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Macarthur Minerals Acquires New Pilbara Tenement With Historic Base Metal Mineralization Identified23.08.2018 | 14:00 Uhr | GlobeNewswire
VANCOUVER, Aug. 23, 2018 - Macarthur Minerals Limited (TSX-V: MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce it has applied for an Exploration Licence in close proximity to its Tambourah Lithium Project in the Pilbara Region of Western Australia. A review of historical data indicates the area is prospective for nickel-copper-cobalt and platinum group element (“PGE”) mineralization.
Mr Cameron McCall, Executive Chairman of Macarthur Minerals commented: “This new area has solid exploration pedigree and is located in close proxity to the Company’s Tambourah Lithium Project acquired in September 2017. The Tambourah Lithium Project has promising rock chip results up to 1.47% LiO2. The Company will commence field work on this new area once granted and will actively seek Joint Venture partners for lithium and base metal exploration”. Exploration Licence 45/5324 is located approximately 140 km South-east of Port Hedland and 72 km west of Marble Bar, in the Pilbara region of Western Australia, covering a total area of 12.7 km2. The newly acquired tenement is ideally situated adjacent to the Company’s Exploration Licences E45/4848 and E45/4702, which comprise the Company’s Tambourah Lithium Project (Figure 1). The tenement is also in close proximity to West Wits Mining Limited’s Tambina Creek Gold Project where previous exploration reported rock chip samples up to 4.7g/t Au and costean trenching returning 5.7 g/t Au over four meters. The tenement also lies approximately 45 km South of Venturex Resources Limited’s Sulphur Springs and Kangaroo Caves Cu-Zn volcanogenic massive sulphide (“VMS”) Deposits. The tenement sits in the East Pilbara Granite–Greenstone Terrain of the Pilbara Craton and lies predominantly over the Sulphur Springs and Gorge Creek Groups and the Pilbara Supergroup including the Kangaroo Caves formation, a setting which has been defined prospective for VMS style mineralization. The Company recently completed a review of historical data and considers the area to be prospective for nickel-copper-cobalt and PGE minerals. Between 2007 and 2008 Haddington Resources Limited completed a geochemical soil and rock chip sampling program in the southern area of the tenement (Figure 2). A total of 105 soil samples were collected over an area of 3 km2 at 100x400 m spacing. Assays of soil samples show multi-element anomalous values up to 2,060ppm nickel, 111ppm cobalt and 257ppm copper (Figure 3 a,b,c). A further 22 rock chip samples were collected with results up to 2,250ppm Ni. These anomalies correlate to areas with favourable structures such as a faulting and contacts between BIF and ultramafic volcanic sequences in the greenstone terrane and are therefore considered a prospective horizon for base metal deposits. The area has most recently been explored for iron ore by Atlas Iron Ltd. and Hancock Prospecting Pty Ltd. In 2012, Atlas Iron drilled 26 RC holes in the northern area of the tenement, primarily focused on intersecting iron mineralisation (Figure 1). Although drilling targeted the iron-rich BIF ridges, 7 drill holes intersected zones of elevated nickel. For example, hole MWRC879 intersected 8 meters at 0.6% Ni and hole MWRC900 contained 7m @ 0.6% Ni (Table 1). These geochem anomalies and drill hole results provide several targets worthy of further exploration. Further close spaced geochemical sampling is required along these structures and will be undertaken on grant of the Exploration Licence. 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 Treppo Grande iron ore project. On behalf of the Board of Directors, “Cameron McCall”
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 Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/221754f5-76f8-47c7-b6f6-58770a677b98 http://www.globenewswire.com/NewsRoom/AttachmentNg/812319dc-0a4d-42f5-9385-c106fa8af08b http://www.globenewswire.com/NewsRoom/AttachmentNg/a230f013-fe2f-425e-86c3-39fa43746cdc Table 1. Atlas Iron Ltd.’s Drilling results
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