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Macarthur Minerals Ltd
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Macarthur hires Orbit for drill program at Moonshine

2019-04-18 09:04 ET - News Release

Mr. Joe Phillips reports

DRILLING CONTRACTOR APPOINTED TO COMMENCE DRILLING AT THE MOONSHINE MAGNETITE PROJECT AT LAKE GILES

Macarthur Minerals Ltd. has engaged Orbit Drilling Pty. Ltd. to commence an infill drill program at its Moonshine magnetite project at Lake Giles in the Yilgarn region of Western Australia.

Highlights:

  • The company has contracted Orbit Drilling to complete a 30-hole infill program at the Moonshine magnetite project.
  • The drill program has been planned to upgrade the inferred mineral resource estimate to a measured mineral resource of approximately 100 million tonnes (Mt) at the project.
  • Drill hole planning was conducted by CSA Global Pty. Ltd., the company's independent geological consultants.
  • The measured mineral resource will underpin the bankable feasibility study (BFS) of the project to be completed in 2019.

Cameron McCall, executive chairman of Macarthur Minerals, commented:

"The Moonshine magnetite project contains an impressive inferred mineral resource of approximately 1.3 billion tonnes of magnetite that will enable a long-term project. Our infill drill program at the Moonshine project is aimed to convert 100 Mt of the resource to a measured category. This will underpin the BFS of the Lake Giles iron ore project and the 10-year offtake agreement previously announced with Glencore International A.G."

Drilling program

The drilling program is designed to coincide with the BFS for the project to be undertaken in 2019. Mining and processing studies will be based on measured mineral resources to provide greater confidence in the outcomes of the study.

The initial drilling campaign will involve 21 reverse circulation holes and nine diamond holes totalling 5,130 metres over a four-kilometre strike length of resource. The program aims to convert approximately 100 Mt of the inferred mineral resource to a measured mineral resource at the Moonshine deposit. Drill planning has been completed by CSA Global, which completed the early resource modelling and estimations for the Moonshine magnetite project.

The drilling program is also planned to obtain diamond core for the purpose of further metallurgical testwork. Diamond core is required for the BFS to refine the process flow design and provide greater understanding of ore variability. This metallurgical testwork program will commence midway through the drilling program as core becomes available.

Drilling is planned to commence in early May on receipt of required drilling permits, with an initial campaign of approximately 12 weeks.

Moonshine magnetite project

The Moonshine magnetite project contains an inferred mineral resource consisting of 1,316 Mt at 30.1 per cent iron.

The inferred mineral resource estimate for the Moonshine magnetite project was initially prepared by CSA Global and was updated by Snowden Mining Industry Consultants.

The Moonshine magnetite project has an inferred mineral resource consisting of approximately 1,316 Mt at 30.1 per cent Fe. A preliminary assessment report was prepared on the Moonshine magnetite project by Snowden Mining in 2011.

Qualified person

Ian S. Cooper, BSc, ARSM, FGS, FAusIMM (No. 107348), is a consultant of Macarthur and a qualified person as defined in NI 43-101. Mr. Cooper has reviewed and approved the technical information contained in this news release.

About Macarthur Minerals Ltd.

Macarthur Minerals is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The iron ore projects are Ularring hematite (approved for development) and the one-plus-billion-tonne Moonshine magnetite. Macarthur Minerals has prominent (about 1,130-square-kilometre tenement area) gold, lithium, nickel, cobalt exploration interests in Pilbara region of Western Australia. In addition, Macarthur Minerals has lithium brine claims in the emerging Railroad Valley region in Nevada, United States.

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