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 further significant copper and gold assays including
a new manganese oxide area sample recording 59.4% MnO result
from a recent field trip to the Hillside 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 its Pilbara lithium and gold
projects.
Highlights:
- High grade copper, gold, silver and base metals assays
received from outcrop sampling of Gossan over a 14km
strike.
- Newly discovered manganese deposit in sub parallel
outcrop to the gossan line.
- Significant results include:
- HS0014: 1.2ppm Au, 18.8% Cu,
77ppm Ag, 0.17% Zn, 0.057% Co
- HS0021: 0.77ppm Au, 3.7% Cu,
187ppm Ag, 0.5% Zn, 0.06% Co
- HS0023: 1.06ppm Au, 13.9% Cu,
79ppm Ag, 0.44% Zn,
- HS0024: 0.31ppm Au, 4.5% Cu,
76ppm Ag, 0.35% Zn, 0.05% Co
- HS0027: 0.28ppm Au, 1.3%Cu,
14ppm Ag, 0.17% Zn, 0.04% Co
- HS0028: 0.45ppm Au, 3.1% Cu,
50ppm Ag, 0.49% Zn
- HS0029: 0.34ppm Au, 3.0% Cu,
22ppm Ag
- HS0031: 0.83ppm Au, 7.2% Cu,
78ppm Ag, 0.93% Zn, 0.095% Co
- HS0033: 59.4% MnO (>46%
Mn)
- Drilling planned and ready for mobilisation in late
October (pending approvals)
Cameron McCall, Executive Chairman of
Macarthur Minerals commented;
We are pleased to provide an update on the work
completed since the Joint Venture between Macarthur and Fe Limited
was entered into on May 14, 2019. FEL’s exploration
activities have been focused on the Company’s previously
underexplored Pilbara lithium and gold areas and to date, the
results have been very encouraging with numerous high-grade results
in the Hillside and Strelley Project areas. FEL is currently
in the process of planning a drilling program with the areas
shaping up to host multiple attractive and untested prospects.”
As previously announced by the Company on August
23, 2019, samples collected by FEL’s geological team from the
Hillside Project returned strongly anomalous grades for base metals
and gold from several locations. In early September FEL
conducted follow-up reconnaissance to the Joint Venture tenements,
concentrating on the Hillside Project (E45/4824 and E45/4685) and
the south-eastern area of the Strelley Project (E45/4735) looking
for extensions to the base metals deposit of VentureX.
The focus at Hillside was to map and sample the
partially outcropping gossan line and sample outcropping quartz
reefs known to host gold mineralisation (from prospector
reports).
The gossan line was traced over a 14km strike
length with remnant outcrop identified at regular intervals along
strike. Much of the area between outcrop presented as leached
saprolite in accordance with the typical gossan model (Figure
1).
Figure 1. Schematic of typical gossan
section.https://www.globenewswire.com/NewsRoom/AttachmentNg/0669ab83-5159-40de-a4dd-345c22e94677
A total of 36 rock chip samples were collected
including 15 from outcropping gossan with several samples
containing visible copper minerals such as malachite (e.g. Figure
4). Remaining samples were collected from quartz outcrops, many of
which returned strongly anomalous gold grades.
The assay results are highly encouraging with
8 samples returning copper values over 1% with a peak of
18.8% and often accompanied with elevated gold, silver and
zinc values (+/- cobalt) (Table2).
Of considerable interest was an assay result of
59.4% MnO (46% Mn) from a sample collected from outcrop of a newly
discovered oxide horizon. By comparison, Consolidated Minerals’
Woodie Woodie manganese deposit has a resource grade averaging
31.4% Mn. This prospect will be followed up in due course,
Sample locations are presented in Table 1 and
Figure 2 with assay results in Table 2. Examples of select samples
are shown in Figures 3 – 7.
A drilling program has been planned by FEL
targeting depth extensions of the gossanous mineralisation with
initial shallow angled holes to intercept the interpreted dip as
guided by the local structural setting. Some deeper holes are
expected to be drilled depending on what is discovered in the
field. The drilling program is anticipated to begin in late
October pending receipt of necessary approvals.
