VANCOUVER, British Columbia, April 03, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (MMS.V) (the “Company” or “Macarthur Minerals”) is pleased to announce that Artemis Resources Limited (“Artemis”) has completed a stream sediment sampling program at the Company’s Panorama and Bonnie Scot Projects in the Pilbara. Samples will now be dispatched to the laboratory for analysis and results will be released when available.
Mr Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Macarthur Minerals is excited to have commenced exploration at the Company’s Panorama and Bonnie Scot Projects, which is prospective for conglomerate gold and looks forward to obtaining the assay results.”
Artemis Resources Limited (ASX:ARV) is to earn-in up to 80% interest in the Panorama Project, which consists of two tenements, E45/4779 and E45/4732 covering a total of 265km2. The Panorama Project sits adjacent to E45/4764 (Bonnie Scot) covering a total of 13 km2 in the Pilbara.
The sampling program was to explore the area for conglomerate gold as mapping shows extensive outcrops of Mt Roe Basalts and Hardey Formation (Figure 1). The Mt Roe Basalt is known to overlie the conglomerate gold horizon at Artemis’ Purdy’s Reward. Similarly, beds of auriferous (gold containing) conglomerate up to 2 m thick at the base of the Mt Roe Basalt have been worked at the Just-In-Time and Tassy Queen mines located within 10 km of the tenements and in close proximity to ground held by Novo Resources Limited and Creasy Group (Torne and Trendall, 2001).
Historical rock samples within the tenements have recorded results of up to 3.5 g/t Gold.
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 (MMS.V)
Macarthur Minerals Limited 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.
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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.