual listing on the ASX and the TSX-V
will provide the Company with increased opportunities in the
pre-development stage of its flagship Moonshine Magnetite
Project.
“With Australia as a major exporter of iron ore
to the world and the ASX being the home exchange to some of the
world’s largest iron ore producing companies, it makes sense for
Macarthur to be dual listed in Australia.”
Moonshine Magnetite Infill Drilling
Program
The majority of the Moonshine and Moonshine
North deposits are defined by drill hole spacing of 200m X 200m and
classified as an Inferred Mineral Resource of approximately 710 mt
at 30.2% Fe1.
The current infill drilling program has been
designed at closer drill hole spacing to upgrade the resource
classification for some of the Moonshine and Moonshine North
deposits. The planned program included 21 RC drill holes and nine
diamond drill holes. The program has concluded with a total of
3,674 metres of RC drilling and 2,673 metres of diamond drilling
completed.
The drilling program has been designed with the
goal of upgrading 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.
The photo below shows the Diamond Drill rig in
operation (Photo 2) at the Moonshine North deposit.
Moonshine North Magnetite
Results
At the Moonshine North deposit, Reverse
Circulation and Diamond drilling has successfully intersected the
previously identified high grade magnetite mineralisation. Assay
results for intervals of high-grade magnetite obtained to date are
provided in the table below, NOTE these are drill intersections and
not true widths.
Hole ID |
m From |
m To |
Interval |
Fe% |
SiO2% |
P% |
S% |
Al2O3% |
LOI |
LGRC_2159 |
201 |
287 |
86 |
33.85 |
30.72 |
0.06 |
2.99 |
2.75 |
6.09 |
|
|
|
|
|
|
|
|
|
|
INC |
227 |
260 |
33 |
41.58 |
21.71 |
0.08 |
1.82 |
1.86 |
5.2 |
|
|
|
|
|
|
|
|
|
|
LGRC_2160 |
86 |
180 |
94 |
40.51 |
20.90 |
0.07 |
2.07 |
2.45 |
7.36 |
INC |
122 |
162 |
40 |
49.27 |
8.70 |
0.08 |
0.79 |
0.36 |
6.22 |
LGRC_2161 |
139 |
194 |
55 |
38.39 |
33.15 |
0.06 |
1.55 |
2.09 |
2.42 |
INC |
156 |
194 |
38 |
41.73 |
33.31 |
0.07 |
0.70 |
0.37 |
0.56 |
LGRC_2164 |
25 |
107 |
82 |
38.98 |
36.48 |
0.07 |
0.14 |
2.63 |
3.28 |
|
|
|
|
|
|
|
|
|
|
INC |
77 |
92 |
15 |
53.28 |
20.46 |
0.09 |
0.03 |
0.05 |
2.47 |
LGRC_2165 |
29 |
110 |
81 |
37.44 |
36.15 |
0.05 |
0.7 |
1.57 |
4.22 |
|
|
|
|
|
|
|
|
|
|
INC |
48 |
77 |
29 |
47.78 |
27.11 |
0.06 |
1.2 |
0.48 |
2.35 |
|
|
|
|
|
|
|
|
|
|
LGRC_2166 |
95 |
152 |
57 |
40.23 |
28.87 |
0.07 |
3.81 |
2.96 |
4.66 |
|
|
|
|
|
|
|
|
|
|
INC |
129 |
147 |
18 |
60.64 |
7.05 |
0.11 |
0.67 |
0.49 |
-0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analytical results are pending for a further
eight holes also drilled at Moonshine North, all of which include
visually logged intervals with a high percentage of magnetite
content.
Preliminary metallurgical test work on a sample
of similar iron grade obtained from hole LGRC_203 drilled at
Moonshine North previously showed great potential to obtain a
high-grade magnetite concentrate1. Single and two-staged Low
Intensity Magnetic Separation (LIMS) obtained concentrate grades
ranging from 67.3% to 68.4% Fe and 4.2% to 5.0% SiO2 with high mass
recoveries of 57.8% to 60.3%. Material of higher head grade is
likely to result in higher mass recovery in comparison to the
conservative design criteria of 38% used in the Preliminary
Economic Assessment, 20191.
Photo 2 - Diamond Drill Rig in Operation at
Moonshine North - Hole LGDD_071
Photo 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee22417c-c4aa-4309-adb5-40349086be87
Update of the Moonshine/ Moonshine North
infill drilling program
Since the release of the Preliminary Economic
Assessment1 the company commenced its work for a Feasibility Study
(FS). The study is well underway with the infill drilling program
completed on 8 December 2019. Analytical results have been returned
for the first two batches of RC samples and 4 ½ diamond holes. A
third batch of the remaining core samples is in transit to the
laboratory. Davis Tube analysis results are awaited.
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.
