Macarthur Minerals (ASX:MIO) completes geotechnical drilling at Lake Giles – The Market Herald

0
231



Market Herald logo

Subscribe

Be the first with the news that moves the market

  • Macarthur Minerals (MIO) completes the geotechnical drilling program at its Lake Giles Iron Project in Western Australia
  • This drilling program forms part of the company’s feasibility study with steady progress continuing on all other aspects
  • Nine holes were drilled at Moonshine and Moonshine North with the core set to be sent to Bureau Veritas for lab analysis
  • Macarthur will update the market shortly regarding the final timing for the completion of the study as well as the release of the final JORC report and mineral reserve statement
  • Shares in Macarthur are up 3.57 per cent on the market and are trading at 43.5 cents

Macarthur Minerals (MIO) has completed the geotechnical drilling program at its Lake Giles Iron Project in Western Australia.

This drilling program forms part of the company’s feasibility study with steady progress continuing on all other aspects.

Drilling was undertaken at Moonshine and Moonshine North and took longer than expected due to challenging ground and wet weather conditions.

Nine geotechnical diamond drill holes were completed to depths ranging between 40 and 230 metres.

The drill core will now be sent to Bureau Veritas for lab analysis that will allow PSM Consulting to complete necessary rock mass and structural model work.

A range of test work has been undertaken and more has been planned over the coming weeks in order to refine the process flow sheet.

This work includes LIMS tests, HGPR test work and magnetic and reverse flotation tests.

Progress on the layout of the process plant is continuing with more than 60 per cent of the engineering design work completed.

CEO Andrew Bruton is pleased to have completed the drilling component.

“Whilst the [geotechnical drilling] program has taken longer than expected, mining costs are a critical component of the project economics and so it has been very important to ensure that these works were carefully completed in order to deliver the necessary data for delivery of an optimised mine plan,” Mr Bruton said.

“With the geotechnical drilling works now complete, the company is looking forward to accelerating into the final phases of the study’s delivery, including the all-important second phase mine planning work.”

Macarthur will update the market shortly regarding the final timing for the completion of the study as well as the release of the final JORC report, NI43-101 technical report and the mineral reserve statement.

Share in Macarthur were up 3.57 per cent on the market and were trading at 43.5 cents at 3:17 pm AEDT.





LEAVE A REPLY

Please enter your comment!
Please enter your name here