Macarthur Minerals Limited (CVE:MMS) (OTCMKTS:MMSDF) (FRA:MMLA) has raised US$6 million in a fully subscribed private placement with funds to progress the Australian iron ore project.
The total placement of secured Convertible Note has closed with subscriptions totalling 600 notes with an attaching warrant offered for one fourth of the commitment amount.
Proceeds will be used to complete a bankable feasibility study (BFS) for the Lake Giles Iron Ore Project in Western Australia.
Infill drilling program
The BFS includes a 54-hole infill drilling program which will provide metallurgical samples and upgrade inferred and indicated mineral resources to the measured category.
Macarthur owns 100% of the project, northwest of Kalgoorlie, which incorporates the mineral resources of the Moonshine Magnetite Project and the Ularring Hematite Project.
Moonshine contains inferred mineral resources of about 710 million tonnes at 30.2% iron while Ularring includes indicated resources of about 54.46 million tonnes at 47.2% iron and inferred resources of 25.99 million tonnes at 45.4% iron.
Executive chairman Cameron McCall said: “Macarthur’s development focus is on the high-quality, low-impurity magnetite resource and to commercialise the hematite resource given the ongoing robust iron ore pricing.
“With the investment made by the company during the last high iron ore price cycle, what will make the difference is speed to market and access to existing under-utilised rail and port infrastructure.”