Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO)
(the “Company” or “Macarthur”) has recently received the final XRF
and Davis Tube Recovery (DTR) assays for the infill drilling
program completed at its Lake Giles Iron Project near Kalgoorlie in
Western Australia. The DTR assays confirm significant intersections
of magnetite mineralisation with DTR concentrate grades up to 68.9%
Fe.
Drilling at the Moonshine North deposit
comprised 21 reverse circulation (RC) holes for 3379 metres and 9
diamond drill (DD) holes for 1676.2 metres, totalling 5055.2m.
A total of 25 holes were submitted for XRF and DTR
analysis.
Macarthur has now engaged CSA Global to complete
an updated resource model and classification.
Highlights
- Weighted average DTR concentrate grade of 66.6% Fe and weighted
average mass recovery of 31.2%.
- High grade DTR concentrate including the following
intervals:
Hole |
mFrom |
mTo |
DTR Mass Recovery % |
Fe Concentrate % |
LGRC_2165 |
52 |
110 |
39.9 |
68.88 |
LGRC_2160 |
96 |
179 |
41.3 |
68.78 |
LGRC_2147 |
139 |
199 |
42.4 |
67.17 |
Including |
139 |
167 |
45.2 |
66.63 |
LGRC_2166 |
114 |
149 |
51.6 |
68.61 |
- High grade magnetite intervals:
Hole |
mFrom |
mTo |
Fe% |
SiO2% |
LGRC_2160 |
131 |
168 |
50.28 |
12.64 |
Including |
139 |
155 |
55.44 |
8.03 |
and |
141 |
145 |
61.00 |
6.28 |
LGRC_2166 |
115 |
149 |
50.07 |
15.67 |
Including |
127 |
150 |
55.45 |
9.49 |
and |
129 |
148 |
60.03 |
7.02 |
Macarthur Minerals Executive Chairman Mr Cameron
McCall said that “The assay results for the infill drilling
confirmed good intersections of magnetite. This has been a
successful program, and these intersections will form the basis of
a revised mineral resource estimate that will underpin the
Feasibility Study.”
Mr McCall also said that “Macarthur has been
working hard on progressing key components of the Lake Giles Iron
Project, and is well underway in advancing discussions to achieve a
contracted position with port and rail service providers.
We look forward to informing investors about the
outcomes of the updated resource classification that is anticipated
to include Indicated and Measured Mineral Resources, and to further
advising on progress on the Company’s march toward securing its
route to market” Mr McCall said.
Drilling Results
The Moonshine magnetite deposit is currently
defined by drill hole spacings of 200m x 200m and classified as an
Inferred Mineral Resource of approximately 710 mt at 30.2% Fe1.
The Company’s infill drilling program targeted two discrete
areas of the Moonshine and Moonshine North magnetite deposits as
shown in Figure 1. Drilling was conducted at closer spacing to
provide greater confidence in resource estimates with a plan to
upgrade the resource classification to include Indicated and
Measured Resources.
Ore grade XRF assays were previously released to
the market on December 10, 2019 and January 17, 2020. Samples
were subsequently submitted for DTR analysis to determine the
magnetite fraction and concentrate grade.
DTR analysis has been completed for 25 holes
intersecting magnetite mineralisation at the Moonshine and
Moonshine North deposits. DTR assays were completed for sample
composites ranging from 3m to 5m intervals based on head grade XRF
assays and geological logging.
Average concentrate grades across holes ranged
from 63.7% Fe to 68.9% Fe with mass recoveries ranging from 15.5%
to 51.6% (Table 1). Weighted average ore grades across
mineralised intervals approximated 30.4% Fe with weighted average
DTR concentrate of 66.6% Fe with a mass recovery of 31.2%.
These data are in accordance with the mineral resource
estimate at 30.2% Fe and 31.4% mass recovery1.
Several holes showed elevated mass recoveries
including:
- LGRC_2166: 52 to 110m; DTR 39.9% and 68.9% Fe
- LGRC_2160: 96 to 179m; DTR 41.3% and 68.8% Fe
- LGRC_2147: 139 to 199m; DTR 42.4% and 67.2% Fe
- LGRC_2166: 114 to 149m; DTR 51.6% and 68.6% Fe
The following table details significant
intervals of magnetite mineralisation confirmed by XRF and DTR
analysis (Table 1). Note these intersections are not true widths.
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.
