Assays completed for infill drilling at Macarthur Minerals Lake Giles Iron Project

    Published on May 5th, 2020

    VANCOUVER, British Columbia, May 05, 2020 – Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has recently received the final XRF and Davis Tube Recovery (DTR) assays for the infill drilling program completed at its Lake Giles Iron Project near Kalgoorlie in Western Australia. The DTR assays confirm significant intersections of magnetite mineralisation with DTR concentrate grades up to 68.9% Fe.

    Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres and 9 diamond drill (DD) holes for 1676.2 metres, totalling 5055.2m. A total of 25 holes were submitted for XRF and DTR analysis.

    Macarthur has now engaged CSA Global to complete an updated resource model and classification.

    Highlights

    • Weighted average DTR concentrate grade of 66.6% Fe and weighted average mass recovery of 31.2%.
    • High grade DTR concentrate including the following intervals:

    Macarthur Minerals Executive Chairman Mr Cameron McCall said that “The assay results for the infill drilling confirmed good intersections of magnetite. This has been a successful program, and these intersections will form the basis of a revised mineral resource estimate that will underpin the Feasibility Study.”

    Mr McCall also said that “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.

    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 toward securing its route to market” Mr McCall said.

    Drilling Results

    The Moonshine magnetite deposit is currently defined by drill hole spacings of 200m x 200m and classified as an Inferred Mineral Resource of approximately 710 mt at 30.2% Fe1. The Company’s infill drilling program targeted two discrete areas of the Moonshine and Moonshine North magnetite deposits as shown in Figure 1. Drilling was conducted at closer spacing to provide greater confidence in resource estimates with a plan to upgrade the resource classification to include Indicated and Measured Resources.

    Ore grade XRF assays were previously released to the market on December 10, 2019 and January 17, 2020. Samples were subsequently submitted for DTR analysis to determine the magnetite fraction and concentrate grade.

    DTR analysis has been completed for 25 holes intersecting magnetite mineralisation at the Moonshine and Moonshine North deposits. DTR assays were completed for sample composites ranging from 3m to 5m intervals based on head grade XRF assays and geological logging.

    Average concentrate grades across holes ranged from 63.7% Fe to 68.9% Fe with mass recoveries ranging from 15.5% to 51.6% (Table 1). Weighted average ore grades across mineralised intervals approximated 30.4% Fe with weighted average DTR concentrate of 66.6% Fe with a mass recovery of 31.2%. These data are in accordance with the mineral resource estimate at 30.2% Fe and 31.4% mass recovery1.

    Several holes showed elevated mass recoveries including:

    LGRC_2166: 52 to 110m; DTR 39.9% and 68.9% Fe
    LGRC_2160: 96 to 179m; DTR 41.3% and 68.8% Fe
    LGRC_2147: 139 to 199m; DTR 42.4% and 67.2% Fe
    LGRC_2166: 114 to 149m; DTR 51.6% and 68.6% Fe

    The following table details significant intervals of magnetite mineralisation confirmed by XRF and DTR analysis (Table 1). Note these intersections are not true widths. For completeness, the drill hole locations for all holes drilled in the infill program are presented in Table 2. Significant magnetite intervals and drill hole locations throughout the Moonshine deposit are shown in Figure 1.

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    SOURCE: Macarthur Minerals
    DATE: 5 May 2020

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