Macarthur Minerals (MMS-V) has completed the first inferred resource estimate for surface hematite-goethite mineralization at the Banjo and Moonshine North direct shipping ore (DSO) projects at its Lake Giles iron ore property, 450 km northeast of Perth in Western Australia.
The resource estimate was based on recent drilling and at a 50% iron cutoff grade adds up to 4.4 million tonnes grading 54.2% iron, 0.067% phosphorous; 10.65% silicon dioxide; and 4.89% alumina powder.
“We are at the infancy of understanding the hematite geology in the region and our team is confident that its objective to delineate 10 million tonnes from the existing identified prospects will be achieved,” Alan Phillips, Macarthur Minerals’ president, chairman and chief executive, said in a prepared statement.
“It is important to recognize that as the company achieved its goal of delineating a 1 billion tonne plus magnetite resource last year, commencing this year, the focus has been on quantifying the hematite potential in the region.”
The resource was estimated over a combined strike length of 3 km for both Banjo and Moonshine North and mineralization generally consists of two or more parallel lenses, which extend from surface to a depth of between 20 metres and 45 metres. Horizontal thickness is typically 16 to 25 metres.
The resource was based on the first 32 reverse circulation drill holes and further drilling
is required to define the limits of the mineralization at Banjo. Metallurgical test work is scheduled to start in late July.
Shares of Macarthur Minerals fell on the news, closing down 10¢ or 5.3% at $1.80 per share. Over the last year the company has traded in a range of 65¢-$2.99 and has 29.6 million shares outstanding.
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