Macarthur Minerals grows iron resource at Lake Giles

The Clark Hill North magnetite iron ore deposit — part of the larger Lake Giles project in Western Australia — has expanded to 130 million tonnes grading 25.8% iron, a jump in tonnage of 350% in the inferred category, Macarthur Minerals (MMS-V) reports.

The updated resource estimate for Clark Hill North boosts the total inferred resource for the Lake Giles project to 542 million tonnes grading 26.3% iron.

The Lake Giles project is about 450 km east-northeast of Perth and covers a total area of about 1,155 sq km.

Geologically it is in the Southern Cross Province of the Archaean Yilgarn Block of southwestern Western Australia, where the rocks are typically more than 2,500 million years old.

The Southern Cross Province has been and still is host to many significant mineral deposits that have been or are being mined for gold, nickel sulphides and iron ore.
Clark Hill North lies in the northern part of the Lake Giles project.

Magnetite mineralization at Clark Hill North is believed to be made up of several sub-vertical northwest trending zones associated with banded iron formation and ultramafic rocks.

The mineralized interpretation used for the estimates extends from the base of oxidation at an average of about 60 metres below surface to the depth of the deepest Clark Hill North mineralized drill intersection at about 230 metres below surface.

The Clark Hill North deposit has been sampled by 36 RC holes drilled.Drill hole coverage of the Clark Hill North area is irregularly spacedwith spacing between drill holes varying from less than 100 metres to about 350 metres.

The company expects to update mineral resource estimates for its other deposits in the Lake Giles project, specifically Moonshine, Clark Hill South, Snark and Sandlewood, before the end of the field season in December.

At presstime the company was trading at 89¢ per share and has a 52-week trading range of 65¢-$2.49 per share. Macarthur has 19.04 million shares outstanding.