Macarthur Minerals (ASX:MIO) releases maiden ore reserve for Lake Giles

• Macarthur Minerals (MIO) releases a maiden ore reserve for the Lake Giles project in the Yilgarn region of Western Australia
• The maiden ore reserve totals 237 million tonnes of ore at proven and probable classification with an average grade of 28.2 per cent iron
• Additionally, it contains 74 million dry metric tonnes of iron ore concentrate for a 25-year mine life based on 87 per cent of the indicated and measured mineral resources
• The ore reserve has been incorporated into a feasibility study that demonstrates a technically and economically viable project
• Shares in Macarthur are up 11 per cent on the market and are trading at 45.5 cents

Macarthur Minerals (MIO) has released a maiden ore reserve for the Lake Giles project in the Yilgarn region of Western Australia.

The maiden ore reserve totals 237 million tonnes of ore at proven and probable classification with an average grade of 28.2 per cent iron and a Davis Tube Mass Recovery (DTR) of 31.3 per cent.

Additionally, it contains 74 million dry metric tonnes of iron ore concentrate for a 25-year mine life based on 87 per cent of the indicated and measured mineral resources.

The ore reserve is reported in accordance with the JORC 2012 code and the Canadian Institute of Mining, Metallurgy and Petroleum.

The ore reserve has been incorporated into a feasibility study that demonstrates a technically and economically viable project.

“The release of the maiden ore reserve statement for the Lake Giles Iron Project will support a positive feasibility study for the project,” CEO Andrew Bruton said.

“Macarthur has worked hard over the course of the last 12 months to deliver this result, and the company looks forward to releasing the feasibility study shortly.”

Shares in Macarthur were up 11 per cent on the market and were trading at 45.5 cents at 11:22 am AEDT.