With the results of a recent rock chip sampling program now in hand, Macro Metals (ASX:M4M) is turning its attention to drilling activities at its Cane Bore project in Western Australia.
A reverse circulation drilling contractor has been engaged and will begin work in June.
Macro, which has a market capitalisation of $125.98 million, says the rock chip sampling — which focused on the Castillo and Europa prospects — confirms that Cane Bore’s specifications are consistent with other channel iron deposit (CID) projects in the Pilbara region.
At Castillo, 71 samples were taken with an average grade of 53.8% iron, while 15 were collected at Europa at an average grade of 54.68%.
Macro says the results provide enough confidence to increase the scale of the proposed drilling program to 50m-by-50m spacing, designed to define a maiden indicated mineral resource.
Managing Director Simon Rushton says the exploration progress made to date at Cane Bore is a result of good planning and the efforts of Macro’s small team.
“Next week, we will undertake an archaeological and anthropological survey at Cane Bore in accordance with the Aboriginal Heritage Act 1972,” he says.
“This survey will facilitate the clearing of areas for infrastructure that will support exploration, additional access tracks, as well as the drill pads for the 50m-by-50m spaced drill programs at both the Europa and Callisto prospects.
“Now that our program of works has been approved, completing this heritage survey is the last item required for us to be fully permitted for the reverse circulation drilling commencing in June 2024.”
Macro Metals’ iron ore portfolio has the potential for multiple sources of iron ore production using the well-established and proven export infrastructure of the Pilbara and emerging infrastructure in the West Pilbara.
Write to Aaliyah Rogan at Mining.com.au
Images: Macro Metals
