Macarthur Minerals Limited (TSX-V: MMS,
OTCQB: MMSDF) (the “Company” or
“Macarthur”) is pleased to announce that FE Limited (“FEL”) has
completed reconnaissance trips to several of Macarthur’s lithium,
gold and base metals projects in the Pilbara region of Western
Australia.
FEL has reported that areas of prospectivity
were identified in most of the tenements and rock chips were taken
for initial tests (results pending). The results from the
reconnaissance trips are detailed in the location map, photos and
descriptions in the figures below.
About Fe Limited
FE Limited (ASX: FEL) is a listed mineral
exploration Company that holds or has rights or interests in
various projects and tenements prospective for battery metals,
copper, iron ore, gold and base metals located in Australia. The
Company is focused on the exploration of battery metal projects. In
March 2019, FEL entered into an agreement to acquire the
Pippingarra Lithium Project and the Marble Bar Lithium Project
(Project) from Mercury Resources Group Pty Ltd. These areas
complement the tenement portfolio of Macarthur Minerals,
establishing an 1800 square kilometre exploration footprint in the
important Lithium and Gold region of Western Australia.
On May 14, 2019 Macarthur announced it had
entered into an exclusive option agreement with FE Limited (ASX:
FEL), for FEL to acquire an interest of up to 75% in the tenements
held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty
Ltd (“MLi”)
Location Map – FEL Pilbara
tenure: https://www.globenewswire.com/NewsRoom/AttachmentNg/5ae9127b-0728-45f6-afe5-af8b74cab20d
Hillside Gold and Copper
Project
Figures 1, 2 and 3 show intensely oxidised
quartz veins found within the Hillside greenstones. There were many
prospective quartz veins identified during the site visits and
follow up work will begin with intensive aerial and ground mapping
to identify extents and continuity of potentially mineralised
quartz features as well as major structural offsets as focal points
for mineralisation. The copper gossan found in outcrop (figure 4)
will also be mapped ahead of planning drilling to test these
features at depth.
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/3463d723-8109-417e-afcf-29bb95dff184
Figure
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/03dddbfb-c358-4fad-8d30-92419d930793
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/c2e0e067-d530-43c9-9ad2-bde5754af620
Figure
4: https://www.globenewswire.com/NewsRoom/AttachmentNg/232f102b-0aba-42f8-ba72-05e1965654b8
Panorama Gold project
Figures 5, 6 show conglomerates found at the
base of the Mt Roe Basalt, known for conglomerate gold found
elsewhere in the Pilbara, in the Panorama tenement group.
Figure
5: https://www.globenewswire.com/NewsRoom/AttachmentNg/09bcca8b-90b0-448a-9431-a2c0d905d395
Figure
6: https://www.globenewswire.com/NewsRoom/AttachmentNg/e22d423f-f45e-4916-952d-635b18c178f9
Figures 7, 8 and 9 show brecciated rocks
associated with major faulting at the margins of the Mt Roe basalt.
Samples in figures 7 and 9 contained visual sulphides.
Figure
7: https://www.globenewswire.com/NewsRoom/AttachmentNg/344d80e0-1dda-4131-82f3-b8a8c39b2763
Figure
8: https://www.globenewswire.com/NewsRoom/AttachmentNg/d51bcd3e-14bc-42c5-a563-d55421b9105d
Figure
9: https://www.globenewswire.com/NewsRoom/AttachmentNg/a222cdaa-a4c9-4a96-8ea5-bca04acc85b3
Tambourah Lithium Project
Figure 10 shows altered ultramafic rocks with intensive quartz
veining found in Tambourah North directly above recent nugget
discoveries by local prospectors.
Figure
10: https://www.globenewswire.com/NewsRoom/AttachmentNg/39049972-3934-4e7b-a64b-a7fa3ca6c765
Figure 11 shows a lepidolite rich (lithium bearing mica)
pegmatite from one of several dykes found in Tambourah North.
Figure
11: https://www.globenewswire.com/NewsRoom/AttachmentNg/98a3d1b8-242b-420e-b1d0-4cce6a8a6c40
Strelley Gorge Project
Figure 12 and 13 show an iron ore sample and a
conglomerate found adjacent to one another. The iron ore sample is
from a direct extension to the Atlas Abydos Leighton pit found
approximately 300m west. The conglomerate was sampled as a possible
source of alluvial gold occurrences known in the area.
Figure
12: https://www.globenewswire.com/NewsRoom/AttachmentNg/a2dd3128-7fc7-4122-903f-8b3833715a40
Figure
13: https://www.globenewswire.com/NewsRoom/AttachmentNg/d0a65845-74a6-48ae-964a-39154eb3884b
A review of the tenure based on this initial
work and the results (once received) will be undertaken. Follow-up
exploration programs designed in a systematic fashion to best
service the vast areas of tenure and prospects will commence
shortly.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:
MMS, OTCQB: MMSDF)
Macarthur is an iron ore development, gold and
lithium exploration company that is focused on bringing to
production its Western Australia iron ore projects. The Lake Giles
Iron Ore Project includes the 80 million tonne Ularring hematite
resource (approved for development) and the 710 million tonne
Moonshine magnetite resource. Macarthur has prominent (~1,281
square kilometer tenement area) gold, lithium and nickel
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
QUALIFIED PERSON
Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S.
FAusIMM, a Fellow of the Australasian Institute of Mining and
Metallurgy (membership number 107348), is a consultant of Macarthur
and is a Qualified Person as defined in NI 43-101. Mr Cooper has
reviewed and approved the technical information contained in this
news release.
On behalf of the Board of Directors, MACARTHUR
MINERALS LIMITED
“Cameron McCall”Cameron McCall, Executive
Chairman
Company ContactJoe Phillips,
CEO and DirectorEmail:
jphillips@macarthurminerals.com
Telephone: +61 448899247
Website:
www.macarthurminerals.com
THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Caution Regarding Forward Looking
StatementsCertain of the statements made and information
contained in this press release may constitute forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. The forward-looking statements in this press
release reflect the current expectations, assumptions or beliefs of
the Company based upon information currently available to the
Company. With respect to forward-looking statements contained in
this press release, assumptions have been made regarding, among
other things, the timely receipt of required approvals, the
reliability of information, including historical mineral resource
or mineral reserve estimates, prepared and/or published by third
parties that are referenced in this press release or was otherwise
relied upon by the Company in preparing this press release.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and no
assurance can be given that these expectations will prove to be
correct as actual results or developments may differ materially
from those projected in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include fluctuations in exchange rates
and certain commodity prices, uncertainties related to mineral
title in the project, unforeseen technology changes that results in
a reduction in iron ore demand or substitution by other metals or
materials, the discovery of new large low cost deposits of iron
ore, uncertainty in successfully returning the project into full
operation, and the general level of global economic activity.
Readers are cautioned not to place undue reliance on
forward-looking statements due to the inherent uncertainty thereof.
Such statements relate to future events and expectations and, as
such, involve known and unknown risks and uncertainties. The
forward-looking statements contained in this press release are made
as of the date of this press release and except as may otherwise be
required pursuant to applicable laws, the Company does not assume
any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jul 2023 to Jul 2024