Macarthur Minerals Limited: Lake Giles Resource Estimate Exceeds 1 Billion Tonnes
Market Wire, December, 2009
Macarthur Minerals Limited (TSX VENTURE: MMS) is today providing the updated results of a new National Instrument 43-101 (NI 43-101)-compliant independent resource estimate for its Lake Giles project located in Western Australia. CSA Global (“CSA”), an independent, internationally recognized mineral industry consultant, carried out the estimate. The results are a significant improvement on the 2008 Mineral Resource and cover only a portion of the mineralizing system identified to date, with potential from a further 49 targets.
Updated Lake Giles NI 43-101 Mineral Resource Estimate
The Lake Giles NI 43-101 Mineral Resource estimate has been updated by CSA with the addition of a new estimate for the Moonshine deposit. The Moonshine deposit is located within the Lake Giles Project, to the south. No new estimates were completed for the company’s four other deposits within the Lake Giles project.
The resource estimate is based on the Stage 7 drilling data, new geological interpretation and mapping over the last 6 months.
The updated Mineral Resource estimate is shown in Table 1. The Lake Giles project is at an early stage of evaluation. Macarthur has not established the economic viability of the Mineral Resources, and no Ore Reserve estimates have been produced for the deposit. The extent to which mining, metallurgical, marketing, infrastructure, permitting, marketing and other financial factors may affect Mineral Resource estimates is not yet well defined.
The new Moonshine Inferred Mineral Resource estimate increases the company’s total Inferred Mineral Resource estimate for the Lake Giles project to 1,051 million tonnes at 28.3 % Fe (Table 1).
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Table 1: Lake Giles Inferred Mineral Resource Estimate (NI 43-101)
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Million Fe
Deposit Tonnes %
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Snark 26.3 27.5
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Clark Hill North 130.0 25.8
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Sandlewood 335.0 31.1
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Clark Hill South 48.5 21.9
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Moonshine 511.0 27.8
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Total 1,051 28.3
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(rounding errors may occur)
Notes for table 1:
-- Figures contained within Table 1 have been rounded. % Fe grades are
rounded to 1 decimal figure.
-- Davis Tube concentrate results is the proportion of sample extractable
by magnetic separation.
-- Magnetite mineralization at Moonshine is interpreted to comprise several
sub-vertical northwest trending zones of banded iron formation (BIF)
associated with ultramafic rocks. The mineralized interpretation used
for the estimates extends from the base of oxidation at an average of
approximately 60 metres below surface. Where drilling is shallow the
interpretation is projected to 250 mRL, about 230m below the surface.
Where drilling is deeper the interpreted mineralisation is projected to
0.6 times the search radius below the drill samples, about 280m below
the surface.
-- The Moonshine deposit has been sampled by 108 RC holes drilled
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