- Macarthur Minerals Limited (MMS) reports a maiden mineral reserve statement for the Lake Giles Iron Project
- It contains 74 million dry tonnes of iron ore concentrate for a 25-year mine life, based on 87 per cent of the indicated and measured mineral resources
- The mineral reserve has been incorporated into a feasibility study
- The mine schedule has a nine-month pre-strip period
- Macarthur’s subsidiary entered an agreement to acquire adjacent tenure to for supporting infrastructure
- Macarthur Minerals Limited (MMS) is up 10.53 per cent trading at $0.42 per share as of 12:15 p.m. ET
Macarthur Minerals Limited (MMS) (ASX: MIO) reports a maiden mineral reserve statement for the Lake Giles Iron Project.
The maiden mineral reserve totals 237 million tonnes of iron ore at probable/proven classification. It contains 74 million dry tonnes of iron ore concentrate for a 25-year mine life, based on 87 per cent of the indicated and measured mineral resources.
The mineral reserve defined for the Lake Giles Iron Project includes the Moonshine and Moonshine North deposits and has been incorporated into a feasibility study which demonstrates a technically and economically viable project.
The final feasibility study will be released to the market in the next 45 days.
The two pits will be mined in a total of seven stages, two for Moonshine North and five for Moonshine. Each stage will require pre-stripping of the oxidized material before commencing ore mining procedures.
The Moonshine North and Moonshine pits are scheduled to be mined at the same time as part of the blending strategy.
The mine schedule has a nine-month pre-strip period and requires a mining rate of approximately 43 million tonnes per year to meet the blending strategy.
Macarthur’s subsidiary, Macarthur Iron Ore Pty Ltd (MIO), has entered an agreement with Arrow Minerals to acquire adjacent tenure for a proposed processing plant, waste rock dumps, tailings storage facility and other supporting infrastructure. An application for a general-purpose lease is in progress.
The tenements are not subject to any royalty agreements or encumbrances that would restrict the ability to exploit the mineral reserve.
Macarthur Minerals Limited (MMS) is up 10.53 per cent trading at $0.42 per share as of 12:15 p.m. ET.