VANCOUVER, British Columbia, April 29, 2020 (GLOBE NEWSWIRE) -- 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 Phillips
CEO & Director
M +61 (0)448 899 247
jphillips@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.
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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. 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.