Acquisition Complete for Tenement in Pilbara for Gold
VANCOUVER, British Columbia, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce it has acquired 100% of granted exploration license E45/4685 covering an area of 35 square kilometers in the Pilbara region of Western Australia (“Tenement”), as previously announced on November 6, 2017. The Tenement forms part of the Company’s Hillside Gold Project.
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Cameron McCall, Executive Chairman of Macarthur Minerals commented:
“Macarthur Minerals is excited about the potential for gold on this tenement, which forms part of the Company’s Hillside Gold Project. The Hillside Gold Project, where gold nuggets have been found is highly prospective. Historical rock chip sampling on the Hillside Gold 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 drill any targets arising on the Hillside Gold Project tenements.”
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 1).
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 Hillside Gold Project.
Calidus Resources Limited (“Calidus Resources”) owns the Warrawoona Gold Project in the Pilbara located to the north east of Macarthur Minerals’ Hillside Gold Project. Calidus Resources has recently undertaken a drill program intercepting significant gold mineralisation including high-grade intervals such as 6 meters at 63.31 g/t, 2 meters at 182.57 g/t and broader intervals including 12 meters at 3.73 g/t and 9 meters at 4.45 g/t. Calidus has recently reported a Mineral Resource of 712,000 ounces of gold at 2.11 g/t.
The Warrawoona Gold Project occupies an area dominated by greenstone terrain of the Warrawoona Group with the main stratigraphic unit being the Apex Basalt. Macarthur Minerals’ Tambourah Lithium and Hillside Gold Projects are both situated in areas of highly prospective greenstone terrane that includes the Apex Basalt and other volcanic units of the Warrawoona Group. The Hillside Gold Project also contains substantial volcanic units such as the Euro Basalt of the closely related Kelly Group. The coincident geology of the Hillside, Tambourah and Warrawoona projects combined with numerous historical gold occurrences suggests Macarthur Minerals’ projects are highly prospective for identifying high-grade gold mineralisation.
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.
Exploration Program
Macarthur Minerals is currently developing an exploration program which will commence in early 2018. The Company has analysed a vast amount of historical data collected across the project area and has identified several anomalous areas where exploration efforts will be prioritised. Macarthur Minerals’ program will commence with a stream sediment sampling program to validate historical results. The Company will then undertake field mapping and geophysical surveys to understand the stratigraphy and structural elements of the geology to assist in identifying drill targets.
OPTION AGREEMENT
Macarthur Minerals (through its 100% owned subsidiary Macarthur Lithium Pty Ltd (“MLi”)) has entered into an Option Agreement (“Option Agreement”) with private prospectors (“Seller”) to purchase 100% interest in the Tenement, with the following key terms:
- MLi pay the is A$135,000 consisting of A$85,000 in cash and A$50,000 in shares at 20-day VWAP on exercise of option, after which it will be transferred full unencumbered title to E45/4685
- Sellers have all rights to alluvial gold on E45/4685
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.
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