Macarthur Minerals Limited reported an update on the nickel prospectivity at its Lake Giles Project in Western Australia. A review of historical drilling assay data has identified 319 drill holes, within MIO tenure, with highly anomalous nickel 0.1% or greater, including 150 drill holes recording 0.2% and greater indicating that there is significant potential for nickel mineralisation. Historical drilling mainly targeted iron ore with approximately 50% of the drilling not yet analysed for nickel and associated elements.

The key geological unit that is interpreted to host the potential for nickel at Lake Giles is a komatiite ultramafic unit with similarities to the Lake Johnston komatiite system hosting the rich Maggie Hays nickel mine. Significant Ni intercepts from historical drilling and trench sampling highlight the potential for economic Ni mineralisation at Lake Giles, including: LGRC_0015 (168m): 106m @ 0.15% Ni (from 62m) finished in anomalous Ni; LGRC_0018 (370m): 103m @ 0.16% Ni (from 77m) and 23m @ 0.17% Ni (from 235m); LGDD_054 (363m): 23.5m @ 0.85% Ni (from 4.5m) including 11.5m @ 1.03% Ni (from 10.5m); and Gossanous outcrop with grab samples assaying 2.61% Co and 2.01% Ni. Seven advanced targets have been identified that are considered highly prospective for nickel mineralisation and these remain completely untested.

Further interrogation of the historical geological, geophysical and geochemical dataset is likely to define more highly prospective nickel targets and is likely to lead to the definition of nickel mineralisation within the Lake Giles Project Area. 41 diamond drill holes completed by Macarthur in 2019 across the Moonshine and Moonshine North targets have intersected numerous altered komatiites, which are yet to be assayed. Macarthur now plans to carry out specific nickel targeted exploration including assaying the geotechnical diamond drill core and selected anomalous RC chips for a broad analytical suite of elements, Downhole Electromagnetic surveying (DHEM) on targeted open holes, as well as further ground-based electromagnetic surveying upon recommendation from third party geophysical consultants Newexco Exploration Pty Ltd.