VANCOUVER, British Columbia, Nov. 06, 2017 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce it has entered into an agreement to acquire 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 September 12, 2017.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d5f83231-cf0f-4e4b-aef1-8d2e4d024065
David Taplin, President, CEO and Director of Macarthur Minerals commented:
“Macarthur Minerals is excited about the potential for gold on this tenement. The prospectors that have held this tenement have been successful in finding surface nugget gold from this area. Historical rock chip sampling returned results up to 447 grams per tonne gold and 7.8% copper. The tenement expands the exploration area adjacent to the Company’s existing tenements, which is highly prospective for gold comprising the Hillside Gold Project.”
GOLD AND COPPER
The Tenement immediately adjoins the Company’s Exploration Licence Applications E45/4824, E45/4708 and E45/4709, comprising the Hillside Gold Project. The applications were the subject of the Company’s previous announcement dated August 29, 2017 titled “Macarthur Minerals Reports Anomalous Gold and Copper Results at its Pilbara Projects in Western Australia”. The group of tenements, indicating potential for gold and copper, are located approximately 185 kilometres (“km”) South East of Port Hedland and 50 km South West of Marble Bar.
The area 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 as (Table 1).
These 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 (Table 2). 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 (Table 1; Figure 1).
These results, in addition to numerous gold occurrences recorded between the Table Top area and Edelweiss Mines over a strike of 7.5 km, suggest the area is highly prospective for both gold and copper mineralisation.
Table 1 - Historical gold and copper results from E45/4685, E45/4824 and E45/4708.
Highlighted gold samples > 30 g/t and copper > 10,000 ppm (1%)
| Sample | Gold g/t | Copper ppm |
| 93107 | 447 | 3 |
| 93109 | 181 | 31 |
| 931072 | 101 | 11 |
| 931080 | 70 | |
| 93131 | 55 | 102 |
| 931077 | 39 | |
| 92236 | 37 | 90 |
| 93111 | 32 | 3200 |
| 1149 | 31 | 41 |
| 932143 | 30 | |
| 93200 | 29 | 1340 |
| 931062 | 29 | 6 |
| 111306 | 28 | 105 |
| 931093 | 23 | |
| 93110 | 22 | 5 |
| 1184 | 19 | 820 |
| 5655 | 17.5 | 47 |
| 93106 | 16 | 1 |
| 93108 | 16 | 246 |
| 91049 | 15 | 49 |
| 111308 | 13.5 | 640 |
| 4614 | 13 | 45 |
| 931070 | 12 | |
| 931071 | 12 | 11 |
| 931069 | 11 | |
| 931115 | 7 | |
| 1186 | 4.7 | 78 |
| 5132 | 3.2 | 44 |
| 1160 | 2.95 | 370 |
| 5654 | 2.4 | 270 |
| 5177 | 2.1 | 170 |
| 111421 | 1.82 | 40 |
| 111413 | 1.82 | 30 |
| 5182 | 1.8 | 32 |
| 1193 | 1.6 | 840 |
| 931073 | 1 | 3 |
| 931117 | 1 | |
| 111424 | 0.4 | 8500 |
| 203 | 0.3 | 78000 |
| 111431 | 0.29 | 13500 |
| 114416 | 0.25 | 3900 |
| 91039 | 0.2 | 3650 |
| 111417 | 0.16 | 3400 |
| 111399 | 0.1 | 7600 |
| 111403 | 0.1 | 3900 |
| 111423 | 0.1 | 4000 |
| 111432 | 0.09 | 15500 |
| 6268 | 2250 | |
| 93195 | 23000 | |
| 93196 | 1380 | |
| 93206 | 7200 | |
| 93207 | 24000 | |
| 93210 | 18000 | |
| 93211 | 2800 | |
| 93212 | 21000 |
Table 2 - Historical RC drilling results from the Edelweiss Mine as determined by Fire Assay
| Hole | Interval | Au grade g/t |
| EWP1 | 9-10 | 0.82 |
| 10-11 | 3.08 | |
| 11-12 | 1.09 | |
| 12-13 | 4.58 | |
| 13-14 | 10.00 | |
| 14-15 | 2.75 | |
| 15-16 | 3.45 | |
| EWP4 | 14-15 | 0.90 |
| 15-16 | 0.40 | |
| 16-17 | 1.32 | |
| 17-18 | 25.83 | |
| 18-19 | 0.77 | |
| EWP5 | 10-11 | 25.00 |
| 11-12 | 32.50 | |
| 12-13 | 27.50 | |
| 13-14 | 8.20 | |
| 14-15 | 10.83 | |
| 15-16 | 3.17 | |
| 16-17 | 0.65 | |
| 17-18 | 0.05 | |
| 18-19 | 2.67 |
NEXT STEPS FOR WORK ON TENEMENTS
The Company is currently preparing a field work program including mapping and sampling the tenements for gold, copper and lithium including performing due diligence on E45/4685.
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.
The key terms of the Option Agreement are as follows:
- MLi be granted by the Owners an exclusive option to purchase E45/4685 for the Purchase Price.
- The Purchase Price is A$135,000 consisting of A$85,000 in cash and A$50,000 in shares at 20-day VWAP on execution (“Purchase Price”)
- MLi paid A$15,000 to the Seller on executing the formal option agreement
- Term of option be for period to 31 January 2018 (“Option Term”)
- MLi pay the Purchase Price within Option Term on which it will be transferred full unencumbered title to E45/4685
- Sellers have all rights to alluvial gold on E45/4685
- Sellers keep Tenement in good standing
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 |
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.