Macro (ASX:M4M) discovers fresh ferric focus in Pilbara property

Macro (ASX:M4M) discovers fresh ferric focus in Pilbara property

July 8, 2024 Off By Jack Baker

Macro Metals’ first sampling efforts over Turner have revealed a substantial channel iron deposit target and stamped the project in as a core focus in the West Australian Pilbara region.

Rock chip samples across a 100-by-100-metre sampling grid showed consistently high-grade mineralisation across 51 logged samples, averaging 57.93 per cent iron without using a cut-off grade.

A top 61.73% iron sample came from a Main Mesa extending for over 2000m of strike within a 2900m cumulative trio holding an average width of 238m and rising between 10m and 25m above the surrounding topography.

The results came alongside low returns of undesired elements, with Macro flagging a favourable comparison to some of the highest graded products produced by the region’s majors Rio Tinto and BHP.

Rio is an underlying pastoralist for the ground.

Macro Metals Technical Director Rob Jewson said that with no prior exploration across the tenure, Turner represents the ground’s very first organic discovery.

“We worked efficiently on this target, from the identification of the target, through to mapping and rock chip sampling, and I am really pleased that the rock chip samples indicate we appear likely to have successfully defined a substantial high-grade CID target at Turner,” he said.

Jewson said it was particularly exciting for the company to have demonstrated potential for the project to host grades easily comparable to the highest-grade channel iron producers in the Pilbara.

“It certainly warrants drill testing to determine the scale and grade characteristics at depth. Moving the exploration licence to grant and completing a maiden drill program as soon as possible is now a priority task for us,” he said.

The technical director said the rapid identification and evaluation was a testament to a newly established team that had a fantastic culture, working safely and collaboratively while motivated by a common goal of making discoveries and developing assets.

Macro Managing Director Simon Rushton said the high-performing team’s discovery was suggestive of an attractive and valuable product, making Turner a priority for the company alongside assets at Cane Bore and Goldsworthy East and he looked forward to establishing a strong relationship with the traditional owners.

“I wish to congratulate Rob and the field exploration team for firstly identifying Turner, and then for getting on ground safely and efficiently to produce this first round of exciting rock chip results,” Macro Managing Director Simon Rushton added.

Rushton said he looked forward to establishing a strong relationship with traditional owners and engaging with Rio as the company delivered value for its investors in the years ahead.

“I am … looking forward to engaging in a quick and easy access agreement process with Rio Tinto, which is both the pastoralist and an underlying miscellaneous tenure holder,” he said.

“As with all tenure related matters, our plan is to understand and address stakeholder concerns collaboratively and sensibly in order for this exploration licence to move to grant so that drilling can commence as soon as possible.”

Rock chip samples will now be collected from other targets identified by satellite during a phase 2 field campaign set to begin this month as the Perth-based company continues evaluating its exploration assets and advancing its core ones.

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