Macarthur Minerals provided an update to shareholders outlining an active and significant third quarter 2019.
Macarthur Minerals (TSXV:MMS) provided an update to shareholders outlining an active and significant third quarter 2019 in the ongoing development of the company’s flagship, Lake Giles Iron project.
As quoted from the press release:
Mr Cameron McCall, Executive chairman of Macarthur Minerals, commented:
“The continued strong iron ore price to US$85-$90/tonne range for 62 percent iron ore continues to create momentum in the iron ore industry.
The company’s focus on delivering a high-quality, low-impurity magnetite fines product (+65 percent iron) positions this product well for Chinese, Korean and Japanese steel mills that are focused on sourcing quality steel products, enhanced furnace efficiencies, reduced consumption of cooking coal and cleaner environment emissions.
The company is also very pleased with the proactive approach demonstrated by our joint venture partner Fe Limited in the exploration of the Hillside, Strelley Gorge and Panorama tenements in the Pilbara region of Western Australia. Initial exploration of these areas has returned encouraging results from rock chip sampling. Such results include a potential extension of iron ore mineralisation along strike from Atlas Iron’s Abydos operation, and the discovery of high-grade manganese and copper at Hillside. Buoyed by these discoveries, Fe Limited is about to commence a drilling program to test the extent of the copper and gold mineralisation at the Hillside Project.