Figure 2. Sample
Locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/cdd31946-9dbf-4340-9f0f-81be163b5594
Figure 3. HS0014 gossan
outcrop https://www.globenewswire.com/NewsRoom/AttachmentNg/947f5242-546d-46c0-9fd6-e63e306e0175
Figure 4. HS0024
gossanhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0ad851a5-a56a-4cf1-bf6b-ea7ddd1441ec
Figure 5. HS0031
gossan https://www.globenewswire.com/NewsRoom/AttachmentNg/5522544a-0eb3-4986-ab62-a212dd7e2e5b
Figure 6. HS0039 – Qtz Vein with
chalcedonyhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8649c4c5-822d-47e6-8737-062e939b1db4
Figure 7. HS0033 – Manganese
Oxide https://www.globenewswire.com/NewsRoom/AttachmentNg/d60155e8-584d-4c63-b706-aed4bf35b667
Table 1
HILLSIDE |
Rock Chip Sample Locations |
|
Coordinates (UTM) |
|
|
Sample ID |
Easting |
Northing |
Sample type/ rock type |
Description |
HS0012 |
774,812 |
7,599,735 |
Qtz vein |
Quartz vein |
HS0013 |
774,791 |
7,599,800 |
Quartz vein |
Quartz vein |
HS0014 |
774,928 |
7,599,775 |
Gossan |
Visible malachite |
HS0015 |
774,966 |
7,598,658 |
Gossan |
Gossan no visible Malachite |
HS0016 |
775,181 |
7,597,913 |
Gossan |
Weathered No visible malachite |
HS0017 |
775,207 |
7,597,013 |
Gossan |
|
HS0018 |
774,948 |
7,592,970 |
Quartz vein |
contains some fractures |
HS0019 |
774,949 |
7,592,971 |
Quartz vein |
|
HS0020 |
775,072 |
7,592,971 |
Quartz vein |
has green mineral likely Pilbara Jade (chloritised serpentine) |
HS0021 |
775,640 |
7,592,267 |
Gossan |
Gossan with Visible Malachite |
HS0022 |
775,553 |
7,591,337 |
Gossan |
|
HS0023 |
775,572 |
7,591,159 |
Gossan |
Gossan with Visible malachite, azurite |
HS0024 |
775,581 |
7,591,138 |
Gossan |
with visible malachite/ Brochantite cuprite |
HS0026 |
775,539 |
7,590,449 |
Gossan |
no vis mal |
HS0027 |
775,481 |
7,590,318 |
Gossan |
Gossan with Visible Malachite |
HS0028 |
775,469 |
7,589,907 |
Gossan |
malachite |
HS0029 |
775,452 |
7,588,056 |
Gossan |
malachite + dark red/purple (cuprite)?? |
HS0030 |
775,389 |
7,586,243 |
Gossan |
|
HS0031 |
775,298 |
7,586,063 |
Gossan |
malachite |
HS0032 |
775,346 |
7,597,220 |
Quartz |
Quartz Reef w fracturing |
HS0033 |
776,595 |
7,596,997 |
Oxide |
Oxide |
HS0034 |
777,696 |
7,596,735 |
Quartz vein |
Buck Quartz |
HS0035 |
777,968 |
7,596,590 |
Quartz vein |
Quartz Reef |
HS0036 |
778,041 |
7,596,614 |
Quartz vein |
|
HS0037 |
778,094 |
7,596,587 |
Quartz vein |
|
HS0038 |
777,952 |
7,596,413 |
Quartz Vein |
Quartz vein Fold Hinge with Talc Schist |
HS0039 |
777,830 |
7,596,198 |
Quartz vein |
contains chalcedony |
HS0040 |
777,301 |
7,594,125 |
Quartz vein |
|
HS0041 |
777,243 |
7,592,934 |
Quartz vein |
|
HS0042 |
776,718 |
7,594,149 |
Quartz vein |
sulphides within fractures |
HS0043 |
776,904 |
7,594,153 |
Quartz vein |
w what looks like pyrite flecks |
HS0044 |
777,093 |
7,594,509 |
Quartz vein |
|
HS0045 |
777,032 |
7,594,414 |
Quartz vein |
|
Table 2
HILLSIDE |
Rock Chip Assay Results |
SampleID |
Au-ICP22 |
ME-MS61/Ag-OG62 |
ME-MS61 |
ME-MS61 |
ME-MS61 |
Cu-OG62 |
ME-XRF21n |
ME-XRF21n |
ME-XRF21n |
ME-XRF21n |
ME-XRF21n |
ME-GRA05 |
ME-XRF26s |
Cconversion |
|
Au |
Ag |
As |
Co |
Zn |
Cu |
Al2O3 |
Fe |
P |
SiO2 |
V |
LOI |
MnO |
Mn |
|
ppm |
ppm |
ppm |
ppm |
ppm |
% |
% |
% |
% |
% |
% |
% |
% |
% |
HS0012 |
0.001 |
0.02 |
0.8 |
1 |
2 |
0.002 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0013 |
0.003 |
0.04 |
4.6 |
13.1 |
29 |
0.005 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0014 |
1.205 |
77 |
118 |
574 |
1760 |
