Macro Metals Limited (ASX:M4M) has entered into a binding agreement to acquire the Yandi South iron ore project in Western Australia. The deal, which involves a total consideration of A$6.5 million plus royalties, secures 100% ownership of three granted exploration licences covering 56 square kilometres. Strategically situated in the Pilbara, the project shares a boundary with significant infrastructure, including operations held by major producers.

The acquisition includes an historical indicated mineral resource estimate of 4.28Mt at 55.8% Fe. This resource is confined to a small portion of the tenure, leaving significant room for potential growth across the remainder of the project area. Mapping and sampling programs have identified additional prospects, with multiple rock chip samples recording iron grades exceeding 60%. Managing Director Simon Rushton highlighted the quality of the existing mineralisation and the immediate potential for further exploration.

"The existing Indicated Mineral Resource, reported in accordance with JORC (2004) Guidelines reflects a high-quality, highly marketable CID product, particularly with calcined FE exceeding 60%, alumina below 3.5%, and phosphorous of less than 0.1%."

— Simon Rushton, Managing Director

Looking ahead, the company has clearly defined operational priorities for the newly acquired land package. Macro Metals plans to launch near-term exploration campaigns specifically targeting Channel Iron Deposits (CID) and bedded hematite mineralisation. Beyond these near-surface targets, the company also intends to explore a magnetite body identified in previous drilling on the property. Limited historical diamond core drilling in the northwestern section of the tenure encountered magnetite-enriched horizons reaching up to 150 metres in thickness. Initial metallurgical test work on this material has confirmed the potential to produce a high-grade magnetite concentrate of up to 69% Fe.

To support its regional ambitions, Macro Metals has also lodged applications for an additional 46 square kilometres of exploration ground immediately adjacent to the current project. Once granted, these applications will provide the company with a contiguous, consolidated footprint of approximately 100 square kilometres. This expanded landholding is intended to facilitate more comprehensive exploration efforts across both the identified magnetite body and prospective hematite targets.

Read the full announcement: Agreement Executed to Acquire Yandi South Iron Ore Project