Notably, the assays released in January 2020 from the 2019 drilling program are now being incorporated into an updated mineral resource model.
Studies and tenders underway
Furthermore, detailed route-to-market studies including port and rail designs have commenced and remain a key priority.
These studies will form the background of rail access, haulage, and port contracts.
Tenders have also been called for metallurgical testing, process, and infrastructure design, and mining studies to support a detailed feasibility study.
Updated resource estimated coming up
Macarthur’s executive chairman Cameron McCall said: “Investor confidence across the board has taken a hit lately but we’re confident that the company is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market.
“On a macro-level, there are supportive market fundamentals that remain resolute; global steel production continues to rise and so does the demand for higher grade, lower-impurity iron ore feedstock such as magnetite.
“While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% Fe product hovering around a relatively robust $US90 per tonne, that’s up from $US72 in November last year.
“Lower oil prices, lower shipping rates between China and Australia as well as a declining Australian to United States dollar should see a rapid rebalancing as all these variables impact positively on corporate returns”.