Australia

Macarthur Minerals drills 101-metre magnetite intersection at Lake Giles

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) has received results from its infill drilling program at its flagship Lake Giles Iron Ore Project near Kalgoorlie in Western Australia.

The objective of the infill drilling was to upgrade the resource classification for some of the Moonshine and Moonshine North deposits to include indicated and measured resource categories.

Highlights include:

  • 101 metres at 28.4% iron from 73 metres;
  • 84 metres at 30.4% iron from 78 metres including 14 metres at 41.2% iron;
  • 53 metres at 32.8% iron from 46 metres.

These results are from the final five diamond and two RC holes in the infill drilling program and follow the previously reported results in December 2019.

Results to feed into resource update

Macarthurs executive chairman Cameron McCall said: “This is an outstanding result that builds our confidence to upgrade the resource classification to include indicated and measured mineral resources.

“The updated mineral resource, when completed, will underpin the feasibility study to be completed for the Lake Giles Iron Project.”

Results add to Decembers first assay batch

The infill drilling program was completed in late December and comprised 21 RC holes and nine diamond holes.

Highlights from the firstRead More – Source