18.850 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0015 |
0.003 |
0.12 |
13.6 |
172.5 |
74 |
0.017 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0016 |
0.006 |
0.12 |
19.6 |
123.5 |
617 |
0.012 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0017 |
0.005 |
0.05 |
6.5 |
16.1 |
63 |
0.004 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0018 |
0.016 |
0.88 |
13.9 |
35.2 |
85 |
0.226 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0019 |
0.139 |
0.06 |
7.9 |
45.7 |
82 |
0.023 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0020 |
0.002 |
0.04 |
21.5 |
3.1 |
10 |
0.002 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0021 |
0.773 |
187 |
58.2 |
605 |
5030 |
3.710 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0022 |
0.003 |
0.16 |
6.8 |
317 |
939 |
0.012 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0023 |
1.06 |
79.3 |
784 |
203 |
4380 |
13.900 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0024 |
0.312 |
75.6 |
118 |
524 |
3520 |
4.500 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0025 |
0.176 |
13.65 |
795 |
106 |
1870 |
0.120 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0026 |
0.261 |
68.2 |
134.5 |
24 |
703 |
0.082 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0027 |
0.286 |
13.8 |
112 |
454 |
1740 |
1.320 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0028 |
0.448 |
50.1 |
102 |
119.5 |
4910 |
3.140 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0029 |
0.345 |
22.4 |
472 |
212 |
795 |
3.050 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0030 |
0.029 |
2.61 |
12.1 |
590 |
1320 |
0.198 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0031 |
0.83 |
78.3 |
310 |
948 |
9310 |
7.200 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0032 |
0.001 |
0.16 |
4.8 |
11.5 |
23 |
0.008 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0033 |
* |
* |
* |
* |
* |
* |
0.48 |
7.97 |
0.06 |
8.77 |
0.019 |
11.06 |
59.45 |
46.01 |
HS0034 |
0.011 |
0.71 |
12.4 |
8.1 |
37 |
0.105 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0035 |
0.039 |
5.31 |
7 |
39.5 |
112 |
0.049 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0036 |
0.031 |
2.65 |
10.4 |
87 |
426 |
0.300 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0037 |
0.007 |
0.3 |
7.1 |
46.8 |
65 |
0.022 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0038 |
0.001 |
0.09 |
1.3 |
5.5 |
17 |
0.008 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0039 |
0.184 |
4.76 |
10.3 |
11 |
424 |
0.056 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0040 |
0.001 |
0.11 |
1.8 |
4.6 |
11 |
0.004 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0041 |
0.025 |
0.04 |
16.9 |
14.8 |
38 |
0.003 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0042 |
0.054 |
1.07 |
31.7 |
3.8 |
176 |
0.035 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0043 |
0.003 |
0.05 |
17.6 |
9.6 |
42 |
0.003 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0044 |
0.001 |
0.04 |
9.2 |
2.3 |
12 |
0.002 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0045 |
0.008 |
0.83 |
28.3 |
11.6 |
49 |
0.040 |
* |
* |
* |
* |
* |
* |
* |
* |
HS0046 |
0.001 |
0.13 |
2 |
15.3 |
29 |
0.001 |
* |
* |
* |
* |
* |
* |
* |
* |
ABOUT FE LIMITEDFE 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 kilometer 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”).
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 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 448899247Website:
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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