Macarthur Minerals Limited (TSX-V:
MMS) (ASX:
MIO) (the “Company” or “Macarthur”) is
pleased to present the updated Mineral Resource estimate for the
magnetite deposits at its Lake Giles Iron Project in Western
Australia, which has been completed by CSA Global Pty Ltd (CSA
Global).
The previous Mineral Resource estimates
presented to the market between 20091 and 20192 consisted entirely
of Inferred resources, including 710 million tonnes (“Mt”) at the
Moonshine deposits. During 2019 the Company completed a program of
infill drilling across some of the Moonshine deposit to upgrade the
Mineral Resource category to include Indicated and Measured
resources. The Mineral Resource upgrade has delivered
sufficient resources in the appropriate categories to underpin the
current Lake Giles Iron Project Feasibility Study.
The updated Mineral Resource estimates
incorporate the recent drill assays and has resulted in an increase
in the size of the Moonshine mineral resources including resource
category upgrades to now include Measured and Indicated resources.
Approximately 30% of the Moonshine resource is now classified as
Indicated with approximately 7.5% classified in the Measured
category.
Highlights of Mineral Resource
estimates:
- Measured resources of 53.9 Mt at 30.8% Fe head grade
and 66.0% Fe DTR concentrate grade
- Indicated resources of 218.7 Mt at 27.5% Fe head grade
and 66.1% Fe DTR concentrate grade
- Inferred resources of 997.0 Mt at 28.4% Fe head grade
and 64.6% Fe DTR concentrate grade
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:
“The completion of the updated Mineral Resource
estimate for Macarthur’s magnetite deposits at its Lake Giles Iron
Project is a major milestone for the Company as it progresses its
Feasibility Study. The updated estimate includes an increase
in the size of the Moonshine and Moonshine North Mineral Resource,
with category upgrades including Measured and Indicated
resources.
With a Measured Mineral Resource totalling 53.9
Mt and Indicated Mineral Resources of 218.7 Mt, Macarthur now has
sufficient resources in the appropriate categories to progress its
Feasibility Study.
Recent announcements concerning the Company’s
applications to develop haul road and rail siding infrastructure
near Lake Giles and the announcement that the Company has received
a Proposal for development of a Commercial Track Access Agreement
from Arc Infrastructure means that the Company is now edging closer
than ever to making this Project real for
shareholders.
The Company’s Board and Management are
singularly focused on progressing through the key gateways to
deliver the Project to maximise the opportunities presented in the
current commodity cycle. With our focus now on the many more
successes which need to follow, we have committed to a pathway of
responsible, respectful and sustainable development. These
are the principles and points of difference upon which the Company
will focus as an emerging Australian iron ore producer. This
is a great outcome for Macarthur and its shareholders.”
Mineral Resource Update
The Lake Giles Mineral Resource estimates have
been updated by CSA Global and reported in accordance with the
Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
Definition Standards.
The Mineral Resource estimate includes recent
infill drilling conducted at the Moonshine deposits as previously
disclosed on May 5, 2020 (see full release here).
Figures 1 and 2 show the distribution of the
Mineral Resource categories within the domains hosting the Measured
and Indicated Mineral Resources for the Moonshine deposits.
Macarthur’s infill drilling program concentrated on just a portion
of the previously reported Mineral Resource2 to establish Measured
and Indicated Mineral Resources to underpin the Feasibility Study
of the Lake Giles Iron Project. Further drilling beyond the
Measured Mineral Resource will be conducted as required however,
the Company is confident it has established sufficient Mineral
Resources to support its Feasibility Study.
The Inferred Mineral Resources in Moonshine
North (western domains) are extended to beyond 200 m below the
depth of drilling, with geological continuity at these depths
implied based upon results from aeromagnetic surveys. The results
from the aeromagnetic surveys covering Moonshine are less clear and
there is therefore less confidence in the interpreted depth
extension of the host Banded Iron Formation (BIF) unit where there
is no drill hole support.
Figure 1 Longitudinal section of Moonshine (west)
domain, showing Mineral Resource classification (green=Measured,
cyan=Indicated, yellow=Inferred, red=unclassified), and drill hole
intercepts (black traces). Grid square 100 m. View to
east is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/4340320e-8357-4fd3-9983-2f46c95eda25
Figure 2 Longitudinal section of Moonshine North (west) domain,
showing Mineral Resource classification (green=Measured,
cyan=Indicated, yellow=Inferred), and drill hole intercepts (black
traces). Grid square 100 m. View to east is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c5501ac-7afa-4e7e-97e5-3110fdc0c9ec
______________________________________________________________________________________________________1 NI
43-101 Technical Report filed December 17, 2009, titled “NI 43-101
Technical Report on Lake Giles Iron Ore Project: Western
Australia.”2 NI 43-101 Technical Report filed June 13, 2019, titled
“NI43-101 Technical report, Macarthur Minerals Limited, Preliminary
Economic Assessment Lake Giles Iron Project.
