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
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