- Macarthur Minerals (MIO) has updated its mineral resource estimate for its magnetite deposits at the Lake Giles Iron Project in Western Australia
- The update is significant, as previous estimates — presented between 2009 and 2019 — consisted entirely of inferred resources
- The mineral resource is now estimated to include a measured mineral resource of approximately 53.9 million tonnes and an indicated mineral resource of 218.7 million tonnes
- The upgrades mean roughly 30 per cent of the Moonshine resource is now in the indicated category, while around 7.5 per cent is labelled as measured
- Now, Macarthur has sufficient resources to progress its feasibility study
- Last month, Macarthur received a key proposal for its planned rail link for Lake Giles
- Company shares are up 16 per cent on the market today, trading for 29 cents per share
Macarthur Minerals (MIO) has updated its mineral resource estimate for its magnetite deposits at the Lake Giles Iron Project in Western Australia.
The update is significant, as previous estimates — presented between 2009 and 2019 — consisted entirely of inferred resources. Last year, however, Macarthur kickstarted an infill drilling campaign to upgrade the resource at the Moonshine deposits.
Now, the mineral resource is estimated to include a measured mineral resource of approximately 53.9 million tonnes at a 30.8 per cent iron head grade and a 66 per cent iron DTR concentrate grade.
In addition, the deposit’s indicated mineral resource now sits at 218.7 million tonnes, with a 27.5 per cent iron head grade and a 66.1 per cent iron DTR concentrate grade.
Finally, inferred resources now total 997 million tonnes at a 28.4 per cent iron head grade and a 64.6 per cent iron DTR concentrate grade.
The upgrades mean roughly 30 per cent of the Moonshine resource is now in the indicated category, while around 7.5 per cent is labelled as measured.
Under this new resource, the company has increased the size of the Moonshine and Moonshine North mineral resource. Now, Macarthur has sufficient resources to progress its feasibility study.
President and Executive Chairman Cameron McCall says this is a major milestone for the company as it works on its feasibility study.
“With a measured mineral resource totalling 53.9 million tonnes and indicated mineral resources of 218.7 million tonnes, Macarthur now has sufficient resources in the appropriate categories to progress its feasibility study,” he said.
“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,” he added.
Last month, Macarthur received a key proposal for its planned rail link for Lake Giles. The company will begin to develop a commercial track agreement to transport high-grade magnetite from the project to the Port of Esperance.
Macarthur is up 16 per cent on the market this morning and is trading for 29 cents per share at 10:44 am AEST.