The Project is primarily an advanced iron ore project, with a completed feasibility study to use conventional open pit mining methods for a series of banded iron formation (BIF) hematite and magnetite prospects. The Lake Giles tenements cover the Yerilgee greenstone belt located in the central part of the
The prospective ultramafic rocks of the Project are interpreted to be of Kambalda komatiite type. Serpentinised olivine cumulate rocks sometimes metamorphosed to talc-carbonate occur in many places and are considered to have a high potential for the discovery of nickel sulphides. These have similar characteristics to those of the Forrestania and Lake Johnston greenstone belts. The Lake Johnston nickel mineralised bodies such as
Historical Data Review Highlights Nickel Prospectivity
A review and evaluation of geological, geochemical and geophysical data obtained in the course of Macarthur's extensive geological investigation of the
Further targets are recommended for follow up based on drill assay anomalies and historical geophysical anomalies associated with potentially significant highly magnetic ultramafic footwall 'bulges', which are interpreted to represent a thickening and embayment of the komatiite flow into the footwall stratigraphy. Nickel exploration on the Lake Giles tenure is at an early stage. Much of the Lake Giles nickel boom exploration data together with recent observations suggest a favourable environment for the occurrence of nickel mineralisation. An updated knowledge of regolith characteristics together with the factors influencing the primary occurrence of nickel sulphide deposits and their frequent remobilisation during folding and faulting is now likely to result in much more efficient and focused exploration than in the past nickel booms. Further interrogation of the historical geological, geophysical and geochemical dataset is likely to define more highly prospect nickel targets and has high potential for the definition of nickel mineralisation within the Lake Giles Project Area. Macarthur is currently preparing to carry out specific nickel targeted exploration including assaying the prospective intervals from the geotechnical diamond drilling 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
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Mineral Resources
Caution Regarding Forward Looking Statements
Certain 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 herein, other than statements of historical fact, that address 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 expected completion of the Feasibility Study; conversion of Mineral Resources to Ore Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. 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 otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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