Macarthur Minerals is pleased to announce that it has engaged Orbit Drilling to commence an infill drill program at its Moonshine Magnetite Project at Lake Giles (“Project”) in the Yilgarn region of Western Australia.
- 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 (CSA), 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.”
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 9 Diamond holes totaling 5,130 meters over a 4 km 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, who 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 test-work. Diamond core is required for the BFS to refine the process flow design and provide greater understanding of ore variability. This metallurgical test-work program will commence mid-way 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.
Source: Company Press Release