Macarthur’s Joint Venture Partner Fe Limited Releases Hillside Copper and Gold Results and Discovers New Manganese Prospect up to 59.4% MnO

VANCOUVER, British Columbia, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that its Joint Venture Partner Fe Limited (“FEL”), has released further significant  copper and gold assays including a new  manganese oxide area sample recording 59.4% MnO result from a recent field trip to the Hillside Project in the Pilbara Region of Western Australia. 

Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur entered into an exclusive option agreement (“Option Agreement”) with FEL as announced on May 14, 2019, to earn up to 75% in its Pilbara lithium and gold projects.

Highlights:

• High grade copper, gold, silver and base metals assays received from outcrop sampling of Gossan over a 14km strike.
  
• Newly discovered manganese deposit in sub parallel outcrop to the gossan line.
  
• Significant results include:
  
  • HS0014:     1.2ppm Au, 18.8% Cu, 77ppm Ag, 0.17% Zn, 0.057% Co
    
  • HS0021:     0.77ppm Au, 3.7% Cu, 187ppm Ag, 0.5% Zn, 0.06% Co
    
  • HS0023:     1.06ppm Au, 13.9% Cu, 79ppm Ag, 0.44% Zn,
    
  • HS0024:     0.31ppm Au, 4.5% Cu, 76ppm Ag, 0.35% Zn, 0.05% Co
    
  • HS0027:     0.28ppm Au, 1.3%Cu, 14ppm Ag, 0.17% Zn, 0.04% Co
    
  • HS0028:     0.45ppm Au, 3.1% Cu, 50ppm Ag, 0.49% Zn
    
  • HS0029:     0.34ppm Au, 3.0% Cu, 22ppm Ag
    
  • HS0031:     0.83ppm Au, 7.2% Cu, 78ppm Ag, 0.93% Zn, 0.095% Co
    
  • HS0033:     59.4% MnO (>46% Mn)
    
• Drilling planned and ready for mobilisation in late October (pending approvals)

Cameron McCall, Executive Chairman of Macarthur Minerals commented;

We are pleased to provide an update on the work completed since the Joint Venture between Macarthur and Fe Limited was entered into on May 14, 2019.  FEL’s exploration activities have been focused on the Company’s previously underexplored Pilbara lithium and gold areas and to date, the results have been very encouraging with numerous high-grade results in the Hillside and Strelley Project areas.  FEL is currently in the process of planning a drilling program with the areas shaping up to host multiple attractive and untested prospects.”

As previously announced by the Company on August 23, 2019, samples collected by FEL’s geological team from the Hillside Project returned strongly anomalous grades for base metals and gold from several locations.  In early September FEL conducted follow-up reconnaissance to the Joint Venture tenements, concentrating on the Hillside Project (E45/4824 and E45/4685) and the south-eastern area of the Strelley Project (E45/4735) looking for extensions to the base metals deposit of VentureX.

The focus at Hillside was to map and sample the partially outcropping gossan line and sample outcropping quartz reefs known to host gold mineralisation (from prospector reports).

The gossan line was traced over a 14km strike length with remnant outcrop identified at regular intervals along strike. Much of the area between outcrop presented as leached saprolite in accordance with the typical gossan model (Figure 1).

Figure 1. Schematic of typical gossan section.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0669ab83-5159-40de-a4dd-345c22e94677

A total of 36 rock chip samples were collected including 15 from outcropping gossan with several samples containing visible copper minerals such as malachite (e.g. Figure 4). Remaining samples were collected from quartz outcrops, many of which returned strongly anomalous gold grades.

The assay results are highly encouraging with 8 samples returning copper values over 1% with a peak of 18.8% and often accompanied with elevated gold, silver and zinc values (+/- cobalt) (Table2).

Of considerable interest was an assay result of 59.4% MnO (46% Mn) from a sample collected from outcrop of a newly discovered oxide horizon. By comparison, Consolidated Minerals’ Woodie Woodie manganese deposit has a resource grade averaging 31.4% Mn. This prospect will be followed up in due course,

Sample locations are presented in Table 1 and Figure 2 with assay results in Table 2. Examples of select samples are shown in Figures 3 – 7.  

A drilling program has been planned by FEL targeting depth extensions of the gossanous mineralisation with initial shallow angled holes to intercept the interpreted dip as guided by the local structural setting. Some deeper holes are expected to be drilled depending on what is discovered in the field.  The drilling program is anticipated to begin in late October pending receipt of necessary approvals.

Figure 2. Sample Locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdd31946-9dbf-4340-9f0f-81be163b5594

Figure 3. HS0014 gossan outcrop 
https://www.globenewswire.com/NewsRoom/AttachmentNg/947f5242-546d-46c0-9fd6-e63e306e0175

Figure 4. HS0024 gossan
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ad851a5-a56a-4cf1-bf6b-ea7ddd1441ec

Figure 5. HS0031 gossan 
https://www.globenewswire.com/NewsRoom/AttachmentNg/5522544a-0eb3-4986-ab62-a212dd7e2e5b

Figure 6. HS0039 – Qtz Vein with chalcedony
https://www.globenewswire.com/NewsRoom/AttachmentNg/8649c4c5-822d-47e6-8737-062e939b1db4

Figure 7. HS0033 – Manganese Oxide 
https://www.globenewswire.com/NewsRoom/AttachmentNg/d60155e8-584d-4c63-b706-aed4bf35b667

Table 1

Table 2

ABOUT FE LIMITED
FE Limited (ASX: FEL) is a listed mineral exploration Company that holds or has rights or interests in various projects and tenements prospective for battery metals, copper, iron ore, gold and base metals located in Australia. The Company is focused on the exploration of battery metal projects. In March 2019, FEL entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project (Project) from Mercury Resources Group Pty Ltd. These areas complement the tenement portfolio of Macarthur Minerals, establishing an 1800 square kilometer exploration footprint in the important Lithium and Gold region of Western Australia.

On May 14, 2019 Macarthur announced it had entered into an exclusive option agreement with FE Limited (ASX: FEL), for FEL to acquire an interest of up to 75% in the tenements held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty Ltd (“MLi”).

ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, OTCQB: MMSDF)
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project includes the 80 million tonne Ularring hematite resource (approved for development) and the 710 million tonne Moonshine magnetite resource. Macarthur has prominent (~1,281 square kilometer tenement area) gold, lithium and nickel exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.

QUALIFIED PERSON

Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S. FAusIMM, a Fellow of the Australasian Institute of Mining and Metallurgy (membership number 107348), is a consultant of Macarthur and is a Qualified Person as defined in NI 43-101. Mr Cooper has reviewed and approved the technical information contained in this news release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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.