Macarthur Minerals Completes Geophysical Surveys Targeting Gold and Copper at Its Hillside Project
VANCOUVER, British Columbia, June 05, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Ltd. (TSX-V: MMS) (the “Company” or “Macarthur”) is pleased to announce that it has completed a heliborne SkyTEM electromagnetic survey program targeting gold and copper at its Hillside Gold Project in the Pilbara region of Western Australia, to define high priority targets from conductors such as clusters of massive sulphide hosted base metal deposits at depth.
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Mr Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Following a review of historical data that highlighted several prospective zones, a geophysics program has been completed over key areas to delineate deep massive sulphide structures that have the potential to be hosting gold and copper found at surface. We are in the right area, as the Hillside Project shares similar geology to Calidus Resources Ltd.’s Warrawoona Gold Project located to the North East. It is now a matter of further exploration to find the source. ”
Hillside Gold Project
The Company has completed a heliborne SkyTEM electromagnetic survey on the Hillside Gold Project (“Hillside Project”) in the Pilbara. The survey was conducted at 150m line spacing across two large prospects covering 125km2. The aim of the survey is to define high priority targets from conductors such as clusters of massive sulphide hosted base metal deposits at depth. The data collected will now be processed and interpreted to identify structures with potential for gold, copper or other sulphide mineral deposits. The area surveyed is shown in Figure 1.
The Company’s Hillside Project covers an area of ~400km2 and is highly prospective for gold and copper. Historical rock chip sampling on the Hillside Project has returned results up to 240 grams per tonne gold and 7.8% copper. A rock chip from a recent reconnaissance visit with Artemis Resources Ltd. to the Hillside Project returned 8.5 grams per tonne (“g/t”) gold.
Project Geology
The Hillside Project is located south west of Calidus Resources Ltd.’s (“Calidus Resources”) Warrawoona Gold Project where it recently announced significant gold of 6 meters at 63.31 g/t, 2 meters at 182.57 g/t and broader intervals including 12 meters at 3.73 g/t and 9 meters at 4.45 g/t. Calidus Resources has recently reported a Mineral Resource of 712,000 ounces of gold at 2.11 g/t.1.
The Warrawoona Gold Project occupies an area dominated by greenstone terrain of the Warrawoona Group with the main stratigraphic unit being the Apex Basalt. Macarthur Minerals’ Tambourah Lithium and Hillside Projects are both situated in areas of highly prospective greenstone terrane that includes the Apex Basalt and other volcanic units of the Warrawoona Group (Figure 2). The Hillside Project also contains substantial volcanic units such as the Euro Basalt of the closely related Kelly Group. The coincident geology of the Hillside, Tambourah and Warrawoona projects combined with numerous historical gold occurrences suggests Macarthur Minerals’ projects are highly prospective for identifying high-grade gold mineralisation.
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, expect that of the Reynolds Springs Project 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,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Executive Chairman
| Company Contact: Joe Phillips, CEO and Director jphillips@macarthurminerals.com Tel: +61 448899247 www.macarthurminerals.com |
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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.
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1 Calidus Resources Ltd. ASX Announcement dated 18 December 2017