- Macarthur Minerals (MIO) has returned assays from its Lake Giles property
- The significant drill program encompassed 30 reverse circulation (RC) and diamond drill (DD) holes, drilling for a total of five kilometres
- Best results from one hole spanned from 52 metres down to 110 metres down, returning 39.9 per cent Davis Tube Recovery (DTR) and 68.9 per cent magnetite mineralization
- Further, the average concentrate grade intercepted in the program ranged from 63.7 per cent to 68.9 per cent iron
- Macarthur Minerals closed 32 per cent higher on Wednesday, trading for 12.5 cents per share
Macarthur Minerals (MIO) has returned assays from its Lake Giles property.
The company has completed its drilling program at the site, near Kalgoorlie in Western Australia. The program comprised 30 reverse circulation (RC) and diamond drill (DD) holes for a total of just over five kilometres of drilling on site.
The magnetite miner targeted two areas of Lake Giles property; the Moonshine and Moonshine North mineral deposits. Average concentrate grades intercepted in the program ranged from 63.7 per cent to 68.9 per cent iron.
The original drill program was delineated at 200-metre intervals across the top of the two mineral deposits. This latest program was intended to infill those gaps, especially in the areas of greatest mineralization.
Best results from one hole spanned from 52 metres down to 110 metres down, returning 39.9 per cent Davis Tube Recovery (DTR) and 68.9 per cent magnetite mineralization.
Macarthur Minerals CEO Cameron McCall said assay results confirmed this had been a successful drill program, returning good intersections of magnetite that the company can now use to build an improved mineral resource estimate for its feasibility study
“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,” Cameron explained.
“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 towards securing its route-to-market” he said.
Macarthur Minerals closed 32 per cent higher on Wednesday, trading for 12.5 cents per share.