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Macro Metals yield promising iron ore results at Cane Bore Project

31 May 2024 12:56

Macro Metals Limited (ASX:M4M) has released promising results from its Cane Bore Project in Western Australia. Recent rock chip sampling at the Callisto and Europa Prospect’s has revealed high-grade iron ore, suggesting that these areas hold significant potential for future mining operations.

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Figure 1: Rock chip sampling at Cane Bore.

Callisto Prospect

A total of 71 samples were taken across the Callisto Prospect, reporting an average grade of 53.8% Fe, 4.59% Al2O3, 7.50% SiO2, 0.024% P, 10.69% LOI and 60.25% Calcined Fe.

The Prospect features a visually consistent pisolite channel iron mineralisation, stretching over an area of 850m x 1,050m and standing about 25 metres high. It has an average specific gravity (SG) of 3.05.

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Figure 2: CID outcrop at Callisto from sampling area.

Europa Prospect

A total of 15 samples were taken across the Europa Prospect which reported an average grade of rock chip samples with no cutoff of 54.68% Fe, 3.71% Al2O3, 7.32% SiO2, 0.024% P, 10.39% LOI and 61.02% Calcined Fe. It stands approximately 30 metres high and extends for an area of 600m x 250m with an average SG of 3.08.

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Figure 3: Europa Prospect rock chip sampling results.

These results demonstrate consistency in mineralisation and low levels of deleterious elements, particularly phosphorus, which is advantageous for iron ore quality.

Director thoughts

Technical Director Rob Jewson is encouraged by the results from the Cane Bore rock chip program, commenting, “I am really pleased to see these highly encouraging results from the systematic rock chip sampling our field team completed across the two primary mesa targets at our Cane Bore Project.

“The iron ore content being relatively high for CID, a high LOI and the low deleterious material, particularly phosphorus, indicates our Cane Bore product has potential for sale either as a product in its own right or as a blending product for a higher grade deposit that has higher than desirable phosphorus.”

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Figure 4: Rock chip sampling location plan Cane Bore.

Next steps

The sampling results are promising enough to justify a detailed drilling program, scheduled to commence in June 2024. This will involve a 50m x 50m RC drilling grid to define a maiden Indicated Mineral Resource.

M4M’s Australian Security Exchange-listed share price is currently trading at $0.036 (12:30 pm UTC+ 8 hours).

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