Macarthur’s Joint Venture Partner Fe Limited Releases Initial Assay Results on the Hillside Project
August 23 2019 - 8:00AM
Macarthur Minerals Limited (TSX-V: MMS,
OTCQB: MMSDF) (the “Company” or
“Macarthur”) is pleased to announce that its Joint Venture Partner
Fe Limited (“FEL”), has released assay results from a recent field
trip to the Hillside Gold and Copper Project in the Pilbara Region
of Western Australia.
Macarthur Lithium Pty Ltd (“MLi”), a wholly
owned subsidiary of Macarthur entered into an exclusive option
agreement (“Option Agreement”) with FEL as announced on May 14,
2019.
Samples collected by FEL’s geological team
during a recent site visit to the Hillside tenements were submitted
to the laboratory for analysis in early August. Three of the assays
received so far have returned strongly anomalous grades for base
metals and gold from different locations. Sample locations
and results are shown in Tables 1 and 2.
The base metals results from the gossan outcrop
shows similar copper grades to a historical rock chip from a gossan
outcrop directly south along strike approximately 6 kilometres
away. Both outcrops lie within a strong magnetic anomaly
identified in the SkyTEM electromagnetic survey conducted by MLi in
2018 (Figure 1).
This gossan will be a high priority drilling
target in coming months.
Cameron McCall, Executive Chairman of
Macarthur Minerals commented; “The Hillside Gold and
Copper Project has been a priority area for exploration, and I am
pleased Fe Limited has achieved some encouraging early exploration
results. Macarthur will watch with keen interest as the exploration
and drilling campaign to be undertaken by Fe Limited
progresses.”
Table 1 – Sample Locations
HILLSIDE SAMPLE LOCATIONS |
Sample ID |
Latitude |
Longitude |
Description |
Target |
HS001 |
21°49'55.83"S |
119°39'10.06"E |
Quartz vein rock chip in situ |
Au, Cu (other base metals?) |
HS002 |
21°49'55.83"S |
119°39'10.06"E |
Qtz vein within weathered schist |
Au, Cu (other base metals?) |
HS003 |
21°49'16.33"S |
119°40'48.36"E |
Qtz scree from stream bed |
Au, Cu (other base metals?) |
HS004 |
21°48'7.82"S |
119°39'43.91"E |
Stream bed float |
Au, base metals |
HS005 |
21°48'11.27"S |
119°39'51.32"E |
stream bed rock chip float |
Au, base metals |
HS006 |
21°47'30.15"S |
119°39'45.89"E |
Qtz samples |
Au, Cu |
HS007 |
21°47'29.89"S |
119°39'50.00"E |
Oxidised Qtz reef |
Au, base metals |
HS008 |
21°45'4.92"S |
119°39'52.07"E |
Gossan with malachite |
Au, base metals |
HS009 |
21°41'5.57"S |
119°39'25.53"E |
Qtz reef |
Au, multi |
HS010 |
21°44'3.30"S |
119°40'41.79"E |
Qtz reef |
Au, multi |
HS011 |
21°44'3.50"S |
119°40'44.86"E |
Quartz reef |
Au, multi |
Table 2 – Assay results
HILLSIDE |
Rock Chip Assay Results |
SAMPLE |
Au-ICP22 |
ME-MS61 |
ME-MS61 |
ME-MS61 |
ME-MS61 |
ME-MS61 |
ME-MS61 |
Cu-OG62 |
DESCRIPTION |
Au |
Ag |
As |
Ni |
Pb |
S |
Zn |
Cu |
|
ppm |
ppm |
ppm |
ppm |
ppm |
% |
ppm |
% |
HS001 |
0.008 |
0.04 |
21.8 |
344 |
1 |
0.07 |
63 |
|
HS002 |
0.002 |
<0.01 |
1.1 |
71.3 |
1.5 |
<0.01 |
25 |
|
HS003 |
0.002 |
0.01 |
1.3 |
29 |
<0.5 |
<0.01 |
49 |
|
HS004 |
0.002 |
0.05 |
10.7 |
325 |
1.5 |
<0.01 |
151 |
|
HS005 |
0.005 |
0.04 |
1.5 |
150 |
0.9 |
0.01 |
41 |
|
HS006 |
0.001 |
<0.01 |
0.8 |
6.9 |
<0.5 |
<0.01 |
2 |
|
HS007 |
0.001 |
0.03 |
3.1 |
354 |
0.6 |
0.05 |
623 |
|
HS008 |
0.185 |
37.8 |
378 |
215 |
254 |
0.23 |
4580 |
6.36 |
HS009 |
0.002 |
0.01 |
3.1 |
9.4 |
<0.5 |
<0.01 |
15 |
|
HS010 |
0.024 |
0.09 |
10.4 |
81.3 |
<0.5 |
<0.01 |
19 |
|
HS011 |
0.224 |
0.17 |
9.4 |
94 |
0.5 |
<0.01 |
49 |
|
Figure 1 - Hillside Sample Locations
over
TMI: https://www.globenewswire.com/NewsRoom/AttachmentNg/04641f15-b52d-4a2c-bb4c-74f506a1a911
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”)
Investor relations
Macarthur also announces
that it has terminated its investors relations agreement with
Investor Cubed Inc. Macarthur thanks Investor Cubed for its
services as the Company’s investor relations firm.
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
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DISSEMINATION IN THE UNITED STATES
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