Macarthur’s Joint Venture Partner Fe Limited Expands Hillside Copper, Gold and Manganese Drilling Program at Hillside in th...
October 30 2019 - 10:00AM
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
announced the company is fully funded for upcoming drilling at the
Hillside Project in the Pilbara Region of Western Australia where
high-grade copper and manganese results were returned in recent
sampling, as reported by Macarthur on October 9, 2019.
Fe Limited’s (ASX: FEL) cash balance has been
boosted by the September quarter iron ore royalty payment of
$645,775 from mining conducted by Mineral Resources Ltd at the
Deception Iron Ore Mine in WA.
The Q3 payment is 2.5 times the June quarter
payment with further increased quarterly royalty payments expected
as mining at Deception ramps-up.
This payment will allow FEL to ramp-up
exploration at the Hillside earn-in project in WA’s Pilbara region
where recent sampling produced copper results of up to 18.8% as
well as a surprising manganese oxide result of 59.4%.
FEL's non-executive Chairman Tony Sage said:
“The significant increase to our royalty payment for the September
quarter allows the company the flexibility to expand our drilling
activities at the prospective Hillside project.”
Earn-in with Macarthur
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 in
respect of 18 tenements in the Pilbara ranging from south of
Nullagine to north of Pilgangoora.
“Very exciting” results
FEL Chairman Tony Sage commented: “Results to
date are very exciting for the company, highlighted by the
emergence of manganese as well as the huge copper grades over a
14-kilometre strike.”
Fifteen of the samples gathered were from
outcropping gossan both with and without visible copper minerals
with eight returning copper values over 1% with a peak of
18.8%.
These samples also returned 1.2ppm gold, 77ppm
silver, 0.17% zinc and 0.057% cobalt.
A sample from outcrop of a newly discovered
oxide horizon returned the surprising manganese result which is in
excess of the 31.4% grade of Consolidated Minerals’ nearby Woodie
Woodie mine.”
FEL has planned a drilling program 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, and the program is
anticipated to begin shortly pending receipt of necessary
approvals.
Cameron McCall, Executive Chairman of
Macarthur Minerals commented;
“I am pleased to report that Fe Limited is
expanding its drilling program at the Hillside Project in the
Pilbara. FEL has raised over $1.2m since commencement of the Joint
Venture which will be used to fund exploration and drilling
activities across the tenements. FEL has obtained exciting
rock chip samples containing high grade copper, manganese and gold
at the Hillside Project. We look forward to reporting further
positive results from the drilling program.”
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 kilometer exploration footprint in the
important Lithium and Gold region of Western Australia.
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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