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Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres advance and 9 diamond drill (DD) holes for 1676.2 metres advance totalling 5055.2m. Drilling was completed in
Highlights
- DD hole LGDD_070 intersected high grade magnetite mineralisation. The interval 73m to 174m (101m) averaged 28.4% Fe.
- DD hole LGDD_071 intersected the interval 78m to 162m (84m) averaging 30.4% Fe (including the interval 106m to 130m with a grade of 41.2% Fe).
- DD hole LGDD_074 intersected the interval 46m to 99m (53m) averaging 32.8% Fe (see Photo 1).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/28c81eb2-0324-44db-b9fa-4e6a213792a0
Macarthur Minerals Executive Chairman Mr
“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
Previously, the deposits were defined by drill hole spacings of 200m x 200m and classified as an Inferred Mineral Resource of approximately
Drilling Results
The following table details significant intervals of magnetite mineralisation for the final five DD and 2 RC holes drilled (Table 1). Note these intersections are not true widths. These results complement the assay results for the first round of samples from the Moonshine Magnetite deposit previously reported to the market on
The table below provides analytical results of the programme returned from the
At all times the samples were under the security of either Macarthur or the transport company personnel, and then under the security of the laboratory. Rip tie security tags were used to secure all samples. Pulp samples were analysed using Borate Fusion with XRF finish (laboratory analytical code XRF78L), considered the industry standard practice for iron ore. Industry standard certified reference materials (CRMs) and blanks were utilized in order to check laboratory assay quality control. The insertion rate for CRMs is a nominal 1 in 20. Different CRMs have been selected for use at varying Iron grades over the life of the project. The combined insertion rate of pulp blanks and CRMs is a nominal 1 in 20 samples. The QA/QC program includes CRMs, blanks, preparation duplicates and field duplicates and is acceptable according to industry standards. Pulp duplicates were also analysed to test for analytical accuracy.
Assay results for intervals of high-grade magnetite reported here are provided in the table below, NOTE these are drill intersections and not true widths.
Samples have been submitted to the laboratory for Davis Tube Recovery (DTR) analysis for determination of the magnetite fraction and concentrate grade.
Table 1. XRF assay results for DD and RC drill samples from the Moonshine and Moonshine North deposits.
Hole ID | m From | m To | Interval | Fe% | SiO2% | P% | S% | Al2O3% | LOI |
LGDD_070 | 72.8 | 174 | 101.2 | 28.4 | 54.9 | 0.05 | 0.5 | 0.2 | 1.4 |
INC | 72.8 | 98 | 25.2 | 33.0 | 50.1 | 0.03 | 0.4 | 0.5 | 1.1 |
LGDD_071 | 78 | 162 | 84 | 30.4 | 47.2 | 0.05 | 2 | 1.9 | 1.9 |
INC | 106 | 130 | 24 | 41.2 | 36.9 | 0.06 | 1.1 | 1.1 | 2.1 |
LGDD_072 | 43 | 119 | 76 | 28.5 | 52.1 | 0.04 | 0.8 | 0.9 | 2 |
INC | 57 | 92 | 35 | 34.0 | 47.1 | 0.04 | 0.4 | 0.3 | 2.1 |
LGDD_073 | 110.35 | 141.5 | 31.15 | 28.2 | 53.4 | 0.06 | 0.3 | 0.7 | 2.1 |
AND | 195 | 268.63 | 73.63 | 30.2 | 46.7 | 0.05 | 2.2 | 1.6 | 2.1 |
INC | 241 | 268.63 | 27.63 | 34.0 | 47.2 | 0.04 | 0.3 | 0.1 | 2.1 |
LGDD_074 | 46 | 99 | 53 | 32.8 | 49.8 | 0.05 | 0.3 | 0.3 | 2 |
LGRC_2150 | 25 | 92 | 67 | 27.7 | 55.9 | 0.1 | 0 | 0.3 | 2.6 |
INC | 45 | 67 | 22 | 30.8 | 52.2 | 0.04 | 0 | 0.2 | 2.9 |
LGRC_2163 | 39 | 78 | 39 | 30.8 | 51.7 | 0.04 | 0.1 | 1.2 | 2.6 |
INC | 72 | 78 | 6 | 46.3 | 30.6 | 0.09 | 0.1 | 0.3 | 2.3 |
AND | 83 | 103 | 20 | 30.2 | 33.7 | 0.08 | 0.1 | 4.4 | 6.4 |
Table 2. Drill hole locations for the Moonshine Magnetite infill drilling program.
Highlighted holes relate to assay data presented herein.
