Macarthur Minerals announced that it has secured access to land for infrastructure at its Lake Giles iron project in Western Australia.
Macarthur Minerals (ASX:MIO,TSXV:MMS) announced that it has entered into an agreement with Arrow Minerals Limited to acquire
mineral tenure for the development of site infrastructure at its Lake Giles iron project.
As quoted in the press release:
Macarthur has acquired a substantial package of land covering approximately 4950 hectares adjacent to the Moonshine Magnetite deposit. The tenure will be used for constructing supporting infrastructure including waste rocks dumps, processing plant, camp, airstrip and a tailings storage facility. The deal with Arrow also paves the way forward to obtain access to tenure to construct a private haul road from the project through to the open access Perth to Kalgoorlie railway owned by Arc Infrastructure.
Macarthur plans to commence site investigations including geotechnical drilling, groundwater exploration and environmental surveys in early January 2020 as it progresses the feasibility study of its Lake Giles project aimed at producing a high-grade magnetite concentrate. In consideration for entering into the agreement, Macarthur will pay Arrow US$500,000, being US$250,000 in cash, to be paid immediately, and issue US$250,000 in shares in six months. The shares will be issued at a 20 percent discount to the 5-day VWAP prior to the issue.