Moonshine Magnetite Resource Upgrade; Macarthur Minerals Limited

    Published on August 11th, 2020

    VANCOUVER, British Columbia, Aug. 11, 2020 – Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) is pleased to present the updated Mineral Resource estimate for the magnetite deposits at its Lake Giles Iron Project in Western Australia, which has been completed by CSA Global Pty Ltd (CSA Global).

    • RCR Mining Technologies (subsidiary of NRW Holdings ASX: NRH) appointed to examine rail unloading infrastructure solution at Esperance Port
    • Macarthur Minerals announces a resource upgrade for the Moonshine magnetite deposit at Lake Giles
    • Measured Mineral Resource of approximately 53.9 Mt and Indicated Mineral Resources of 218.7 Mt
    • Macarthur now has sufficient resources in the appropriate categories to progress its Feasibility Study
    • Resource upgrade follows recently announced Proposal for development of a Commercial Track Access Agreement received from Arc Infrastructure and the announcement of plans to develop haul road and rail siding infrastructure near Lake Giles

    The previous Mineral Resource estimates presented to the market between 20091 and 20192 consisted entirely of Inferred resources, including 710 million tonnes (“Mt”) at the Moonshine deposits. During 2019 the Company completed a program of infill drilling across some of the Moonshine deposit to upgrade the Mineral Resource category to include Indicated and Measured resources.  The Mineral Resource upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project Feasibility Study.

    The updated Mineral Resource estimates incorporate the recent drill assays and has resulted in an increase in the size of the Moonshine mineral resources including resource category upgrades to now include Measured and Indicated resources. Approximately 30% of the Moonshine resource is now classified as Indicated with approximately 7.5% classified in the Measured category.

    Highlights of Mineral Resource estimates:

    • Measured resources of 53.9 Mt at 30.8% Fe head grade and 66.0% Fe DTR concentrate grade
    • Indicated resources of 218.7 Mt at 27.5% Fe head grade and 66.1% Fe DTR concentrate grade
    • Inferred resources of 997.0 Mt at 28.4% Fe head grade and 64.6% Fe DTR concentrate grade

    Mineral Resource Update

    The Lake Giles Mineral Resource estimates have been updated by CSA Global and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards.

    The Mineral Resource estimate includes recent infill drilling conducted at the Moonshine deposits as previously disclosed on May 5, 2020 (see full release here).

    Figures 1 and 2 show the distribution of the Mineral Resource categories within the domains hosting the Measured and Indicated Mineral Resources for the Moonshine deposits. Macarthur’s infill drilling program concentrated on just a portion of the previously reported Mineral Resource2 to establish Measured and Indicated Mineral Resources to underpin the Feasibility Study of the Lake Giles Iron Project. Further drilling beyond the Measured Mineral Resource will be conducted as required however, the Company is confident it has established sufficient Mineral Resources to support its Feasibility Study.

    The Inferred Mineral Resources in Moonshine North (western domains) are extended to beyond 200 m below the depth of drilling, with geological continuity at these depths implied based upon results from aeromagnetic surveys. The results from the aeromagnetic surveys covering Moonshine are less clear and there is therefore less confidence in the interpreted depth extension of the host Banded Iron Formation (BIF) unit where there is no drill hole support.

    Read full Announcement

    SOURCE: Macarthur Minerals
    DATE: 11 August, 2020

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