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Macarthur Minerals Provides Update on Lake Giles Iron Project

Macarthur Minerals Limited has given an update on the progress of its infill drilling program of the Moonshine Magnetite deposit at its Lake Giles Iron Project located in Western Australia.

Strong magnetite mineralization in diamond drill hole LGDD_066. (Image credit: Macarthur Minerals Limited)

Moonshine Magnetite Infill Drilling Program

The diamond and reverse circulation (RC) drilling program started in August in the central area of the Moonshine deposit.

Most of the Moonshine and Moonshine North deposits are established by drill hole spacing of 200 m x 200 m and categorized as an Inferred Mineral Resource of about 710 m of at 30.2% Fe.

The infill drilling program has been planned at closer drill hole spacing to upgrade the resource classification for a few of the Moonshine deposit. The drilling program comprises a planned total of 9 diamond holes and 21 RC holes for total drilling of 5,190 m.

The drilling program has been planned with the goal of upgrading the resource grouping to include Indicated and Measured Mineral Resources. The updated mineral resource will support the Bankable Feasibility Study to be concluded for the Lake Giles Iron Project.

The initial batch of drill samples is being readied for shipping to the laboratory for X-Ray Fluorescence (XRF) and Davis Tube Recovery (DTR) examination. Results will be published as and when they are available.

Highlights

  • Diamond drill hole LGDD_066 has intersected the Banded Iron Formation (“BIF”) unit from a down hole depth of 12.6 m and comprises a section of 81.1 m from 49.9 m with rich visual magnetite content.
  • Diamond drill hole LGDD_067 has intersected BIF from a down hole depth of 68.5 m with rich magnetite content through to present depth at 136 m. Drilling is ongoing to a scheduled depth of 240 m.
  • A third diamond hole has been pre-collared to 60 m with the RC rig with diamond drilling pre-defined to start immediately.
  • Reverse Circulation Drilling of hole LGRC_2146 has effectively intersected the western footwall contact of the BIF. Hole LGRC_2147 has intersected strong magnetite BIF from the eastern contact at 89 m through to 203 m and lower grade magnetite from 203 m through to the western footwall contact at 274 m down hole depth.

Source: https://macarthurminerals.com/

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