LONDON: Macarthur Minerals Joint Venture Partner, Fe Limited (FEL) has announced the completion of the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.
TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC, has purchased the royalty for $7 million. FEL has received the first payment of $3.5 million with a further instalment of $3m payable in 12 months. FEL now has cash in the bank of $5.2 million and fully funded to commence exploration work at the Hillside Copper and Gold Project in the Pilbara region of Western Australia.
FEL is currently finalising plans to conduct a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project. The survey will cover a section of the previously identified gossan line as well as a series of individual FELM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.
Macarthur President and Executive Chairman Cameron McCall commented: “We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging.”
Cadence Minerals holds approximately 4.1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.