Cadence Minerals plc (LON:KDNC) has noted that Macarthur Minerals has presented an 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 2009 and 2019 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.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7494834321094164&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the updated Mineral Resource estimate for Macarthur’s magnetite deposits at its Lake Giles Iron Project is a major milestone for the Company as it progresses its Feasibility Study. The updated estimate includes an increase in the size of the Moonshine and Moonshine North Mineral Resource, with category upgrades including Measured and Indicated resources.
With a Measured Mineral Resource totalling 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.
Recent announcements concerning the Company’s applications to develop haul road and rail siding infrastructure near Lake Giles and the announcement that the Company has received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure means that the Company is now edging closer than ever to making this Project real for shareholders.
The Company’s Board and Management are singularly focused on progressing through the key gateways to deliver the Project to maximise the opportunities presented in the current commodity cycle. With our focus now on the many more successes which need to follow, we have committed to a pathway of responsible, respectful and sustainable development. These are the principles and points of difference upon which the Company will focus as an emerging Australian iron ore producer. This is a great outcome for Macarthur and its shareholders.”
Cadence CEO Kiran Morzaria added: “This new updated Mineral Resource estimate for the magnetite deposits at Lake Giles marks an important development for Macarthur as an emerging Australian iron ore producer, and adds material value for shareholders. We look forward to further developments.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2.2% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.