Macarthur’s Joint Venture Partner Fe Limited Releases High Grade Iron Ore Assay Results for the Strelley Project in the Pil...
September 05 2019 - 9:46AM
Macarthur Minerals Limited (TSX-V: MMS,
OTCQB: MMSDF) (the “Company” or “Macarthur
Minerals”) is pleased to announce that its Joint Venture Partner Fe
Limited (“FEL”), has released assay results from a recent field
trip to the Strelley 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, to earn up to 75% in the projects.
During FELs recent reconnaissance trip to the
Strelley Project in the Pilbara, samples were taken from the
outcropping Banded Iron Formation (“BIF”) continuing along strike
from the previously mined Abydos iron ore project owned by Atlas
Iron (Figure 1).
Two rock samples were taken from iron rich
outcropping BIF (Figures 1 to 3) with both returning significant
assay results (Table 1).
Figure 1 – Sample Location
Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/c67c96ae-e4de-450d-a251-338d15904002
Figure 2 – photo of
ST002: https://www.globenewswire.com/NewsRoom/AttachmentNg/afe21994-c4fa-4ac7-a20e-7719bdfa191d
Figure 3 – photo of
ST003: https://www.globenewswire.com/NewsRoom/AttachmentNg/3a8c6040-5751-47ee-b5fe-1e2f29be9200
Table 1 – Sample Locations and
Results
STRELLEY |
Rock Chip Assay Results |
Sample |
Latitude |
Longitude |
Al2O3 |
Fe |
MgO |
Mn |
P |
S |
SiO2 |
LOI |
|
|
|
% |
% |
% |
% |
% |
% |
% |
% |
ST002 |
21° 7'33.02"S |
119° 8'14.99"E |
0.72 |
61.3 |
0.01 |
0.047 |
0.012 |
0.034 |
3.97 |
7.39 |
ST003 |
21° 7'30.83"S |
119° 8'15.50"E |
1.38 |
58.11 |
0.05 |
0.099 |
0.152 |
0.008 |
3.6 |
11.21 |
In addition, an aerial review of the geological
mapping and photography in the south-eastern corner of the tenement
shows a continuation of the marker chert found adjacent to the
mineralised outcropping gossan (surface expression of the host VMS
mineralogy) in the VentureX Sulphur Springs copper deposit to the
south.
Field work has been planned to look for gossans
or signs of similar mineralisation occurring within the Strelley
Project in the Pilbara in the week beginning 9th September
2019.
Cameron McCall, Executive Chairman of
Macarthur Minerals commented; “Fe Limited’s exploration
activity on the Strelley Project is very encouraging with the
significant iron ore results returned from recent rock chip
sampling. This area is nearby existing iron ore
infrastructure built by Atlas Iron. Macarthur will continue to
watch with keen interest as the exploration and drilling campaign
to be undertaken by Fe Limited progresses”.
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 FEL to acquire an
interest of up to 75% in the tenements held by Macarthur’s wholly
owned subsidiary Macarthur Lithium Pty Ltd (“MLi”)
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