Macarthur Minerals’ potential iron ore project is another step closer, after 2.6 per cent Cobalt and 2.0 per cent Nickel were discovered at the Lake Giles site.
The company’s executive chairman Cameron McCall said Macarthur Minerals were excited by the find that now coincides with several targets derived from geophysical surveys.
“The Company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for onground exploration,” he said.
“Recent exploration was successful in collecting rock samples containing a significant concentration of cobalt and nickel.
“The Company is now in the process of undertaking further geophysical surveys across the area and several other targets identified in its review.”
The findings come just weeks after the company released a research report indicating plans to utilise Cliffs’ infrastructure as part of their $61 million investment in the Yilgarn region.
The company’s iron ore projects in the region are directly adjacent to Cliffs Natural Resources’ Koolyanobbing operations, with just 80 kilometres between them.
Following the report’s release, Mr McCall said the project’s start date was highly dependent on access to the Port and that the company would welcome government support.
“Although we have not sought anything, we would welcome the government’s full support for any road, rail or mining approvals.”
Cleveland-Cliffs are yet to make a formal announcement regarding the closure last discussed during an earnings call on January 25.