Macarthur Minerals (ASX:MIO) eyes new tenements for groundwater drilling

• Macarthur Minerals (MIO) is looking to secure additional tenements to cultivate a groundwater search drilling programme at its Lake Giles Iron Project
• The company has applied for two groundwater search licences across the prospective Rebecca palaeovalley and tabled plans for follow-up drills this year
• The announcement comes as Macarthur concludes an extensive electromagnetic survey in the area to the east of the Lake Giles Iron Project
• Exploration activities are tipped to commence “as soon as possible” following the grant of the relevant tenements
• Macarthur Minerals is trading in the grey at 52 cents per share

Macarthur Minerals (MIO) is looking to secure additional tenements to cultivate a groundwater search drilling program at its Lake Giles Iron Project.

The company has lodged applications for the tenements following the completion of an airborne electromagnetic (AEM) survey of palaeovalleys — a remnant of an inactive river or stream channel — adjacent to the West Australian project.

Specifically, the applications are for two groundwater search miscellaneous licences covering 553 square kilometres across the prospective zone in anticipation of a 30-hole exploration programme.

Results from the electromagnetic survey are currently being interpreted in a bid to finalise drill targets, with follow-up drilling tabled for the first half of this year to test the water quality and its ability to support magnetite processing.

Testing covered an extensive area of the Rebecca palaeovalley, which is situated 15 to 40 kilometres east of the project and extends over 160 kilometres North to South.

Macarthur affirms this system is expected to contain abundant groundwater and is currently not exploited by other operators.

Macarthur Minerals Chief Executive Officer Andrew Bruton said the company plans to commence groundwater exploration activities “as soon as possible” following the grant of the relevant tenements.

“The Macarthur team is working through every aspect of the Lake Giles Iron Project to ensure the delivery of a robust feasibility study that has the potential to deliver a valuable and sustainable high-grade magnetite project for its shareholders,” he commented.

Macarthur Minerals is trading in the grey at 52 cents per share at 2:15 pm AEDT.