Macarthur’s Joint Venture Partner Fe Limited completes sale of Evanston royalty and set for exploration at the Hillside Pro...
June 03 2020 - 8:16PM
Macarthur Minerals Limited
(ASX: MIO)
(TSX-V: MMS) (the “Company” or “Macarthur”) Joint
Venture Partner, Fe Limited (“FEL”) has announced the completion of
the sale of its Evanston royalty interest over a portion of the
wider Koolyanobbing iron ore mine in the Southern Yilgarn region of
Western Australia.
TRR Services Australia Pty Ltd, a wholly owned
subsidiary of Trident Resources PLC (LSX: TRR), has purchased the
royalty for $7 million. FEL has received the first payment of $3.5
million with a further instalment of $3m payable in 12 months. FEL
now has cash in the bank of $5.2 million and fully funded to
commence exploration work at the Hillside Copper and Gold Project
in the Pilbara region of Western Australia.
FEL is currently finalising plans to conduct a
Fixed Loop Electromagnetic Survey (FLEM) ground survey at the
Hillside project. The survey will cover a section of the previously
identified gossan line as well as a series of individual FELM
surveys over previously identified high priority SkyTEM
electromagnetic targets across the wider project area.
Results are expected to better indicate any
massive sulphide mineralisation which may exist to assist targeting
the next drilling campaign which is expected to occur later this
year.
A copy of FEL’s full news release is available
here.
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:“We are excited
by the news that Fe Limited is adding $7 million to its bank
balance and will be fully funded for further exploration activities
on Macarthur’s Pilbara tenements encompassing the Hillside,
Panorama, and Strelley projects. All results so far have been
very encouraging.”
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more information please contact:
Joe PhillipsCEO & Director+61 7 3221
1796communications@macarthurminerals.com
Investor CubedNeil Simon, CEO647-258-3310info@investor3.ca
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 1,242
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 (~721 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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