Macarthur’s Joint Venture Partner FE Limited Identifies Areas of Prospectivity for Further Exploration in the Pilbara
TSX VENTURE: MMS
VANCOUVER, British Columbia, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS, OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that FE Limited (“FEL”) has completed reconnaissance trips to several of Macarthur’s lithium, gold and base metals projects in the Pilbara region of Western Australia.
FEL has reported that areas of prospectivity were identified in most of the tenements and rock chips were taken for initial tests (results pending). The results from the reconnaissance trips are detailed in the location map, photos and descriptions in the figures below.
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 (Project) from Mercury Resources Group Pty Ltd. These areas complement the tenement portfolio of Macarthur Minerals, establishing an 1800 square kilometre exploration footprint in the important Lithium and Gold region of Western Australia.
On May 14, 2019 Macarthur announced it had entered into an exclusive option agreement with FE Limited (ASX: FEL), for FEL to acquire an interest of up to 75% in the tenements held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty Ltd (“MLi”)
Hillside Gold and Copper Project
Figures 1, 2 and 3 show intensely oxidised quartz veins found within the Hillside greenstones. There were many prospective quartz veins identified during the site visits and follow up work will begin with intensive aerial and ground mapping to identify extents and continuity of potentially mineralised quartz features as well as major structural offsets as focal points for mineralisation. The copper gossan found in outcrop (figure 4) will also be mapped ahead of planning drilling to test these features at depth.
Panorama Gold project
Figures 5, 6 show conglomerates found at the base of the Mt Roe Basalt, known for conglomerate gold found elsewhere in the Pilbara, in the Panorama tenement group.
Figures 7, 8 and 9 show brecciated rocks associated with major faulting at the margins of the Mt Roe basalt. Samples in figures 7 and 9 contained visual sulphides.
Tambourah Lithium Project
Figure 10 shows altered ultramafic rocks with intensive quartz veining found in Tambourah North directly above recent nugget discoveries by local prospectors.
Figure 11 shows a lepidolite rich (lithium bearing mica) pegmatite from one of several dykes found in Tambourah North.
Strelley Gorge Project
Figure 12 and 13 show an iron ore sample and a conglomerate found adjacent to one another. The iron ore sample is from a direct extension to the Atlas Abydos Leighton pit found approximately 300m west. The conglomerate was sampled as a possible source of alluvial gold occurrences known in the area.
A review of the tenure based on this initial work and the results (once received) will be undertaken. Follow-up exploration programs designed in a systematic fashion to best service the vast areas of tenure and prospects will commence shortly.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, OTCQB: MMSDF)
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 Ore Project includes the 80 million tonne Ularring hematite resource (approved for development) and the 710 million tonne Moonshine magnetite resource. Macarthur has prominent (~1,281 square kilometer tenement area) gold, lithium and nickel exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.
Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S. FAusIMM, a Fellow of the Australasian Institute of Mining and Metallurgy (membership number 107348), is a consultant of Macarthur and is a Qualified Person as defined in NI 43-101. Mr Cooper has reviewed and approved the technical information contained in this news release.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Executive Chairman
Joe Phillips, CEO and Director
Telephone: +61 448899247
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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.