Magnetic and electronic properties of the recently-discovered material Sr8CaRe3Cu4O24 were investigated by means of a quantum Monte Carlo simulation, the Green function method and the LSDA+U ( local spin-density approximation plus the Hubbard-U term) method. The LSDA+U calculation shows that the ground state is an insulator with magnetic moment M = 1.01 mu(B)/f.u., which is consistent with experimental results. The magnetic sites were specified and an effective model for the magnetic properties of this compound derived. The resultant effective model is a three-dimensional Heisenberg model with spin-alternation. Finite-temperature properties of this effective model are investigated by the quantum Monte Carlo method (continuous-time loop algorithm) and the Green function method. The numerical results are consistent with experimental results, indicating that the model is suitable for this material. Using the analysis of the effective model, some predictions for the material are made.
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