01:43:08 EDT Tue 19 Mar 2024
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or Name
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Macarthur Minerals Ltd
Symbol MMS
Shares Issued 242,301,414
Close 2018-04-23 C$ 0.045
Market Cap C$ 10,903,564
Recent Sedar Documents

Macarthur acquires Treppo Grande project

2018-04-24 09:40 ET - News Release

Mr. Joe Phillips reports

MACARTHUR MINERALS ACCELERATES DEVELOPMENT AND EXPLORATION OF ITS IRON ORE, GOLD, NICKEL AND LITHIUM PROJECTS

Macarthur Minerals Ltd. has provided an update to shareholders outlining an active first quarter 2018 in the continuing development of the company's iron ore projects and the exploration activities across the lithium, gold and nickel/cobalt projects in Western Australia and Nevada, United States.

Cameron McCall, executive chairman of Macarthur Minerals, commented: "The first quarter of 2018 has been an active and productive period for the company. Cleveland-Cliffs Inc. has announced that their Asia Pacific iron ore operations will close by June 30, 2018. Macarthur is in a strong position to exploit the mining, logistics and export infrastructure that may become available with the closure of those operations in the Yilgarn region of Western Australia. In preparation for this, the company has been in discussions with key union and government agencies, including the Southern Ports Authority, as well as mining, infrastructure and engineering service companies to refine operational costs. In March, 2018, Macarthur commissioned a London-based research firm, Hallgarten & Company, to complete an internal business investigation plan looking at the infrastructure that may be available from the closure of Cliffs' Asia Pacific iron ore operations, and the company's 2012 PFS on the Ularring hematite project. This plan indicates that there is potential commercial benefit for development of the company's iron ore projects.

"In addition, the company has commenced discussions with project finance groups and off-take trading partners. I assure you, the company has been actively preparing on all fronts to ensure the successful development of its iron ore assets."

Iron ore

Ularring hematite and Treppo Grande projects

Macarthur's iron ore portfolio has been expanded with the addition of the Treppo Grande project, located centrally between the company's Ularring hematite project and existing mining and transport infrastructure (refer to news release Feb. 20, 2018). The projects are located in close proximity to the United States-based Cleveland-Cliffs' Asia Pacific iron ore operations, which are winding down production and export activities with an announced closure date of June 30, 2018.

The company has now engaged with port and rail operators, the Western Australian government and key stakeholders for access to infrastructure and mining services to develop the company's iron ore assets. The company has prepared plans for access to rail and port capacity following Cliffs' departure from its operations. Gaining access to rail and port capacity has been a major hurdle to overcome before the company could hold meaningful discussions for development and project financing.

Macarthur's previously announced plans to beneficiate the iron ore resource at its Ularring hematite project remains the company's medium-term plan with initial mining and production focusing on extracting higher-grade DSO material to commence production.

Gold

Hillside gold project

The company acquired 100 per cent of granted exploration licence E45/4685 covering an area of 35 square kilometres in the Pilbara region of Western Australia. E45/4685 forms part of the company's Hillside gold project which covers an area of about 400 square kilometres. 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 per cent copper. A rock chip from a recent reconnaissance visit with Artemis Resources to the Hillside project returned 8.5 grams per tonne gold.

Geophysical data have been reviewed and a follow-up detailed VTEM geophysical survey at 150-metre line spacing will be conducted over the two areas covering 125 square kilometres. The aim of the survey is to define high-priority targets from conductors such as clusters of massive sulphide hosted base metal deposits at depth. This program is scheduled to be completed in May, 2018, with subsequent interpretation to define drill targets.

Panorama and Bonnie Scot gold projects

As previously announced, Artemis Resources Ltd. is to earn-in up to 80-per-cent interest in the Panorama project, located in the Pilbara region on Western Australia, consisting of two tenements E45/4779 and E45/4732 covering a total of 265 square kilometres. The Panorama project sits adjacent to Macarthur's tenement E45/4764 (Bonnie Scot) covering a total of 13 square kilometres.

Stream sediment sampling has been completed for the company's Panorama and Bonnie Scot gold projects. The sampling program explored the area for conglomerate gold as mapping shows extensive outcrops of Mt. Roe basalts and Hardey formation. The samples were submitted to the lab early April, 2018, and assays will be available in due course.

