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2.6% Cobalt and 2.0% Nickel Discovered at Macarthur Minerals’ Lake Giles Iron Ore Projects in Western Australia05.03.2018 | 14:00 Uhr | GlobeNewswire
VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to provide an update on the potential for cobalt and nickel mineralisation at its Lake Giles Iron Ore Projects in Western Australia. A reconnaissance trip to the Project discovered surface rock samples containing the cobalt mineral asbolite with assays reporting up to 2.6% cobalt and 2.0% nickel.
Cameron McCall, President and Executive Chairman of Macarthur Minerals commented: “Following the Company’s News Release on June 6, 2017, the Company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration. Recent exploration was successful in collecting rock samples containing a significant concentration of cobalt and nickel. The Company is excited by this find that coincides with several targets derived from geophysical surveys. The Company is now in the process of undertaking further geophysical surveys across the area and several other targets identified in its review.” Lake Giles Nickel and Cobalt Potential The Snark prospect at Macarthur Mineral’s Lake Giles Iron Ore Projects is considered to be a highly favourable tectonic and structural setting and is well supported by surface geology featuring volcanic sequences comprising of high-mg basalts and Kambalda type komatiitic ultramafic flows of which nickel-sulfide ore bodies are hosted. Exploration by Amax Exploration (“Amax”) in the 1970’s identified a potential nickel sulphide target in the Snark prospect. Rock samples collected from a gossan on the edge of a strong induced polarisation (“IP”) anomaly returned assays to a maximum of 1.04% nickel. Subsequent exploration by Kalgoorlie Prospector, Mel Dalla-Costa, identified material suspected to be asbolite (a cobalt and nickel mineral) at the base of a 1.5m deep costean previously excavated by Amax. Mapping conducted over the area in 2002 by Keith Fox for Internickel Australia Pty Ltd identified three historical target areas:
Macarthur Minerals has drilled several reverse circulation (“RC”) holes in the vicinity of the targets described above and intersected anomalous nickel in holes LGRC0010 and LGRC0015 (Figure 1). Intercepts of interest include: LDRC_0010 (288m): 128 meters @ 0.17% Ni (from 108m to 236m) including 1m @ 0.29% Ni Rock samples containing nickel and cobalt In February 2018 Macarthur revisited the location of the Amax trench and surrounding area and collected five samples of float material containing asbolite returning assays up to 2.61% cobalt and 2.01% nickel (Table 1). Fieldwork was limited by wet weather and a follow-up survey is planned to commence as soon as practicable. Table 1. Assays of float material collected at the Snark prospect
All samples were collected at 781596mE, 6698934mN, MGA94, Zone 50 GEOLOGICAL SETTING Macarthur Minerals Lake Giles Iron Ore Projects are the source of non-overlain by a komatiite ultramafic unit. Previous exploration work has demonstrated the ultramafic unit in the 60km strike extent of the tenements but due to fault repeats, the tenements are estimated to cover more than 100km of komatiite strike length (Fox). Mapping, gossan sampling and drilling results over the area has shown anomalous cobalt, nickel values suggesting a favourable environment for the occurrence of nickel sulphide deposits. During 2004 to 2006, two geophysics surveys were carried out, one an airborne electromagnetic survey (“EM”) (as reported in Macarthur Minerals 2006 Technical Report) and the other a ground based fixed loop TEM. The surveys were designed at defining bedrock conduits associated with base metals. The surveys identified five potential target areas. The ultramafic rocks and nickel anomalies within the greenstone belt offer good scope for discovery of massive nickel-sulphide mineralisation. NEXT STEPS FOR WORK ON TENEMENTS Macarthur Minerals will extend the sampling over the full extent of target areas A, B, C to identify and map the localities of outcropping gossanous rock. The Company is currently engaging a contractor to complete detailed geophysical surveys including ground and downhole EM around prospective nickel and cobalt targets identified from past drill assays at the Snark, Clark Hill and Moonshine prospects. 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 Ltd. 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 Mt Manning iron ore project. On behalf of the Board of Directors, “Cameron McCall”
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