Hole_ID | Hole Type | Prospect | Max Depth | NAT_RL | NAT_Grid | NAT_East | NAT_North | DIP | AZIMUTH |
LGDD_066 | DD | MOONSHINE | 228.4 | 502.842 | MGA94_50 | 790222.9 | 6672154.3 | -60.37 | 244.97 |
LGDD_067 | DD | MOONSHINE | 138 | 499.512 | MGA94_50 | 790050.1 | 6672396.3 | -60.78 | 242.59 |
LGDD_068 | DD | MOONSHINE | 222 | 501.624 | MGA94_50 | 790289.5 | 6672079.6 | -59.64 | 236.29 |
LGDD_069 | DD | MOONSHINE | 145 | 501.338 | MGA94_50 | 790492.9 | 6671732.0 | -60.49 | 241.84 |
LGDD_070 | DD | MOONSHINE | 215.1 | 507.458 | MGA94_50 | 790351.7 | 6671884.0 | -60.5 | 240.94 |
LGDD_071 | DD | MOONSHINE NORTH | 223.4 | 480.941 | MGA94_50 | 787935.2 | 6674890.6 | -61.72 | 248.38 |
LGDD_072 | DD | MOONSHINE | 133.2 | 490.221 | MGA94_50 | 789865.0 | 6672633.7 | -60.03 | 246.21 |
LGDD_073 | DD | MOONSHINE | 270.8 | 498.521 | MGA94_50 | 789956.5 | 6672801.8 | -60.66 | 241.84 |
LGDD_074 | DD | MOONSHINE NORTH | 100.3 | 488.778 | MGA94_50 | 787735.6 | 6675226.8 | -60.66 | 255.25 |
LGRC_2146 | RC | MOONSHINE | 150 | 497.672 | MGA94_50 | 790002.0 | 6672371.0 | -59.64 | 241.61 |
LGRC_2147 | RC | MOONSHINE | 282 | 498.468 | MGA94_50 | 790155.1 | 6672346.7 | -59.64 | 241.18 |
LGRC_2148 | RC | MOONSHINE | 108 | 498.484 | MGA94_50 | 790087.2 | 6672300.1 | -60.13 | 240.53 |
LGRC_2149 | RC | MOONSHINE | 126 | 506.135 | MGA94_50 | 790221.0 | 6672028.6 | -60.14 | 230.83 |
LGRC_2150 | RC | MOONSHINE | 132 | 500.564 | MGA94_50 | 790164.6 | 6672132.9 | -60.33 | 227.21 |
LGRC_2151 | RC | MOONSHINE | 186 | 508.888 | MGA94_50 | 790398.5 | 6671905.3 | -60.61 | 245.79 |
LGRC_2152 | RC | MOONSHINE | 39 | 508.93 | MGA94_50 | 790347.6 | 6671769.4 | -59.96 | 247.61 |
LGRC_2153 | RC | MOONSHINE | 132 | 509.043 | MGA94_50 | 790342.4 | 6671767.2 | -59.96 | 247.61 |
LGRC_2154 | RC | MOONSHINE | 234 | 508.398 | MGA94_50 | 790549.0 | 6671763.6 | -59.82 | 238.13 |
LGRC_2155 | RC | MOONSHINE | 114 | 498.103 | MGA94_50 | 790428.4 | 6671707.7 | -60.5 | 221.8 |
LGRC_2156 | RC | MOOSHINE | 151 | 500.828 | MGA94_50 | 789918.7 | 6672458.8 | -60.2 | 213.48 |
LGRC_2157 | RC | MOONSHINE | 138 | 498.558 | MGA94_50 | 789788.2 | 6672579.1 | -60.24 | 237.28 |
LGRC_2158 | RC | MOONSHINE | 120 | 493.389 | MGA94_50 | 789719.1 | 6672674.8 | -60.16 | 259.02 |
LGRC_2159 | RC | MOONSHINE NORTH | 294 | 502.948 | MGA94_50 | 787889.7 | 6675197.1 | -60.36 | 234.16 |
LGRC_2160 | RC | MOONSHINE NORTH | 294 | 486.933 | MGA94_50 | 787908.1 | 6674997.0 | -60.28 | 222 |
LGRC_2161 | RC | MOONSHINE NORTH | 261 | 486.27 | MGA94_50 | 787904.6 | 6674993.7 | -77.35 | 229.3 |
LGRC_2162 | RC | MOONSHINE NORTH | 100 | 483.151 | MGA94_50 | 787760.8 | 6675122.9 | -60.51 | 240.45 |
LGRC_2163 | RC | MOONSHINE NORTH | 114 | 488.285 | MGA94_50 | 787807.9 | 6675038.1 | -60.59 | 244.4 |
LGRC_2164 | RC | MOONSHINE NORTH | 114 | 486.831 | MGA94_50 | 787852.4 | 6674946.7 | -59.52 | 239.31 |
LGRC_2165 | RC | MOONSHINE NORTH | 130 | 486.6 | MGA94_50 | 787888.9 | 6674854.7 | -60.23 | 244.79 |
LGRC_2166 | RC | MOONSHINE NORTH | 160 | 475.268 | MGA94_50 | 788022.4 | 6674690.6 | -60.61 | 245.02 |
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce0f82c3-e9df-4186-8c40-94a99e80b3f9
On behalf of the Board of Directors, Mr
For more information please contact:
Joe Phillips
CEO & Director
M +61 (0)448 899 247
jphillips@macarthurminerals.com
A different version of the current report was submitted to the ASX and formatted according to the JORC requirements. The technical data presented in both reports are identical and only the format and legal statements may differ.
Qualified persons
Mr Ian S Cooper,
Company profile
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its
This news release is not for distribution to united states services or for dissemination in
Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but limited to statements regarding: the proposed strategy regarding core mining, road and rail inputs at the Project; anticipated increases in annual production at the Project; anticipated decreases in Project costs; the possible reclassification of current inferred mineral resources on the Project as indicated mineral resources in the future; expected completion of the FS on the Project containing a new reserve calculation and a new economic assessment; the granting of a license for the Menzies rail siding; the status of the MRRT; and plans to secure mining approvals under the Mining Act, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; future changes in strategy regarding core mining, road and rail inputs with respect to the Project; final Project costs varying from those determined from the EOI program; failure to successfully negotiate a BOO arrangement for the Project; failure to complete the FS; failure of the FS to reflect currently anticipated increases annual production and decreases in expected costs at the Project; the results of infill drilling being insufficient to reclassify current inferred mineral resources on the Project as indicated mineral resources; failure to receive a license for the Menzies rail siding; failure to repeal the MRRT; and failure to obtain mining approvals under the Mining Act. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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1 NI43-101 Technical Report filed
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