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Macarthur Minerals Ltd.
Summary
| Project: | Lake Giles | |
|---|---|---|
| Deposit: | Moonshine North | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 1/15/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 15-1-2019: Macarthur Minerals Ltd. announces an Exploration/Drilling Update report for its Moonshine North deposit at the Lake Giles project. Drilling results incl. 31m @ 0.2% Ni from 26m. Prior to Macarthur’s acquisition of the Lake Giles project, there | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Ian Cooper (Independent) | |
| ABSTRACT: | Prior to Macarthur’s acquisition of the Lake Giles project, there were two previous periods of limited exploration activity for nickel over parts of the present tenement package. The tenements were briefly explored for nickel during the late 1960s nickel boom and was then further explored by several companies for gold in the mid-1990s with only very limited shallow reconnaissance drilling undertaken by these explorers. Combined with available historical data, new geological, geophysical and geochemical data obtained in the course of Macarthur’s extensive geological investigation of the Banded Iron Formation (“BIF”) between 2007 and 2013, indicated that there is potential for nickel sulphide and gold mineralisation within the extensive ultramafic rock package hosting the BIFs that comprise the Macarthur Iron Ore Project. By way of example, in January 2013 Macarthur drilled diamond hole LGDD_054, to test high grade magnetite. This hole was collared in ultramafic and was seen to contain unusual textures and veins of a black mineral thought to be after sulphide. Assaying of the core returned from 4.5m to 28.0m (23.5m) 0.85% Ni and this included 1.03% Ni over an 11.5m interval from 10.5m to 22.0m at an estimated true width of around 8m. The intersection also shows very low Ca and high Mg and Cr. The rock is highly weathered and is therefore not conclusive evidence for presence of nickel sulphides, but is encouraging. The location of LGDD_054 is given in the table below. Analysis of core samples was completed at ALS Perth Laboratory with Ni (interval 0 – 33.4m) analysed using method PGM-ICP23 (Inductively Coupled Plasma - Atomic Emission Spectrometry). | |
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