Macarthur Minerals Ltd (TSXV:MMS)(the “Company” or “Macarthur Minerals”) is pleased to announce that it has completed a sediment sampling program at its Bonnie Scot tenement in the Pilbara region of Western Australia (“Bonnie Scot”) with encouraging results. During the geochemical survey a total of 45 samples were collected from selected drainage courses across the tenement area. Multi-element assays were received confirming several anomalous sediment values ranging from 13 parts per million (“ppm”) up to 113 ppb Au. This area was previously identified from historical rock chip sampling program with values of up to 3.5 g/t. This first pass exploration warrants further sediment sampling.
Mr Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Macarthur is excited to be joining the gold rush with other gold explorers in the area who have recently raised around $100 million for grassroots exploration. The Company has a sizeable land package of 1,328 km2 in the Pilbara area which is highly prospective for conventional gold and conglomerate gold deposits.”
The Bonnie Scot tenement (E45/4764) is located approximately 42 km west-southwest of Marble Bar and 265 km east-south-east of Karratha, in the Pilbara region of Western Australia.
The Bonnie Scot tenement is ideally situated adjacent to Macarthur Mineral’s exploration licences E45/4779 and E45/4732 which are part of the Company’s farm-in deal with Artemis Resources Limited (“Artemis”). The Bonnie Scot tenement is also in close proximity to areas owned by Novo Resources Limited and the Creasy Group projects that are currently being explored for conglomerate hosted gold (Figure 1).
Geological Survey of Western Australia (GSWA) mapping across the tenement shows areas of the Mt Roe Basalt which is known to overlie the conglomerate gold horizon at Artemis’ Purdy’s Reward. 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 Macarthur Minerals’ tenements and in close proximity to ground held by Novo Resources Limited and Creasy Group (Figure 1; Torne and Trendall, 20011).
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:MMS)
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.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Executive Chairman
Joe Phillips, CEO and Director
Tel: +61 448899247
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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.
1 Geology of the Fortescue Group, Pilbara Craton, Western Australia. Western Australia Geological Survey, Bulletin 144
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From:: Investing News Network