Macro Metals Seals Yandi South Deal and Finds 66.2% Iron Rock Chips Ahead of Drilling
Key Takeaways
- Macro Metals closed the Yandi South acquisition on 14 October 2026 for $1M, and Western Iron Ore handed over 370 rock chip results the company hadn't seen before.
- Surface samples reached 66.2% Fe, with 75 samples between 55% and 60% Fe and more than 20 above 60% Fe.
- Nine new prospects of >55% Fe rock chips sit outside the previously drilled area, and Macro is prioritising them for in-field evaluation.
- The project borders BHP's Yandi and Rio Tinto's Yandicoogina mines, with its northern edge 4.5km from an operational processing plant.
- An inaugural diamond drilling program is well advanced, but no dates, budget or timeline have been disclosed and rock chips are not a resource.
Macro completes Yandi South acquisition and receives 370 rock chip results
Macro Metals (ASX:M4M) completed its acquisition of the Yandi South Iron Ore Project on 14 October 2026, paying $1M to Western Iron Ore Pty Ltd (WIO). The handover came with a catalogue of historical geological information the company says it had not previously been given, which could shorten the path to drilling.
At Completion, WIO provided an additional and extensive catalogue of historical geological information not previously provided to Macro. It included results from 370 rock chip samples collected across the three tenements, plus the handover of physical rock samples.
Key figures from the announcement:
- 370 rock chip samples across the three tenements
- Results as high as 66.2% Fe (Fe is the chemical symbol for iron, so this is the iron content of a sample)
- 9 new prospects identified outside the previously drilled area
- 102km² land package, including applications
The company says the data will quickly accelerate its ability to plan infill and extensional drilling. It also states the rock chips have saved Macro a considerable amount of time and expenditure, which matters for a company aiming to move to drilling efficiently.
Simon Rushton, Managing Director
“…the additional geological information provided to us at completion of the transaction and reviewed by our technical team yesterday has added further excitement, as it is evidence of high-grade mineralisation at surface across the project and well outside of the relatively small footprint that has previously been drilled…”
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What do the rock chip results show?
High-grade surface results
Macro’s technical team identified 75 individual rock chip samples returning between 55% Fe and 60% Fe. A further 22 other samples were reported as exceeding 60% Fe, reaching 66.2% Fe. The announcement’s highlights cite 20 samples above 60% Fe, so the exact count above that threshold differs between sections of the source, and treating it as “more than 20” is the safest reading.
The results come from rock chip sampling taken by WIO over the past 8 years of its ownership of the three tenements. Because WIO is a private company, the results have not previously been the subject of ASX announcements or public disclosure.
| Fe grade band | Number of samples | Context |
|---|---|---|
| 55% to 60% Fe | **75** | Individual rock chip samples identified by Macro’s technical team |
| Above 60% Fe | **22** other samples (highlights cite **20**) | Reaching **66.2% Fe** |
Sample YDRK257 returned 60.8% Fe. For you as an investor, the takeaway is that high iron grades appear across a wide area, not just in one spot.
Nine new prospects identified
The data allowed the technical team to immediately identify 9 prospects outside the previously drilled area. WIO’s fieldwork defined 9 areas of >55% Fe rock chips that require further work, including additional mapping and sampling and potentially drill planning. Macro has determined these areas warrant priority in-field evaluation, with a view to assessing the merits of immediate drilling programmes across each.
These are potential resource growth targets, but they are not a resource. The samples are selective in nature and, per the announcement, “may not reflect average grades across the prospect.” The sampling is reconnaissance in nature and is not intended for use within a mineral resource, and drilling is required to confirm whether mineralisation extends at depth.
What are channel iron deposits and why does location matter?
Iron mineralisation at Yandi South is described as channel iron deposits (CID), similar to iron mines at the nearby BHP Yandi and Rio Tinto Yandicoogina sites. The announcement says the area is highly prospective for both channel iron and bedrock iron mineralisation.
Surface grades are an early indicator only. A rock chip tells you what one piece of outcrop contains, while drilling is what shows how deep and continuous the mineralisation might be.
Location facts from the announcement:
- Three granted Exploration Licences (56km²) acquired from WIO, plus 3 Exploration Licences Macro has separately applied for (46km²), totalling 102km²
- Shares boundaries with Rio Tinto’s Yandicoogina Mine and BHP’s Yandi Mine
- The northernmost aspect of the mineralisation is just 4.5km from an operational processing plant
- Located about 100km northwest of Newman, Western Australia
The additional three licences are applications only and have not been granted. Mr Rushton described the project as located in the heart of a globally significant mining precinct, surrounded by tier one mining operations that have underutilised processing infrastructure connected to deep water ports by rail.
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What are the inaugural drilling programme and next steps?
Macro says planning for its inaugural drilling programme is well advanced. It is planned diamond core drilling with three areas of focus:
- Infill drilling of the previously drilled area
- Extensions to the known resource area
- Metallurgical holes for detailed metallurgy to define the physical properties of the mineralisation
In parallel, Macro will formulate exploration models of the rock chip results and plan field mapping and sampling across the 9 prospect areas to support decisions on drill planning and drill access. The announcement also notes drill permitting and finalising drill plans for testing of the exploration areas as required.
The company describes its position as enabling a “well-structured, fully funded exploration programme.” No drill dates, budget or timeline were disclosed.
Mr Rushton said the information would accelerate evaluation and planning “…with the firm intent of growing the resource.” The near-term markers to watch are results from field evaluation and the start of drilling.
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