Macarthur Minerals Limited
(ASX: MIO)
(TSX-V: MMS) (OTCQB: MMSDF) (the
“Company” or “Macarthur”) announced last week that it is retaining
100% of its tenements in the Pilbara region of Western Australia
following the end of the Option Agreement (“Agreement”) entered
into with Fe Limited (“FEL”) in 2019. The tenements, held by the
Company’s wholly owned subsidiary Macarthur Lithium Pty Limited
(“MLi”), include the Hillside, Panorama, Strelley’s Gorge and
Tambourah projects. These projects are considered prospective for
gold, copper, lithium and iron.
Following last weeks’ announcement (see release here) the
Company has already received a number of new enquiries regarding
future joint venture opportunities. This early interest
augurs well for the future of the Pilbara projects and the value
potential for Macarthur’s shareholders. Macarthur continues to
primarily focus its resources on bringing its flagship Lake Giles
Iron Project into production and is seeking options to advance the
Pilbara tenements to realise shareholder value without incurring
material expenditure or significant management time.
The terminated Agreement with FEL has delivered
value to Macarthur. Macarthur retains 26,666,667 FEL shares, which
were issued following FEL’s election to exercise the option for an
earn in. FEL has also contributed to exploration expenditure over
the last 12 months including an initial drilling program at the
Hillside project with encouraging results from this first phase
drilling program as reported on 10 February 2020 (see FEL release
dated 10 February 2020 here).
Over the last 12 months, the program of
exploration that has been undertaken across the Pilbara tenement
portfolio has provided very positive early results for a range of
base and precious metals. A summary of the previously reported
prospectivity of the tenement portfolio is outlined below:
Hillside Gold and
Copper Project
The Hillside Gold and Copper Project
(“Hillside”) includes four tenements covering 400 km2 located
approximately 185 km south east of Port Hedland and 50 km south
west of Marble Bar. The project is situated in an area of highly
prospective greenstone terrane that includes the Apex and Euro
Basalts and other units of the Warrawoona group. Numerous surface
gold and copper rock chip occurrences suggests this area is highly
prospective for gold and copper
mineralisation.
The Hillside tenements surround the mining lease
of the historic Edelwiess gold mine. A limited drilling program
consisting of six rotary percussion (“RC”) holes conducted by
Metana Minerals N.L in 1980 intersected gold mineralisation
associated with quartz veins. Gold was recorded in three holes with
an average grade of approximately 12 g/t Au and a maximum of 25.83
Au g/t. In addition, sampling along a discontinuous outcropping
gossan over a strike of 18 km, showed high potential for copper
mineralisation. A total of 20 results yielded above 1,000 ppm Cu to
a maximum of 7.8% Cu.
Whilst the Hillside area has previously been
explored by various companies for gold, copper, zinc and lead,
limited drilling has been conducted on the Hillside tenements. As
previously reported by FEL on 9 October 2019 (see FEL release dated
9 October 2020 here), numerous surface gold and copper rock chip
occurrences suggests a potential for this area to be highly
prospective for gold and copper mineralisation.
The gossan line was traced over a 14km strike
length with remnant outcrop identified at regular intervals along
strike. A total of 36 rock chip samples were collected including 15
from outcropping gossan with several samples containing visible
copper minerals such as malachite. Remaining samples were collected
from quartz outcrops, many of which returned strongly anomalous
gold grades.
The assay results are highly encouraging with
eight samples returning copper values over 1% with a peak of 18.8%
Cu and often accompanied with elevated gold, silver and zinc values
(+/- cobalt).
Exploration at the Hillside Project also
discovered high grade manganese mineralisation in sub parallel
outcrops to the gossan line sampled above. Rock chips samples
returned a maximum of 59.4% MnO (>46% Mn).
In November 2019, a drilling program was completed at Hillside
which focused on a gossan line and outcropping quartz reefs. Assay
results, returned from the laboratory demonstrate support for a
mineralised gossan model with down dip extension of mineralised
gossan at surface intercepted in three holes with the following
results as announced by FEL on 10 February 2020, (see FEL release
here).
