- Macarthur (MMS) has shared updates on nickel prospectivity at its Lake Giles Project in Western Australia
- A review of historical drilling assay data identified 319 drill holes with highly anomalous nickel at 0.1 per cent or greater, including 150 drill holes recording 0.2 per cent or greater
- Numerous prospective targets remain to be tested during upcoming nickel-targeted exploration
- The company is seeking potential partners to accelerate a nickel discovery at Lake Giles
- Macarthur is an iron ore development, gold and lithium exploration company focused on bringing its Western Australia iron ore projects to production
- Macarthur Minerals (MMS) is up by 3.03 per cent trading at $0.17 per share
Macarthur (MMS) has shared updates on nickel prospectivity at its Lake Giles Project in Western Australia.
A review of historical drilling assay data identified 319 drill holes with highly anomalous nickel at 0.1 per cent or greater, including 150 drill holes recording 0.2 per cent or greater, with 50 per cent of drilling not yet analyzed for nickel and associated elements.
Significant nickel intercepts from Macarthur’s historical drilling and trench sampling at Lake Giles demonstrate the potential for disseminated and potentially massive nickel sulphides in overlying komatiitic ultramafics, with further potential for concentrated secondary nickel in the weathered profile overlying the fresh komatiites:
- LGRC_0010 (288 m): 128 m at 0.17 per cent Ni (from 108 m) including 1 m at 0.29 per cent Ni
- LGRC_0015 (168 m): 106 m at 0.15 per cent Ni (from 62 m) finished in anomalous Ni
- LGRC_0018 (370 m): 103 m at 0.16 per cent Ni (from 77 m) and 23 m at 0.17 per cent Ni (from 235 m)
- LGDD_054 (363 m): 23.5 m at 0.85 per cent Ni (from 4.5 m) including 11.5 m at 1.03 per cent Ni (from 10.5 m)
- Gossanous outcrop with grab samples assaying 2.61 per cent Co and 2.01 per cent Ni
Seven advanced targets considered highly prospective for nickel remain untested. Additionally, 41 diamond drill holes completed by Macarthur in 2019 across the Moonshine and Moonshine North targets intersected numerous altered komatiites which remain to be assayed.
Further targets are recommended for follow up based on drill assay anomalies and historical geophysical anomalies associated with potentially significant highly magnetic ultramafic footwall ‘bulges’.
Management believes that further interrogation of historical geological, geophysical and geochemical data is likely to define more highly prospective nickel targets.
The company plans to carry out nickel-targeted exploration, including assaying the geotechnical diamond drill core and selected anomalous RC chips, downhole electromagnetic surveying on targeted open holes, and further ground-based electromagnetic surveying.
Macarthur is seeking potential partners to accelerate a nickel discovery at Lake Giles.
Lake Giles overview
The 100-per-cent owned Lake Giles Project is primarily focused on iron ore and boasts a completed feasibility study for conventional open-pit mining.
The project contains considerable serpentinised olivine cumulate rocks, sometimes metamorphosed to talc-carbonate, which are considered to have high potential for the discovery of nickel sulphides.
The property is 240 km north of Poseidon Nickel’s Lake Johnston Nickel Project (ASX:POS) and 190 km northwest of the Kambalda nickel province in Western Australia. The project is also surrounded by Dreadnought Resources’ Central Yilgarn Project (ASX:DRE), where exploration for nickel and gold is ongoing.
Macarthur is an iron ore development, gold and lithium exploration company focused on bringing its Western Australia iron ore projects to production. The Lake Giles Iron Project mineral resources include the Ularring hematite resource, comprising indicated resources of 54.5 million tonnes at 47.2 per cent Fe and inferred resources of 26 million tonnes at 45.4 per cent Fe, as well as the Lake Giles magnetite resource of 53.9 million tonnes (measured), 218.7 million tonnes (indicated) and 997 million tonnes (inferred).
Macarthur Minerals (MMS) is up by 3.03 per cent trading at $0.17 per share as of 10:05 am EST.
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