VANCOUVER, British Columbia, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (the “Company” or “Macarthur”) is pleased to announce it has identified three high priority nickel sulphide targets at its Lake Giles project in Western Australia. The targets were derived from a recent geophysical survey using Moving Loop Electromagnetics (“MLEM”). Surveying at Moonshine successfully delineated two bedrock conductors, MC01 and MC02, with a further bedrock conductor identified at the Snark prospect.
Mr. Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Historical drilling by Macarthur of the iron formation at Lake Giles has demonstrated a potential for nickel sulphide in areas with komatiite ultramafics. There is also further potential for concentrated secondary nickel in the weathered profile above these ultramafics.
The majority of the drilling for iron at Lake Giles was shallow, however over 90 of the holes intersected the upper komatiite ultramafic where anomalous nickel and cobalt assays were observed. This recent round of geophysics targeted hidden structures that may potentially be the source for a nickel sulphide deposit. We are now planning a drill program to test these priority targets.”
Geophysical Survey Program
A Moving Loop Electromagnetic (“MLEM”) survey was conducted across three prospects at the Lake Giles project. The survey targets were derived from previous drilling and soil geochemistry data that indicated potential for nickel sulphide. A follow-up Fixed Loop Electromagnetic (“FLEM”) survey was conducted at the southern extent of the Snark MLEM survey.
Interpretation of data was undertaken by geophysicists from Newexco who are experts in the application of geophysical surveys for the discovery of nickel sulphide deposits. The interpretation was undertaken on the basis of detecting bedrock conductors consistent with accumulations of massive sulphides. The prominent conductor at Moonshine has been defined as a priority sulphide target that the Company has immediate plans to drill. A drilling target has also been defined for the conductor identified at the Snark prospects.
Moonshine MLEM Conductor
The survey at Moonshine was conducted over an area of 60 ha. Data was collected from five survey lines at 200m spacing with 10 stations per line. Lines were orientated perpendicular to strike and coincided with previous drilling reporting anomalous nickel at surface up to 1.4% Ni and sulphide at depth.
Strong conductance was recorded across all five lines with modelling delineating two bedrock conductors, MC01 and MC02 (Figure 1). The two conductors are both coincident with a magnetic high that is faulted and consequently both MC01 and MC02 are likely to be the same geological unit. MC01 extended over a length of 700m with MC02 extending over 650m however the source can be defined as being open to the north and south.
The decay rates of both conductors displayed well-defined exponential shapes showing bulge characteristics from very high conductance amplitudes. This high conductivity within late time channel readings (Ch 36-39) are characteristic of sulphide deposits (Figures 2 and 3). The decay of conductor MC02 was the most defined and is recommended for drill testing because it exhibits the highest TEM amplitudes and the highest modelled conductance.
A drill hole, MC02_DH has been planned to intersect conductor MC02 at 166m (Figure 1).
Snark MLEM Conductor
The MLEM survey at Snark covered an area of 310 ha and comprised 14 lines extending 1.2km at 200m spacing. Data was collected from 13 stations per line for a total of 182 stations.
The survey identified two bedrock conductors at Snark, SC01 and SC02 (Figure 4). SC01 is interpreted on most of the MLEM lines and is coincident with a magnetic high. On survey line 72150N, a good response was observed with well-defined twin peaks and decay analysis showing good exponential shape at late time which is characteristic of a bedrock conductor. SC01 is considered a high priority for drill testing and a drill hole, SC01_DH has been planned to intersect the conductor at 162m.
Conductor SC02 is only interpreted on the northernmost lines and is not coincident with a magnetic anomaly indicating a potential sedimentary source. The anomaly possesses good characteristics however the strike extent and lack of coincident magnetic anomaly are detractive qualities and indicative of a possible stratigraphic/sedimentary source.
Conductors MC01 at Moonshine and SC01 at Snark are considered high priority targets and will be tested by drilling. Newexco has planned two drill holes to intersect the conductors at the point where they display a high EM response (Table 1).
An initial program of two holes drilled to a depth of 200 m will be commenced upon receipt of drilling permits.
Table 1. Planned drill holes to intersect MLEM conductors
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, expect that of the Reynolds Springs Project 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, nickel, cobalt and lithium. Macarthur Minerals has significant gold, lithium, nickel, cobalt and iron ore exploration interests in Australia. 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. In addition, Macarthur Minerals has significant lithium brine interests in the Railroad Valley, Nevada, USA.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Executive Chairman
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Joe Phillips, CEO and Director
Tel: +61 448899247
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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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