VANCOUVER, British Columbia, Dec. 08, 2017 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce that all tenements comprising the Hillside Gold Project in the Pilbara have granted. Twelve (12) out of the Company’s sixteen (16) Exploration Licences in the Pilbara covering ~1,300km2 have now been granted allowing full exploration activities on those tenements for conglomerate gold, gold, and lithium.
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David Taplin, Joint CEO and Director of Macarthur Minerals commented:
“Macarthur Minerals is pleased that all Hillside Gold Project tenements have been granted. Twelve (12) out of sixteen (16) of our Pilbara tenements have granted paving the way for exploration and drilling on those tenements for conglomerate gold, gold, and lithium.
"The Hillside Gold Project, where gold nuggets have been found is highly prospective. Historical rock chip sampling on the Hillside Project has returned results up to 447 grams per tonne gold and 7.8% copper. A rock chip from a recent reconnaissance visit with Artemis Resources to the Hillside Project returned 8.5 grams per tonne gold.
"We are excited about the potential to further explore and conduct drilling on the Hillside Gold Project tenements. This places Macarthur Minerals ahead of most of the other conglomerate gold explorers in the region and is another significant milestone for Macarthur Minerals. The remaining four (4) tenements are expected to grant shortly.”
The location of the 12 granted Exploration Licenses in the Eastern Pilbara and the remaining four pending grant is shown in Figure 1.
HILLSIDE GOLD PROJECT
The Hillside Gold Project consists of four granted tenements, E45/4824, E45/4708, E45/4709 and E45/4685 covering a total area of 400 km2 in the Pilbara (Figure 2). E45/4685 is subject to an option to acquire that tenement as previously announced on November 6, 2017.
The tenements contain the Coongan greenstone belt located between the Corunna Downs Granite and Hillside Granite. It is a narrow Archean belt of mainly mafic rocks that have been extensively deformed. Sequences present in the area include the North Star Basalt, Mt Ada Basalt, Duffer Formation, Euro Basalt, Wyman Formation and the Panorama Foundation.
The Apex Basalt sequence of metamorphosed tholeiitic basalt, strongly sheared in places with thick bedded quartzite is of particular interest. Recent discoveries of gold nuggets located on or adjacent to the Apex Basalt have been reported by Kalamazoo Resources Limited at Dom’s Hill, further north of the Project.
In addition, Calidus Resources Limited’s Klondyke and Copenhagen gold projects are both located on the Apex Basalt (Figure 1) and contain high grade gold.
The area of the Hillside Project has previously been explored by various companies for gold, copper, zinc and lead but limited drilling exists.
Historical rock chip sampling by Great Southern Mines in 1998 returned 37 samples grading above one gram per tonne (g/t) up to a maximum of 447 g/t Au.
These results, in addition to numerous gold occurrences recorded between the Table Top area and Edelweiss Mine over a strike of 7.5 km, suggest the area is highly prospective for both gold mineralisation.
RIGHTS OFFERING CLOSES NEXT TUESDAY DECEMBER 12, 2017
The Company would like to again remind its shareholders of record, that they have until 5:00 p.m. (Toronto time) on December 12, 2017 to exercise their rights as part of the Rights Offering.
It is important to note that many broker dealers may have different cut off times prior to the official subscription period deadline. As such, Macarthur Minerals recommends that all record date rights holders contact their broker or financial advisor about the Rights Offering to ensure that they can participate by the broker dealer's cut off time for subscriptions.
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.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:MMS)
Macarthur Minerals Limited is an exploration company that is focused on identifying high grade gold and lithium. Macarthur Minerals has significant gold, lithium and iron ore exploration interests in Australia and Nevada. Macarthur Minerals has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Executive Chairman
| Company Contact: David Taplin, Joint CEO and Director dtaplin@macarthurminerals.com Tel: +61 407470044 Joe Phillips, Joint CEO and Director jphillips@macarthurminerals.com Tel: +61 448899247 www.macarthurminerals.com |
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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. 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.