Macarthur Minerals Limited (TSX-V:
MMS) (ASX:
MIO) (the “Company” or “Macarthur”) is
pleased to provide an update on planned exploration activities at
its Hillside Gold and Copper Project by its Joint Venture Partner,
Fe Limited (“FEL”).
Highlights of the project
- Down dip extension of mineralised gossan intercepted in two
holes
- Anomalous results received include:○ HRC 001: 1m @ 0.19%
Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from 28m○ HRC 022: 1m @
0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from 83m○ HRC 036:
1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from 40m
Results from the first phase drilling program
reported by FEL in ASX announcement February 10, 2020 were very
encouraging with three holes positively identified to have
intercepted down dip extensions of a surface gossan. The three
identified holes showed anomalous intercepts spanning the full
length of the 14 km strike. In a cost saving measure, roughly
half of the drilled samples were assayed in the lab where there was
a logged record of visible quartz or sulphides in the samples. The
remaining samples are now being analysed in the office using a
portable XRF in case any anomalous samples were missed. If any are
found, these will be sent to the lab for formal assay. Refer
figures 3 – 5 showing location of the intercepts and cross
sections.
Once the results are received (lab and pXRF),
the data will be interpreted using geochemistry to try to
differentiate between different flows of basalt as a method of
targeting possible sedimentary horizons deposited during volcanic
hiatus. It is not yet clear whether outcropping and downhole
mineralisation is the result of a volcano-stratigraphic massive
sulphide deposit or a hydrothermal shear hosted depositional
model.
FEL is planning a field trip in Q2 to conduct
similar pXRF testing in the field ahead of further drilling or
possible close spaced ground geophysics as well as follow up
exploration of promising manganese outcrops in a neighbouring
tenement.
Figure 1: Macarthur
Minerals Lithium and Gold Tenements Retained by FE Limited by
agreement.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ab952304-73bb-460a-9b2f-0bb1854f78b1
Figure 2. Drill hole plan show section
locations:
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ee7fd6e-32b7-4594-8215-92df52436076
Figure 3. Section 7 599 760
North:
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/79e39a91-8d12-46cb-ba48-0d999df8a526
Figure 4. Section 7 592 258
North:
Figure 4 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3637cffb-f54b-4902-8e07-52a766ea9dca
Figure 5. Section 7 586 060
North:
Figure 5 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/76bce7f9-bb7c-4699-b814-293c72cf5c00
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:“Fe Limited has
been fortunate to receive iron ore royalties from the Deception
iron ore deposit currently being mined by Mineral Resources
Limited. Proceeds of these funds are fuelling the exploration
activities of Macarthur’s Pilbara tenements encompassing the
Hillside, Panorama and Strelley projects. The first round of scout
drilling at Hillside was very encouraging and Macarthur expects the
next stage of fieldwork will focus on a structural understanding of
the anomalous surface expressions of copper and gold”.
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more information please contact:
Joe PhillipsCEO & DirectorM +61 (0)448 899
247jphillips@macarthurminerals.com
Qualified persons
Mr Andrew Hawker, a member of the Australian
Institute of Geoscientists, is a full-time employee of Hawker
Geological Services Pty Ltd and is a Qualified Person as defined in
National Instrument 43-101. Mr Hawker has reviewed and
approved the technical information contained in this news
release.
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 eight tenements in the Pilbara.
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 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.
Company profile
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 mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Moonshine magnetite resource of
710 million tonnes (Inferred). Macarthur has prominent (~1,281
square kilometer tenement area) gold, lithium and copper
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
This news release is not for
distribution to united states services or for dissemination in the
United States
Caution Regarding Forward Looking
Statements
Certain 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. All statements herein, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but limited to statements regarding: the
proposed strategy regarding core mining, road and rail inputs at
the Project; anticipated increases in annual production at the
Project; anticipated decreases in Project costs; the possible
reclassification of current inferred mineral resources on the
Project as indicated mineral resources in the future; expected
completion of the FS on the Project containing a new reserve
calculation and a new economic assessment; the granting of a
license for the Menzies rail siding; the status of the MRRT; and
plans to secure mining approvals under the Mining Act, are
forward-looking statements. 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 reliability of information
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 but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; future changes in strategy regarding
core mining, road and rail inputs with respect to the Project;
final Project costs varying from those determined from the EOI
program; failure to successfully negotiate a BOO arrangement for
the Project; failure to complete the FS; failure of the FS to
reflect currently anticipated increases annual production and
decreases in expected costs at the Project; the results of infill
drilling being insufficient to reclassify current inferred mineral
resources on the Project as indicated mineral resources; failure to
receive a license for the Menzies rail siding; failure to repeal
the MRRT; and failure to obtain mining approvals under the Mining
Act. 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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