- HRC001: 1m @ 0.19% Cu, 230ppm Co,
0.14% Zn, 0.07ppm Au from 28m
- HRC022: 1m @ 0.74% Cu, 349ppm Co,
0.41% Zn, 0.14ppm Au from 83m
- HRC036: 1m @ 0.18% Cu, 0.12% Zn
from 25m and 1m @0.27% Cu from 40m
Further exploration activities on the Hillside tenements
including a fixed loop electromagnetic survey (FLEM) were
undertaken in the second quarter of 2020. The survey data is
currently being processed and interpreted by Macarthur.
Panorama Gold Project
- The Panorama Gold Project
(“Panorama”) includes three tenements covering 250 km2, located 265
km south-south-east of Karratha and is prospective for lithium and
gold hosted within conglomerate. The tenement group contains an
extensive area of the Mt Roe Basalt which is the geological member
of the Fortescue Group that overlies the conglomerate gold horizon
at Artemis Resources’ Purdy’s Reward Project near Karratha, Western
Australia.
- In 2018 the Company conducted
stream sediment sampling programs across the Panorama tenements
confirming several anomalous sediment values ranging from 13 ppb to
113 ppb Gold.
Strelleys Gorge and Tambourah Iron
Ore Projects
- Macarthur considers the Strelley’s
Gorge and Tambourah tenements prospective for iron ore.
- In 2019, Macarthur’s then joint
venture partner FEL, conducted a reconnaissance trip to the
Strelley Project with two samples taken from the outcropping Banded
Iron Formation (“BIF”) continuing along strike from the previously
mined Abydos iron ore project owned by Atlas Iron. The results,
referred to in the FEL release dated 5 September 2019 (see full
release here) returned assays of 61.3% Fe and 58.11% Fe.
Tambourah Lithium Project
- The Tambourah Lithium Project is
located approximately 200km south east of Port Hedland and 80km
south west of Marble Bar. Assays received from rock chip sampling
returned very promising results of up to 1.47% lithium (Li2O),
confirming the presence of lithium bearing pegmatites.
- The Company also holds Exploration
License E45/5324, which is near its Tambourah Lithium Project in
the Pilbara Region of Western Australia. A review of historical
data indicates that this area is prospective for
nickel-copper-cobalt and platinum group element
mineralization.
An infographic accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbeb0526-3b83-4bca-ad96-df62e872bff3
Cameron McCall, Executive
Chairman of Macarthur Minerals
commented:
“Macarthur is enthusiastic about the
prospectivity of its Pilbara tenement portfolio and is excited to
have retained its 100% interest these Projects. This is a positive
outcome for the Company.
The results of previous exploration and drilling
programmes underpin the confidence of the Board and Management in
the potential of this ground.
The Company is already receiving new enquiries
about the potential to venture out the ground. We will seize the
opportunity to advance exploration work in the area and identify
and work together with the most suited partner to fulfil the
potential of these tenements and maximise value for our
shareholders.”
On behalf of the Board of Directors, Mr
Cameron McCall, Executive
Chairman
For more information please contact:
Joe
Phillips |
|
CEO &
Director |
|
+61 7 3221
1796 |
|
communications@macarthurminerals.com |
|
|
|
Investor
Relations – Australia |
Investor
Relations - Canada |
Advisir |
Investor
Cubed |
Sarah
Lenard, Partner |
Neil Simon,
CEO |
sarah.lenard@advisir.com.au |
+1 647 258
3310 |
|
info@investor3.ca |
A different version of the current report was submitted to the
ASX and formatted according to the JORC requirements. The technical
data presented in both reports are identical and only the format
and legal statements may differ.
Qualified personsMr 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.
Company profileMacarthur 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 Lake Giles
magnetite resource of 53.9 million tonnes (Measured), 218.7 million
tonnes (Indicated) and 997 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
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. 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 not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Mineral Reserves or the eventual mining of the
Project, 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. 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; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. 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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