HOLE_ID |
m FROM |
M TO |
INTERVAL |
Fe% |
SiO2% |
P% |
S% |
Al2O3% |
LOI |
RC HOLES |
|
|
|
|
|
|
|
|
|
LGRC_2146 |
38 |
81 |
43 |
30.67 |
52.01 |
0.04 |
0.22 |
0.22 |
2.43 |
AND |
87 |
98 |
11 |
30.40 |
50.44 |
0.04 |
0.27 |
0.10 |
0.97 |
LGRC_2147 |
103 |
227 |
124 |
28.41 |
50.37 |
0.05 |
1.02 |
1.25 |
0.79 |
INC |
138 |
222 |
84 |
30.00 |
51.29 |
0.04 |
0.33 |
0.33 |
0.11 |
LGRC_2148 |
44 |
101 |
57 |
30.99 |
49.80 |
0.04 |
0.18 |
1.33 |
2.26 |
LGRC_2149 |
24 |
57 |
33 |
30.41 |
53.15 |
0.04 |
0.04 |
0.13 |
2.82 |
AND |
60 |
77 |
17 |
30.26 |
54.48 |
0.05 |
0.04 |
0.11 |
1.47 |
AND |
96 |
100 |
4 |
33.33 |
47.65 |
0.04 |
0.02 |
0.05 |
3.74 |
LGRC_2151 |
91 |
286 (EOH) |
95 |
29.77 |
49.61 |
0.04 |
1.26 |
1.65 |
1.4 |
INC |
127 |
286 (EOH) |
59 |
33.76 |
49.59 |
0.05 |
0.50 |
0.18 |
-0.54 |
LGRC_2153 |
21 |
75 |
54 |
31.92 |
50.78 |
0.04 |
0.02 |
0.56 |
2.61 |
LGRC_2154 |
106 |
162 |
56 |
21.12 |
58.69 |
0.04 |
2.43 |
1.16 |
3.07 |
LGRC_2155 |
43 |
78 |
35 |
33.46 |
49.30 |
0.05 |
0.11 |
0.27 |
1.71 |
LGRC_2156 |
11 |
78 |
67 |
27.78 |
55.59 |
0.03 |
0.03 |
1.00 |
3.11 |
LGRC_2159 |
201 |
287 |
86 |
33.85 |
30.72 |
0.06 |
2.99 |
2.75 |
6.09 |
|
|
|
|
|
|
|
|
|
|
INC |
227 |
260 |
33 |
41.58 |
21.71 |
0.08 |
1.82 |
1.86 |
5.2 |
|
|
|
|
|
|
|
|
|
|
LGRC_2160 |
86 |
180 |
94 |
40.51 |
20.90 |
0.07 |
2.07 |
2.45 |
7.36 |
INC |
122 |
162 |
40 |
49.27 |
8.70 |
0.08 |
0.79 |
0.36 |
6.22 |
LGRC_2161 |
139 |
194 |
55 |
38.39 |
33.15 |
0.06 |
1.55 |
2.09 |
2.42 |
INC |
156 |
194 |
38 |
41.73 |
33.31 |
0.07 |
0.70 |
0.37 |
0.56 |
LGRC_2164 |
25 |
107 |
82 |
38.98 |
36.48 |
0.07 |
0.14 |
2.63 |
3.28 |
|
|
|
|
|
|
|
|
|
|
INC |
77 |
92 |
15 |
53.28 |
20.46 |
0.09 |
0.03 |
0.05 |
2.47 |
LGRC_2165 |
29 |
110 |
81 |
37.44 |
36.15 |
0.05 |
0.7 |
1.57 |
4.22 |
|
|
|
|
|
|
|
|
|
|
INC |
48 |
77 |
29 |
47.78 |
27.11 |
0.06 |
1.2 |
0.48 |
2.35 |
|
|
|
|
|
|
|
|
|
|
LGRC_2166 |
95 |
152 |
57 |
40.23 |
28.87 |
0.07 |
3.81 |
2.96 |
4.66 |
|
|
|
|
|
|
|
|
|
|
INC |
129 |
147 |
18 |
60.64 |
7.05 |
0.11 |
0.67 |
0.49 |
-0.26 |
DIAMOND HOLES |
|
|
|
|
|
|
|
|
|
LGDD_066 |
60 |
178 |
118 |
26.73 |
53.89 |
0.04 |
1.06 |
0.77 |
1.89 |
INC |
59.2 |
138 |
78.8 |
30.47 |
49.01 |
0.05 |
1.24 |
1.07 |
2.06 |
|
|
|
|
|
|
|
|
|
|
AND INC |
84 |
138 |
54 |
32.65 |
48.55 |
0.05 |
0.42 |
0.15 |
0.05 |
LGDD_067 |
42.6 |
135 |
92.4 |
31.35 |
48.8 |
0.05 |
0.69 |
1.09 |
1.21 |
INC |
69 |
135 |
66 |
32.88 |
48.04 |
0.05 |
0.37 |
0.34 |
-0.1 |
LGDD_068 |
36 |
158 |
122 |
28.72 |
51.9 |
0.04 |
0.38 |
1.46 |
1.76 |
INC |
83 |
149 |
66 |
33.5 |
47.86 |
0.05 |
0.41 |
0.19 |
0.54 |
LGDD_069 |
60 |
77.9 |
17.9 |
27.48 |
50.84 |
0.06 |
2.16 |
0.94 |
6.44 |
AND |
91.05 |
115 |
23.95 |
34.41 |
46.89 |
0.04 |
0.37 |
0.17 |
-0.51 |
|
|
|
|
|
|
|
|
|
|
The table below gives the surveyed Reverse
Circulation drill hole locations plotted as MGA Zone 50
HOLE_ID |
EASTINGS |
NORTHINGS |
DEPTH |
DIP |
AZIMUTH |
DEPTH |
COLLARELEVATION |
LGRC_2146 |
790002.018 |
6672370.965 |
0.1 |
-59.64 |
241.61 |
150 |
497.67 |
LGRC_2147 |
790155.121 |
6672346.679 |
0.02 |
-59.64 |
241.18 |
282 |
498.46 |
LGRC_2148 |
790087.161 |
6672300.115 |
0 |
-60.13 |
240.53 |
108 |
498.48 |
LGRC_2149 |
790221.001 |
6672028.59 |
0 |
-60.14 |
230.83 |
126 |
506.13 |
LGRC_2150 |
790164.623 |
6672132.868 |
0 |
-60.33 |
227.21 |
132 |
500.56 |
LGRC_2151 |
790398.494 |
6671905.278 |
0 |
-60.61 |
245.79 |
186 |
508.88 |
LGRC_2152 |
790342.351 |
6671767.248 |
0.11 |
