Drilling Program Commenced at Hillside Project in the Pilbara Targeting Copper, Gold and Manganese
November 04 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
commenced a Reverse Circulation (RC) drilling campaign 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 Drilling Program Highlights:
- Road access and site earthworks at the Hillside Project have
been completed
- Programme of Works approvals have been received from the
Western Australian Department of Mines, Industry, Resources and
Safety (DMIRS)
- Heritage clearance obtained from the Native Title
Claimants
- Mobile Camp and RC drill rig has been mobilised to site
- Drilling planned to commence today
Drilling has been planned to test potential
supergene and hypogene mineralisation above and below the water
table along the majority of the 14-kilometre Gossan line (Figure
1). This program will also test outcropping quartz vein
mineralisation identified through prospecting activities.
Additional follow-up exploration will also be
conducted in the vicinity of the high-grade manganese outcrop
identified during recent field work.
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.
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.
Figure 1. Gossan Line
A photo accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/dea0b79a-afc7-4e59-8a30-5cb99c025d9e
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.
Company ContactJoe Phillips,
CEO and
DirectorEmail: jphillips@macarthurminerals.com Telephone: +61
448899247
Website: www.macarthurminerals.com
On behalf of the Board of
Directors,MACARTHUR MINERALS LIMITED
“Cameron McCall”Cameron McCall, Executive
Chairman
THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO UNITED STATES SERVICES ORFOR
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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