VANCOUVER, BRITISH COLUMBIA, Sep. 21, 2009 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/21/09 -- Macarthur Minerals Limited (TSX VENTURE: MMS) today advised that an updated independent estimate had increased the Inferred Mineral Resource Estimate for its Clark Hill North magnetite iron ore project in Western Australia to 130 million tonnes at 25.8% Fe which is a 350% tonnage increase, based on the previous resource estimate of 37.1 million tonnes. The total Inferred Mineral Resource for Clark Hill North shown in Table 1.
The new Clark Hill North Inferred Mineral Resource estimate increases the company's total Inferred Mineral Resource estimate for the Lake Giles project to 542 million tonnes at 26.3% Fe (refer Table 2).
Table 1 - Clark Inferred Mineral Resource
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Tonnes Grade % Mass
(Mt) % Fe Recovery
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In-Situ 130.0 25.8
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Davis Tube Concentrate 43.2 62.1 33.2
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Notes for Table 1
- Figures contained within Table 1 have been rounded. % Fe grades % Mass
Recovery are rounded to 1 decimal figure.
- Davis Tube concentrate results is the proportion of sample extractable
by magnetic separation.
Lake Giles Mineral Resource estimate has been updated by CSA Global ("CSA") with the addition of estimate for the Clark Hill North deposit. The Clark Hill North deposit is located in the north of the Lake Giles Project (refer Figure 1). No new estimates were completed for the companies four other deposits. However, Moonshine, Clark Hill North, Snark and Sandlewood will have their current mineral resource estimates updated by CSA prior to the end of this field season, being December 2009. It is expected that these mineral resource estimate updates will further increase the in-situ tonnage of magnetite iron ore.
The resource estimate is based on a new geological interpretation and mapping over the last 4 months. During the Stage 7 drilling program a total of 6 reverse circulation drill holes were completed at Clark Hill North and it is expected that when these are incorporated into the resource a further update will be required. Given the significant increase in tonnes, the company is now carrying out mapping at its other prospects and will re-interpret them in the following order Sandlewood, Snark and Clark Hill South.
The updated Mineral Resource estimate is shown in Table 2. The Lake Giles project is at an early stage of evaluation.