Nickel and cobalt

Exploration for nickel and cobalt at Lake Giles in the Yilgarn region, Western Australia (as announced on March 5, 2018), now moves to the next stage of geological investigation with a soil sampling program over the Snark prospect and ground electromagnetic surveys over targets prospective for nickel at Snark, Clarke Hill and Moonshine. This program will be targeting areas where nickel, cobalt and massive sulphides have been intersected by historical shallow drilling or as float material.

In February this year, Macarthur collected five samples of float material from the Snark prospect containing asbolite returning assays up to 2.61 per cent cobalt and 2.01 per cent nickel. The company has engaged HGS Australia Exploration Services to complete a geochemical soil sampling program at Snark prospect at Lake Giles. A total of 500 samples will be collected across two target areas. Samples will be collected 200-metre-by-50-metre spacing at area 1 and 100-metre-by-50-metre spacing at area 2 covering a total of four square kilometres. Previous soil sampling conducted by Macarthur across the Snark prospect was at one-kilometre-by-one-kilometre spacing with one sample assaying 162 parts per million cobalt warranting further investigation.

In May, 2018, a moving loop EM survey will be completed over identified areas at Snark and at Moonshine. The company plans to conduct a 200 m spacing ground EM survey covering an area of 3.5 square kilometres. During a comprehensive review of all previous drilling, two holes within the target area intersected anomalous nickel. Intercepts of 128 metres at 0.17 per cent Ni include one m at 0.29 per cent Ni in hole LGRC_0010 and 106 metres at 0.15 per cent Ni in hole LGRC_0015 and are in close proximity to one another.

Additionally, Macarthur will conduct a 200 m spacing ground EM survey covering a total area of one square km. This target area has also been identified as being prospective for nickel sulphide deposits from previous drilling. Anomalous nickel values of 1.4 per cent nickel were detected within the first 30 metres of a 2012 EIS (co-financed) diamond drill hole. The elevated nickel values within shallow weathered zone may be an indication of a nearby sulphide deposit. It was also noted from logging that sulphides are abundant throughout the sequence and are believed to be a product of hydrothermal convection. There is also mention of abundant sulphides within subsequent drill holes nearby. To date, there has not been adequate drilling at depth hence ground EM is recommended.

The majority of historical drilling at Snark and Moonshine has been shallow reverse circulation or diamond and regionally, Kambalda-style nickel mineralization has only been found at depth. The interpretation of historical aeromagnetic data suggests possible presence of lava channels and Komatiites flows which are favourable of nickel-sulphide deposits.

Lithium

Western Australia

Macarthur's approximate 1,300-square-kilometre lithium tenement portfolio in the Pilbara has now had all its exploration licences granted and the company is actively seeking joint venture partners to advance the geological investigation of these tenements.

Reynolds Springs project, Nevada

Exploration activity at company's Reynolds Springs project located in Railroad Valley in Nevada, United States, has focused on interpretation of historical oil and gas logs drilled on and adjacent to the claims, to identify prospective lithium brine zones (refer to news release March 7, 2018). These logs contained both resistivity and often conductivity logs. Liquids high in salt minerals freely allow the passage of an electrical current and therefore record high conductivity.

On Macarthur's claims multiple spikes in conductivity were observed in six of eight logs and are interpreted as zones that may contain brines. Conductive zones were typically 30 feet thick with a maximum thickness of 120 feet to 140 feet observed in wells 15 and 12. Brine targets were observed from 860 feet to 2,685 feet below surface.

In March, 2018, Macarthur applied for water rights over these claim areas.

Qualified persons

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, except that of the Reynolds Springs project contained in this news release.

Randy Henkle, a registered member of the Society of Mining and Exploration and a professional geologist licensed in British Columbia, Canada, is a qualified person as defined in National Instrument 43-101. Mr. Henkle has reviewed and approved the technical information in relation to the Reynolds Springs project contained in this news release.

About Macarthur Minerals Ltd.

Macarthur Minerals 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 three iron ore projects in Western Australia: the Ularring hematite project, the Moonshine magnetite project and the Treppo Grande iron ore project.

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