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- Macarthur Minerals (MIO) closes slightly higher on the ASX as it steadily progresses feasibility study work for its Lake Giles Iron Project in Western Australia
- The company says mine planning work is moving forward, with a geotechnical drilling program on site almost complete
- The data to be gathered from the drill core will pave the way for rock mass and structural work as well as pit optimisation, mine design, life-of-mine scheduling and more
- CEO Andrew Bruton says the mine planning component of the feasibility study is important in determining accurate cost estimates for the potential magnetite mine
- Macarthur Minerals shares closed 1.22 per cent higher this afternoon at 41.5 cents each
Junior mining company Macarthur Minerals (MIO) closed slightly higher on the ASX today as it steadily progresses feasibility study work for its Lake Giles Iron Project in WA.
The company today told investors mine planning work was moving forward, with a geotechnical drilling program almost complete.
Macarthur said it planned to deliver the drill core from this program to a lab for testing and analysis before the end of the month.
From here, private geotechnical consultant PSM will use the data gathered from the analysis to clear the way for rock mass and structural model work, which would then provide the basis for mine pit slope parameters.
This, in turn, would help Orelogy Consulting complete more important mine planning work such as pit optimisation, mine design and life-of-mine scheduling.
Macarthur CEO Andrew Bruton said the mine planning component of the Lake Giles feasibility study was “very important” in determining accurate cost estimates for the potential magnetite mine.
“It is one of the most fundamental bodies of work that is required to complete the final feasibility study and the detailed economic model for the project so that the key financial outputs can be presented to the market and potential funders,” Mr Bruton said.
“Macarthur looks forward to continuing to release further details of the material progress that has been made on the feasibility study on a progressive basis over the coming weeks.”
Macarthur was initially meant to finish the current geotechnical drilling program before the end of September, but wet weather, challenging ground conditions and the addition of an extra hole into the drilling plan meant this target date had to be pushed back.
As such, the company now expects to complete the program by October 22.
Macarthur said though the extended drilling period could impact the timeline for mine planning into the feasibility study schedule, the overall impact would likely be immaterial.
Macarthur Minerals shares closed 1.22 per cent higher at 41.5 cents each.
