• Macarthur Minerals (MIO) has updated its mineral resource estimate for its magnetite deposits at the Lake Giles Iron Project in Western Australia
  • The update is significant, as previous estimates — presented between 2009 and 2019 — consisted entirely of inferred resources
  • The mineral resource is now estimated to include a measured mineral resource of approximately 53.9 million tonnes and an indicated mineral resource of 218.7 million tonnes
  • The upgrades mean roughly 30 per cent of the Moonshine resource is now in the indicated category, while around 7.5 per cent is labelled as measured
  • Now, Macarthur has sufficient resources to progress its feasibility study
  • Last month, Macarthur received a key proposal for its planned rail link for Lake Giles
  • Company shares are up 16 per cent on the market today, trading for 29 cents per share