Macarthur Minerals Progress Update on Infill Resource Drilling at Its Lake Giles Iron Project in Western Australia
September 16 2019 - 8:00AM
Macarthur Minerals Limited (TSX-V: MMS, OTCQB:
MMSDF) (the “Company” or “Macarthur Minerals”) is pleased
to provide an update on the progress of its infill drilling program
of the Moonshine Magnetite deposit at its Lake Giles Iron Project
in Western Australia.
Moonshine Magnetite Infill Drilling
Program
The diamond and reverse circulation (RC)
drilling program commenced in August in the central region of the
Moonshine deposit.
The majority of the Moonshine and Moonshine
North deposits are defined by drill hole spacing of 200m X 200m and
classified as an Inferred Mineral Resource of approximately 710 mt
of at 30.2% Fe1.
The infill drilling program has been designed at
closer drill hole spacing to upgrade the resource classification
for some of the Moonshine deposit. The drilling program includes a
planned total of 21 RC holes and 9 diamond holes for total drilling
of 5,190 m.
The drilling program has been designed with the
goal of upgrading the resource classification to include Indicated
and Measured Mineral Resources. The updated mineral resource will
underpin the Bankable Feasibility Study to be completed for the
Lake Giles Iron Project.
The first batch of drill samples are being
prepared for dispatch to the laboratory for X-Ray Fluorescence
(XRF) and Davis Tube Recovery (DTR) analysis. Results will be
released as they become available._________1 NI43-101 Technical
Report filed June 17, 2019, titled “Macarthur Minerals Limited,
Preliminary Economic Assessment Lake Giles Iron Project, Western
Australia”, NI43-101 Technical Report – Preliminary Assessment
HIGHLIGHTS
- Diamond drill hole LGDD_066 has intersected the Banded Iron
Formation (“BIF”) unit from a down hole depth of 12.6 m and
includes a section of 81.1 metres from 49.9m with strong visual
magnetite content (Photo 1).
- Diamond drill hole LGDD_067 has intersected BIF from a down
hole depth pf 68.5m with strong magnetite content through to
current depth at 136m. Drilling is continuing to a planned depth of
240m.
- A third diamond hole has been pre-collared to 60m with the RC
rig with diamond drilling scheduled to commence today.
- Reverse Circulation Drilling of hole LGRC_2146 has successfully
intersected the western footwall contact of the BIF. Hole LGRC_2147
has intersected strong magnetite BIF from the eastern contact at
89m through to 203m and lower grade magnetite from 203m through to
the western footwall contact at 274m downhole depth.
Photo 1 - Strong magnetite
mineralisation in diamond drill hole
LGDD_066: https://www.globenewswire.com/NewsRoom/AttachmentNg/141e66d3-b2b5-4912-91a8-ea0ef499b88e
Photo 2 - Diamond Drill Rig in Operation
- Hole
LGDD_066: https://www.globenewswire.com/NewsRoom/AttachmentNg/8f17466b-a7dc-4bc6-a562-a2e53767916d
Photo 3 - Reverse Circulation Drill
Collaring First
Metre: https://www.globenewswire.com/NewsRoom/AttachmentNg/f96b2c93-b483-407b-b625-304c9dc4b5aa
QUALIFIED PERSONS
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 National Instrument 43-101.
Mr Cooper is in charge of Macarthur’s exploration programs and has
reviewed and approved the technical information contained in this
news release.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:
MMS)
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.
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.
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