Table 1. XRF and DTR 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 |
AverageDTRmassrecovery% |
DTR Conc.Fe % |
LGDD_066 |
60 |
175 |
115 |
25.95 |
54.85 |
0.04 |
1.05 |
1.04 |
2.05 |
26.46 |
64.75 |
LGDD_067 |
69 |
137 |
68 |
31.61 |
48.99 |
0.05 |
0.42 |
0.84 |
0.06 |
38.41 |
67.97 |
LGDD_068 |
83 |
194 |
111 |
26.82 |
55.15 |
0.04 |
0.42 |
0.23 |
1.12 |
29.67 |
66.46 |
LGDD_069 |
64 |
115 |
51 |
31.96 |
47.89 |
0.05 |
1.16 |
0.58 |
2.00 |
29.31 |
66.35 |
GDD_070 |
88 |
174 |
86 |
27.64 |
56.00 |
0.05 |
0.54 |
0.17 |
1.99 |
30.91 |
66.71 |
LGDD_071 |
82 |
162 |
80 |
30.74 |
47.11 |
0.05 |
1.64 |
1.82 |
1.80 |
33.56 |
66.43 |
LGDD_072 |
56 |
130 |
74 |
28.19 |
53.12 |
0.04 |
0.41 |
0.18 |
0.59 |
32.65 |
67.42 |
LGDD_073 |
105 |
142 |
37 |
28.74 |
52.86 |
0.06 |
0.32 |
0.66 |
0.55 |
21.40 |
64.12 |
LGDD_073 |
199 |
269 |
70 |
30.12 |
46.02 |
0.05 |
2.00 |
1.74 |
0.63 |
35.35 |
64.90 |
LGDD_074 |
46 |
100 |
54 |
32.36 |
50.46 |
0.05 |
0.27 |
0.21 |
0.82 |
31.94 |
67.62 |
LGRC_2146 |
58 |
106 |
48 |
25.43 |
58.15 |
0.04 |
0.20 |
0.12 |
1.60 |
19.77 |
67.07 |
LGRC_2147 |
100 |
245 |
145 |
27.29 |
50.49 |
0.07 |
1.13 |
2.81 |
0.77 |
30.22 |
65.85 |
LGRC_2148 |
75 |
101 |
26 |
26.08 |
53.08 |
0.07 |
0.13 |
2.96 |
1.66 |
24.50 |
67.51 |
LGRC_2149 |
102 |
106 |
4 |
17.30 |
67.25 |
0.03 |
0.11 |
0.05 |
4.35 |
15.50 |
64.40 |
LGRC_2150 |
53 |
84 |
31 |
26.05 |
58.02 |
0.04 |
0.14 |
0.10 |
1.95 |
22.33 |
64.29 |
LGRC_2151 |
105 |
186 |
81 |
31.25 |
50.92 |
0.04 |
1.16 |
0.94 |
0.71 |
37.75 |
67.00 |
LGRC_2154 |
113 |
161 |
48 |
21.52 |
58.90 |
0.04 |
1.78 |
1.11 |
2.46 |
19.46 |
63.70 |
LGRC_2155 |
55 |
80 |
25 |
31.20 |
51.99 |
0.05 |
0.15 |
0.31 |
2.18 |
17.58 |
67.46 |
LGRC_2156 |
85 |
97 |
12 |
18.69 |
64.32 |
0.03 |
0.25 |
0.09 |
2.57 |
18.47 |
65.52 |
LGRC_2159 |
200 |
285 |
85 |
33.96 |
30.93 |
0.06 |
3.27 |
2.85 |
5.70 |
27.66 |
66.94 |
LGRC_2160 |
96 |
179 |
83 |
42.01 |
18.46 |
0.08 |
1.85 |
2.60 |
7.15 |
41.30 |
68.78 |
LGRC_2161 |
117 |
223 |
106 |
31.70 |
41.33 |
0.05 |
1.66 |
2.44 |
2.68 |
32.68 |
66.76 |
LGRC_2163 |
86 |
103 |
17 |
31.32 |
32.00 |
0.07 |
0.17 |
3.97 |
6.54 |
25.61 |
68.21 |
LGRC_2165 |
52 |
110 |
58 |
37.68 |
37.58 |
0.06 |
1.00 |
0.39 |
3.56 |
39.85 |
68.88 |
LGRC_2166 |
114 |
149 |
35 |
49.02 |
16.12 |
0.09 |
3.34 |
2.89 |
3.51 |
51.55 |
68.61 |
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 |
Max Depth |
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 photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/725c1ba7-0b99-4582-953e-b2b291f32124
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
Qualified Person
Mr Andrew Hawker, BSc. Geol, MAusIMM and MAIG, a
member of the Australian Institute of Geoscientists is a full-time
employee of Hawker Geological Services Pty Ltd and a Qualified
Person as defined in National Instrument 43-101. Mr Hawker 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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