Mineral Resource Estimates
The Mineral Resources are reported above a Davis
Tube Recovery (“DTR”) mass recovery of 15% and presented in Tables
1-3. Previous resource estimates for the Snark, Clark Hill North,
Clark Hill South and Sandalwood deposits1 have been reviewed and
reported in accordance with current CIM Definition Standards.
Locations of the various deposits are presented in Figure 3.
Table 1 Mineral Resource estimate, Moonshine and Moonshine
North, where DTR>15%
Category |
Tonnes(MT) |
Head Grades (%) |
Concentrate Grade (%) |
Fe |
P |
SiO2 |
Al2O3 |
LOI |
DTR |
Fe |
P |
SiO2 |
Al2O3 |
LOI |
Measured |
53.9 |
30.8 |
0.05 |
45.4 |
1.6 |
2.7 |
32.2 |
66.0 |
0.031 |
6.2 |
0.2 |
-0.7 |
Indicated |
218.7 |
27.5 |
0.046 |
51.1 |
1.4 |
1.6 |
31.0 |
66.1 |
0.017 |
6.7 |
0.1 |
-0.1 |
Sub-total |
272.5 |
28.1 |
0.047 |
50.0 |
1.4 |
1.8 |
31.2 |
66.1 |
0.02 |
6.6 |
0.2 |
-0.2 |
Inferred |
449.1 |
27.1 |
0.047 |
52.6 |
1.0 |
1.4 |
29.2 |
65.0 |
0.026 |
8.4 |
0.1 |
0 |
Table 2 Mineral Resource estimate, Sandalwood, Clark Hill North,
Clark Hill South and Snark, where DTR>15%
Deposit |
Category |
Tonnes(MT) |
Head Grades (%) |
Concentrate Grade (%) |
Fe |
SiO2 |
Al2O3 |
LOI |
DTR |
Fe |
P |
SiO2 |
Al2O3 |
LOI |
Sandalwood |
Inferred |
334 |
31.1 |
48.4 |
1.5 |
-0.6 |
33.1 |
64.7 |
0.03 |
9.5 |
0.06 |
-2.7 |
Snark |
Inferred |
69 |
27.8 |
49.8 |
1.6 |
2.4 |
23.4 |
66.2 |
0.03 |
7.5 |
0.13 |
-2.8 |
Clark Hill North |
Inferred |
130 |
25.8 |
42.6 |
1.7 |
0.14 |
33.2 |
62.4 |
0.04 |
12.1 |
0.16 |
-2.6 |
Clark Hill South |
Inferred |
15 |
32.3 |
47.0 |
0.6 |
0.02 |
31 |
63.8 |
0.02 |
9.8 |
0.14 |
0.0 |
Table 3 Mineral Resource estimate, all deposits, where
DTR>15%
Category |
Tonnes(MT) |
Head Grades (%) |
Concentrate Grade (%) |
Fe |
P |
SiO2 |
Al2O3 |
LOI |
DTR |
Fe |
P |
SiO2 |
Al2O3 |
LOI |
Measured |
53.9 |
30.8 |
0.05 |
45.4 |
1.6 |
2.7 |
32.2 |
66.0 |
0.031 |
6.2 |
0.2 |
-0.7 |
Indicated |
218.7 |
27.5 |
0.046 |
51.1 |
1.4 |
1.6 |
31.0 |
66.1 |
0.017 |
6.7 |
0.1 |
-0.1 |
Sub-total |
272.5 |
28.1 |
0.047 |
50.0 |
1.4 |
1.8 |
31.2 |
66.1 |
0.02 |
6.6 |
0.2 |
-0.2 |
Inferred |
997.0 |
28.4 |
0.05 |
49.6 |
1.3 |
0.6 |
30.6 |
64.6 |
0.03 |
9.2 |
0.1 |
-1.5 |
Notes (for all Tables):
- Figures contained within the Tables have been rounded.
- Resource estimates are based on block models constructed using
three dimensional geological wireframes.
- Mineral Resources are reported from the block models above a
DTR cut-off grade of 15%
- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
Figure 3 Plan view of the Mineral Resources of the Lake Giles
Iron Project is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/0709fe08-b486-4854-9a07-9d14f078e5cf
A supporting NI43-101 Technical Report will be
filed on SEDAR at www.sedar.com within 45 days.
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more information please contact:
Joe Phillips |
|
CEO & Director |
|
+61 7 3221 1796 |
|
communications@macarthurminerals.com |
|
|
|
Investor Relations – Australia |
Investor Relations - Canada |
Advisir |
Investor Cubed |
Sarah Lenard, Partner |
Neil Simon, CEO |
sarah.lenard@advisir.com.au |
+1 647 258 3310 |
|
info@investor3.ca |
Qualified person
The Mineral Resources for the Lake Giles
Magnetite Project disclosed in the press release have been
estimated by Mr. David Williams, BSc (Hons), a member of the
Australian Institute of Geoscientists. Mr. Williams, an employee of
CSA Global Pty Ltd and an Independent Qualified Person, has
reviewed and approved the above technical information relating to
the Mineral Resource estimates contained in this release, in the
form and context in which it appears.
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 Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). Macarthur has prominent (~721
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 not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Mineral Reserves or the eventual mining of the
Project, 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. 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; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. 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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