UPDATE OF THE FEASIBILITY STUDY: Conceptual rail and port plan of
VANCOUVER, British Columbia, Oct 07, 2021 (GLOBE NEWSWIRE) – Macarthur Minerals Limited (ASX: MIO) (TSX-V: MMS) (OTCQB: MMSDF) (the Society Where Macarthur) is pleased to report on the considerable progress made in the feasibility study for its Lake Giles High Magnetite Iron Project. Extensive work has been undertaken on rail and port logistics which will culminate in the completion of a conceptual plan of operations that can ensure Macarthur achieves the most efficient and economical product transportation solution possible.
Following the October 1, 2021 announcement detailing the advancement of the metallurgical and non-process infrastructure design (see announcement here), the summary below provides details of the current logistics advancement. Railway and Port and the evolution of the Conceptual Plan of Operations for the Lake Giles Railway Project as the feasibility study nears completion.
|Rail and Port Logistics – Highlights of Progress
The figures accompanying this announcement are available on
The Company intends to continue to provide updates on the progress of the feasibility study (at least every two weeks) in anticipation of the completion of the study and delivery of final results of market research. Upcoming press releases will provide an update on the significant progress that has been made on many aspects of the study, including the tailings storage facilities, the development of the 640-person mining camp and associated facilities, facilities electrical and micro-grid and mining planning.
Andrew Bruton, CEO of Macarthur Minerals said:
“Extensive work has been undertaken on the planning of rail and port logistics by the Company in collaboration with its consultants Projectus and Stantec (Engenium). The quality of the results provided in the framework of the feasibility study to date is satisfactory.
Transportation will be a key component of the project’s operating costs, and advancing a conceptual plan of operations for full transportation from the mine gate to the Port of Hope is essential to best position the company and the Giles Lake iron project for success.
The recent correction in the price of iron ore is not unexpected and the Company does not believe it should harm the fundamental underlying value proposition offered by the Macarthur magnetite project. Macarthur’s goal is to develop a high-grade magnetite mining operation that can remain profitable long into the future.
Management continues to focus on the completion of the Lake Giles Iron Project and we look forward to continuing to publish further details on the significant progress of the feasibility study in the coming weeks. “
On behalf of the board of directors
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Macarthur is an iron ore development, gold exploration and lithium company focused on bringing its iron ore projects into production in Western Australia. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising indicated resources of 54.5 million tonnes at 47.2% Fe and inferred resources of 26 million tonnes at 45.4% Fe; and the Giles Lake magnetite resource of 53.9 million tonnes (measured), 218.7 million tonnes (indicated) and 997 million tonnes (inferred). The JORC Report Tables and Competent Person’s Statement for Magnetite and Hematite Mineral Resources have previously been disclosed in ASX Market Announcements dated August 12, 2020 and December 5, 2019. Macarthur has exploration interests leading gold, lithium and copper (approximately 721 square kilometers). in the Pilbara region of Western Australia. Additionally, Macarthur has lithium brine claims in the emerging Railroad Valley region of Nevada, United States.
This press release is not intended for distribution to United States services or for distribution in the United States.
Caution Regarding Forward-Looking Statements
Some of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements contained herein, other than statements of historical fact, that relate to activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including , but not limited to, statements regarding the planned completion of the feasibility study; the conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements contained in this press release reflect the Company’s current expectations, assumptions or beliefs based on information currently available to the Company. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may. differ materially from those projected in forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include, but are not limited to: unforeseen technological changes that result in reduced demand for iron or magnetite or substitution by other metals or materials; the discovery of new large low-cost deposits of ferrous magnetite; the general level of world economic activity; non-completion of FS; failure to demonstrate the economic viability of mineral resources; and failure to obtain mining permits. Readers are cautioned not to place undue reliance on forward-looking statements because of the uncertainty inherent in them. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and, except as may be otherwise required under applicable law, the Company assumes no obligation to update or revise such statements. prospective, whether as a result of new information, future events or otherwise.