Macarthur Minerals Limited (ASX: MIO) has been awarded an $85,000 grant from the Western Australian Government to support drilling of a diamond drill hole at its Moonshine North Nickel Prospect, located within its Lake Giles Iron Project in Western Australia.
The grant is provided under the Exploration Incentive Scheme (EIS) administered by the Department of Mines, Industry Regulation and Safety (DMIRS).
CEO Joe Phillips said the 460m deep diamond drill hole is planned to target two separate prospective horizons.
The first a ~20,000 Siemens plate conductor (MC02) geophysical anomaly. The second an anomalous nickel horizon found close to surface in a nearby drill hole. This hole intersected 19 meters @ 1% Ni (from eight metres to 27m) including one metre @ 1.42% Ni (from 13m).
Mr Phillips said the drill hole will also look to provide a better understanding of the genesis and litho-geochemistry of the komatiites at the Moonshine Nickel Prospect and aid further targeting for the possible discovery of a komatiitic nickel ore deposit.
The Moonshine North Nickel Prospect lies within the Lake Giles Iron Project located 150km north west of Kalgoorlie and 450 km north east of Perth.
The Project area covers part of the Yerilgee Archean Greenstone belt within the Yilgarn craton.
In 2018, the company completed a MLEM survey successfully delineating two bedrock conductors, MC01 and MC02. MC01 and MC02 are interpreted to be the same geological source offset by faulting.
There was a standout anomaly on Line 50600N which had the highest amplitude Bz response and a conductance of 20,000 Siemens more than twice that used for modelling the same conductor on adjacent lines.
Interpretation of the data recommended a target drill hole into MC02 and on or close to line 50600N.
Although the Moonshine North prospect has been previously drilled for magnetite, no holes have adequately tested the conductor with historical drilling typically limited to a depth of 250m.
