RE: Macarthur sedar rns17 Jun 2020 20:13
ne 2020
MACARTHUR MINERALS FIRST QUARTER UPDATE
Macarthur Minerals Limited (ASX: MIO) (TSX-V: MMS) (the “Company” or “Macarthur”) is pleased to provide an update to Shareholders outlining an active First Quarter 2020 in the ongoing development of the Company’s flagship, Lake Giles Iron Project. The Company is pleased to also provide an update on the very positive early exploration results and next stage exploration program across the iron ore, gold, nickel and cobalt projects in Western Australia.
FIRST QUARTER HIGHLIGHTS
? Macarthur responded swiftly to the onset of the global Covid-19 pandemic. The Company has continued its highly productive “business as usual” focus with limited disruption to activities over the last quarter.
? CSA Global Pty Ltd has been engaged to update the resource model with results from the infill drilling. Several drill holes intersected a zone of high-grade magnetite mineralisation previously identified at the Moonshine North deposit.
? The Lake Giles Iron Project Feasibility Study (Feasibility Study), is well underway following the completion of the infill drilling program in December 2019.
? The Company maintains confidence in its objective of working with service providers to achieve conditional capacity allocation on the rail network and through Esperance Port during 2020 to support completion of the Feasibility Study. This key achievement will be a milestone for the Company and will also vindicate the integrity of the open access rail and port infrastructure regime in the region.
? Despite robust iron ore prices, the Kalgoorlie to Esperance rail line and Esperance Port iron ore export infrastructure has only seen a total run-rate of iron ore shipments during the last four quarters to 31 March 2020 of just over six million tonnes. The combined run-rate is far less than the notional 15-20 Mtpa system capacity and is considerably less than the peak run-rate achieved by Cliffs Natural Resources which operated the Koolyanobbing mine prior to departing Australia in mid-2018.
? A drilling program was completed at the Hillside Gold and Copper Project in the Pilbara region of Western Australia to test potential supergene and hypogene mineralisation along the majority of a 14-kilometre Gossan line where previous rock chip sampling identified anomalous copper (Figure 1). This program also tested outcropping quartz vein mineralisation identified through prospecting activities. Macarthur’s Joint Venture Partner, Fe Limited (FEL) are due to complete a Fixed Loop Electromagnetic (FLEM) survey across several targets at the Hillside project in July 2020.
? New York based EAS Corporate Advisors have been appointed to assist in the financing strategy for the Lake Giles Iron Project. EAS Advisors have participated in over US$6 billion of transactions to date.
? Northland Securities Inc, which acts as OTCQB Sponsor and Advisor to the Company has submitted a Form 211 with the Financial Industry Regulatory Authority (“FINRA”)
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