Receipt of the first instalment of A$3.5 million means that FEL cash in the bank of A$5.2 million and is fully funded to begin further exploration at the JVs Hillside Copper and Gold Project in Western Australias Pilbara region.
Ground survey planned
FEL is finalising plans for a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project.
This will cover a section of the previously identified gossan line as well as a series of individual FLEM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.
“Excited by news”
Macarthur Minerals president and executive chairman Cameron McCall said: “We are excited by the news that Fe Limited is adding A$7 million to its bank balance and will be fully-funded for further exploration activities on Macarthurs Pilbara tenements encompassing the Hillside, Panorama and Strelley projects.