VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) --

Macarthur Minerals Limited (MMS.V) (the “Company” or “Macarthur Minerals”) is pleased to announce that through its wholly owned subsidiary, Esperance Iron Ore Export Company Pty Ltd, it has added potential high grade hematite Mt Manning Iron Ore Project to the Company’s adjacent Ularring Hematite Iron Ore Project.   The Mt Manning Iron Ore Project and the Ularring Hematite Iron Ore Project are proximate to USA based Cleveland Cliffs (“Cliffs”) Asia Pacific’s Iron Ore Operations at Southern Cross in Western Australia (Figure 1).

Cameron McCall, President and Executive Chairman of Macarthur Minerals commented:
“With the recent announced plans to close its iron ore operations at Koolyanobbing near Southern Cross in Western Australia during 2018, Macarthur Minerals has a unique opportunity to use its nearby iron ore assets at Ularring and Mt Manning to significantly extend iron ore mining in the area and help secure long term jobs for the hundreds of people directly employed at the mine, plant and the Port of Esperance. Macarthur Minerals has been seeking to add the Mt Manning Iron Ore Project to its shovel ready Ularring Iron Ore Project for some time.  Initial drilling and exploration at the Mt Manning Iron Ore Project has identified high grade hematite up to 65.5% Fe. The project is ideally situated in close proximity to Macarthur Minerals’ existing projects and the Cliffs’ operations.  The current robust iron ore price in Australian dollar terms and the potential for Macarthur Minerals to access Cliffs’ rail and port capacity now provides a real opportunity to fast track the iron projects to production. Without Macarthur Minerals’ iron projects, the long-term viability of the Yilgarn iron ore producing region now comes under serious commercial question. Our senior management are in constant dialogue with all stakeholders affected by this potential closure and we are working diligently to investigate ways of seamlessly keeping the long running Koolyanobbing Iron Ore operations in production for decades.”

The Mt Manning Iron Ore Project was explored in recent years for high grade hematite iron ore mineralisation. Exploration by Kalgoorlie prospector, Mel Dalla-Costa identified three potentially economic styles of Direct Shipping Ore (“DSO”) mineralisation including massive dense hematitic ironstones, specular hematite and oxidised ‘Indurated Detrital Ironstone’ (“IDI”).

Diamond holes have penetrated the hematitic iron stone at the J-Hook prospect. Significant intercepts include 17.5m @ 65.49% Fe from 2.5m from hole MMS002 and 40.4m @ 55.77% Fe from 3.6 m from hole MMS001 (Table 1). The iron-rich mineralisation (> 55% Fe) is centred on the J-Hook prospect that contains occurrences of massive, fissile and specular hematite (Figure 2)." data-reactid="15">A drilling programme consisting of two Diamond holes have penetrated the hematitic iron stone at the J-Hook prospect. Significant intercepts include 17.5m @ 65.49% Fe from 2.5m from hole MMS002 and 40.4m @ 55.77% Fe from 3.6 m from hole MMS001 (Table 1). The iron-rich mineralisation (> 55% Fe) is centred on the J-Hook prospect that contains occurrences of massive, fissile and specular hematite (Figure 2).

MT MANNING LOCATION AND GEOLOGY

The Mt Manning Iron Ore Project is located approximately 500 km east-northeast from Perth and 210 km northwest of Kalgoorlie in the Yilgarn region of Western Australia. The project is proximate to current mining Operations that is linked  to established rail infrastructure to the Port of Esperance (Figure 1). The plant located at Koolyanobbing has been producing iron ore for the export market to Asia for approximately 25 years. This mining operation produced 9.8 million tonnes of iron ore for export through the Port of Esperance in 2017 and 11.8 million tonnes in 2016.

Diamond drilling and geophysical mapping. The project has already benefited from flora and fauna baseline surveys indicating the conservation values of Mt Manning are a lower priority than surrounding banded iron formation (BIF) ridges. In addition, an ethnographical cultural heritage survey by the Traditional owners has cleared the area for sites of significance." data-reactid="18">The Mt Manning Iron Ore Project (E77/2521) covers an area of 68 km² and is located approximately 32 km west of Macarthur Mineral’s Ularring Hematite Project and 35 km east of Cliffs’ Windarling operation and haul road.  This area has been held by a private exploration company wholly owned by renowned Kalgoorlie prospector, Mel Dalla-Costa, for the past 8 years under an Exploration Licence (EL77/1208).  During this time, approval was granted for an exploration program of Diamond drilling and geophysical mapping. The project has already benefited from flora and fauna baseline surveys indicating the conservation values of Mt Manning are a lower priority than surrounding banded iron formation (BIF) ridges. In addition, an ethnographical cultural heritage survey by the Traditional owners has cleared the area for sites of significance.