VANCOUVER, British Columbia, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce it has expanded its Pilbara, Western Australia, tenements to include historical rock chip sampling results of up to 447 grams per tonne gold and 7.8% copper.
Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6b0ff614-ff6b-494d-afbe-9f52e5ec96f1
David Taplin, President, CEO and Director of Macarthur Minerals commented:
“Macarthur Minerals is excited about the potential for gold on its tenements that were primarily acquired for lithium. Historical rock chip sampling returns results up to 447 grams per tonne gold and 7.8% copper. The Company is interested in attracting a farm-in partner to take these projects forward while we continue our focus on exploration of our lithium properties and moving our iron ore projects forward.”
E45/4685 for Gold and Copper
Macarthur Minerals has entered into a Letter of Intent to acquire Exploration Licence E45/4685, which immediately adjoins the Company’s Exploration Licence Applications E45/4824, E45/4708 and E45/4709. 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 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|
Table 2 - Historical RC drilling results from the Edelweiss Mine as determined by Fire Assay
|Hole||Interval||Au grade g/t|
Next Steps for work on tenements
The Company is currently conducting field work including mapping and sampling the tenements for gold, copper and lithium including performing due diligence on E45/4685.
Letter of Intent
The Company has entered into a binding Letter of Intent with a private party to enter into an exclusive option agreement to acquire E45/4685, upon the Company completing satisfactory due diligence, within 45 days on the following key terms:
- Purchase price of A$120,000
- Option fee on execution of the option agreement of A$30,000
- Term of the option is until 31 January 2018
- Private party retains rights to alluvial gold
The Company has received subscriptions for $226,591 for 4,491,139 Units for closing of the Tranche 3 of the non-brokered private placement for a total of $2.5 million (the “Offering”) as announced on July 7, 2017.
Under Tranches 1, 2 and 3 the Company issued 41,145,297 Units and 830,110 shares for total subscriptions of approximately $2,107,072.
Each Unit is comprised of one common share in the capital of the Company and one whole warrant to acquire a common share at an exercise price of $0.06 per common share exercisable until February 16, 2018.
The net proceeds from the Offering will be used for working capital purposes. All securities issued pursuant to the Offering, including the common shares underlying the warrants, are subject to a statutory 4-month hold period from the date of issue.
Following closing of Tranche 3 of the Offering, Macarthur Minerals will have 190,276,380 common shares and 41,145,297 warrants issued and outstanding.
Closing of the Offering is subject to final approval from the TSX Venture Exchange.
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 and development company that is focused on identifying and developing high grade lithium, with significant lithium exploration interests in Australia and Nevada. In addition, Macarthur has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
|Company Contact: |
David Taplin, President, CEO and Director
Tel: +61 407470044
MACARTHUR MINERALS LIMITED
Cameron McCall, Chairman
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.