VANCOUVER, British Columbia, Oct. 20, 2017 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (MMS.V) (the “Company” or “Macarthur Minerals”) is pleased to confirm the potential for high grade gold on its Pilbara tenements, following a recent reconnaissance trip to its Hillside Gold Project in the Pilbara, Western Australia in association with Artemis Resources Limited (“Artemis Resources”).
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/886686f8-eeb8-4db6-b6dc-b02201d0f181
David Taplin, President, CEO and Director of Macarthur Minerals commented:
“Macarthur Minerals is excited about the potential for high grade gold on its Pilbara tenements that were primarily acquired for lithium. Historical rock chip sampling on its Hillside Project returned results up to 447 grams per tonne gold and 7.8% copper. A rock chip from a recent reconnaissance visit with Artemis Resources to the Hillside Project returned 8.5 grams per tonne gold. This further confirms the potential for high grade gold on the Project. The Project is located on or adjacent to the same geological formations as the recent gold nugget discovery of Kalamazoo Resources Limited further North.”
RECONNAISSANCE FIELDTRIP
Following Macarthur Minerals’ recent announcements on August 29 and September 12, 2017 of a historical review of the Hillside Gold Project, the Company recently conducted a reconnaissance field trip to the Project in association with Artemis Resources.
The purpose of the trip was to investigate further the highly anomalous gold results previously reported. This trip has confirmed the potential for high grade gold on the Project.
The Hillside Project consists of Exploration Licence Applications (“ELA”) ELA 45/4824, ELA 45/4708 and ELA 45/4709 and option over ELA 45/4685 as announced on September 12, 2017.
Anomalous gold zones
Area 1 - Triberton
Historical exploration has focussed along the contact of the Euro Basalt and Wyman or Duffer Formation where numerous mineralised rock samples were obtained. The two zones have been intermittently sampled over less than half of their strike length of about 30 kilometres (“km”) (Figure 1). Historical rock chip data reveal several anomalous zones with one extending for approximately 2000 metres (m). Historical soil sampling reveals two target zones each about 1000 m long. A rock chip grab collected during the reconnaissance trip from a sheared siliceous chert material or possibly a mylonite returned 0.35 grams per tonne (“g/t”) gold (“Au”).
Area 2 – Table Top
The other area considered highly prospective and worthy of detailed investigation is the Table Top area where a rock chip collected during the reconnaissance trip returned 8.25 g/t Au. Macarthur Minerals previously reported historical rock chips results up to 447 g/t over an area extending from the Table Top prospect to the old Edelweiss Mine. Historical rock chip sampling by Great Southern Mines in 1998 returned 37 samples grading above one gram per tonne up to a maximum of 447 g/t Au. Historical mining activity for gold from open pits, shafts and trenching was observed during the trip at the Edelweiss, Edith Mae, Stirling and Victory operations. These operations occur along a strike of approximately 8 km.
REGIONAL GEOLOGICAL REVIEW
As the Project appears to be highly prospective for gold on the basis of historical soil and rock chips and previous gold extraction, Macarthur completed a review of the geological setting in relation to nearby gold projects.
The tenements contain the Coongan greenstone belt located between the Corunna Downs Granite and Hillside Granite. It is a narrow Archean belt of mainly mafic rocks that have been extensively deformed. Sequences present in the area include the North Star Basalt, Mt Ada Basalt, Duffer Formation, Euro Basalt, Wyman Formation and the Panorama Foundation.
Of particular interest is the Apex Basalt sequence of metamorphosed tholeiitic basalt, strongly sheared in places with thick bedded quartzite. Recent discoveries of gold nuggets located on or adjacent to the Apex Basalt have been reported by Kalamazoo Resources Limited for gold nuggets reported at Dom’s Hill, further north of the Project.
In addition, Calidus Resources Limited’s Klondyke and Copenhagen gold projects are both located on the Apex Basalt and contain high grade gold.
NEXT STEPS FOR WORK ON TENEMENTS
The Company is currently finalising the grant of its tenements and preparing to undertake further mapping and sampling to validate historical results and generate drill targets.
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 lithium and gold. Macarthur Minerals has significant lithium, gold and iron ore exploration interests in Australia and Nevada. Macarthur Minerals has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Chairman
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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.