- Macarthur Minerals (TSXV:MMS) has released an activities update for the company’s year-to-date
- Macarthur has completed its infill drilling program on its flagship Lake Giles project, and is currently completing an updated mineral resource estimate
- The current resource estimates show the site is sitting on 710 million tonnes of inferred resource at a grading of 30.2 per cent iron
- The company also expanded its land holdings at a secondary project, picking up a further exploration license at the Ularring Hematite project
- Macarthur Minerals (TSXV:MMS) is up 11 per cent and is trading at C$0.195 per share
Macarthur Minerals (TSXV:MMS) has released an activities update for the company’s year-to-date.
The company is now working on its feasibility study for the Lake Giles Iron project along with the completion of an infill drilling program. The feasibility study is expected to be completed by the end of the year.
The drilling program was designed to update the resource model, which already sits at 710 million tonnes of resource as 30.2 per cent iron ore.
The company intends to move much of the resource from inferred to the indicated and measured categories.
When the updated resource model is completed, it will feed directly into the feasibility study expected later in the year.
On April 23, the company expanded its holdings in the Lake Giles area, picking up an exploration license nine kilometres north of the Snark despot on its Ularring Hematite project.
The Ularring Hematite project is a secondary iron ore project the company is hoping to develop, alongside its flagship Lake Giles project.
CEO of Macarthur Minerals, Cameron McCall said the stable iron ore price during the pandemic was creating momentum in the global iron ore industry.
“Due to the strength and stability of the global iron ore market, Macarthur is examining project opportunities that have the potential to generate early revenue flows including a possible acceleration of development of the company’s Ularring Hematite Project at Lake Giles,” he said.
Macarthur Minerals (MMS) is up 11 per cent and is trading at C$0.195 per share at 1:45 pm EDT.