-59.96 |
247.61 |
39 |
509.04 |
LGRC_2153 |
790347.567 |
6671769.409 |
0.11 |
-59.96 |
247.61 |
132 |
508.93 |
LGRC_2154 |
790548.955 |
6671763.555 |
0 |
-59.82 |
238.13 |
234 |
508.39 |
LGRC_2155 |
790428.381 |
6671707.73 |
0 |
-60.5 |
221.8 |
114 |
498.10 |
LGRC_2156 |
789918.71 |
6672458.84 |
0 |
-60.2 |
213.48 |
151 |
500.82 |
LGRC_2157 |
789788.17 |
6672579.123 |
0.15 |
-60.24 |
237.28 |
138 |
498.55 |
LGRC_2158 |
789719.09 |
6672674.802 |
0 |
-60.16 |
259.02 |
120 |
493.38 |
LGRC_2159 |
787889.666 |
6675197.131 |
0 |
-60.36 |
234.16 |
294 |
502.94 |
LGRC_2160 |
787908.094 |
6674996.982 |
0 |
-60.28 |
222 |
294 |
486.93 |
LGRC_2161 |
787904.626 |
6674993.651 |
0 |
-77.35 |
229.3 |
261 |
486.27 |
LGRC_2162 |
787760.846 |
6675122.895 |
0 |
-60.51 |
240.45 |
100 |
483.15 |
LGRC_2163 |
787807.945 |
6675038.13 |
1.47 |
-60.59 |
244.4 |
114 |
488.28 |
LGRC_2164 |
787852.361 |
6674946.706 |
0 |
-59.52 |
239.31 |
114 |
486.83 |
LGRC_2165 |
787888.901 |
6674854.723 |
0 |
-60.23 |
244.79 |
130 |
486.6 |
LGRC_2166 |
788022.367 |
6674690.553 |
0 |
-60.61 |
245.02 |
160 |
475.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A photo of the Reverse Circulation drill rig in
action on hole LGRC_2161 at the Moonshine North deposit is shown
below (Photo 3) and RC chip samples of materials from the Moonshine
North deposit shown in photo 4.
Photo 3 - Reverse Circulation Drill in
action on hole LGRC2161 at Moonshine North.
Photo 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0be6abe0-a58d-4dba-b97d-4d79e78447cb
Photo 4 - Reverse Circulation Drill chip
samples of materials from the Moonshine North deposit.
Photo 4 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f215be3-f7d3-4bb7-b5b9-dcfc23038977
No New InformationTo the extent
that this announcement contains references to prior exploration
results and Mineral Resource estimates, which have been cross
referenced to previous market announcements (including supporting
JORC reporting tables) made by the Company, unless explicitly
stated, no new information is contained in accordance with Table 1
checklist in the JORC Code. The Company confirms that it is not
aware of any new information or data that materially affects the
information included in the relevant market announcements and, in
the case of Mineral Resources that all assumptions and technical
parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed.
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.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:
MMS, ASX: MIO)
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 includes the 80 million tonne Ularring hematite
resource (approved for development) and the 710 million tonne
Moonshine magnetite resource. Macarthur has prominent (~1,281
square kilometer tenement area) gold, lithium and nickel
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
On behalf of the Board of
Directors,MACARTHUR MINERALS LIMITED
“Cameron McCall”Cameron McCall, Executive
Chairman
Company ContactJoe Phillips, CEO and
DirectorEmail:
jphillips@macarthurminerals.comTelephone: +61
448899247
Website: www.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.
_______________________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
THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Caution Regarding Forward Looking
StatementsCertain 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.
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