VANCOUVER, British Columbia, June 07, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS ) (the “Company” or “Macarthur”) is pleased to announce that it has commenced its exploration program targeting nickel and cobalt at its Lake Giles Project in the Goldfields region of Western Australia.
Mr Cameron McCall, Executive Chairman of Macarthur commented: “ Macarthur has ramped up its exploration activities and the survey will be a first for this region to test the Komatiite structures in the Lake Giles area at depth. We believe that there is certainly something that has created the widespread nickel and cobalt anomalies across this extensive tenement package and we are excited about the prospect of what could emerge.”
Geophysical Survey
As reported on March 5, 2018, the Company has identified two areas prospective for sulphide hosted base metal deposits based on historical drill results at the Snark and Moonshine prospects, located on the Company’s Lake Giles Project. The majority of historical drilling at Snark and Moonshine has been shallow (<60m) and regionally, Kambalda style nickel mineralisation has only been found at depth. The interpretation of historical aeromagnetic data suggests possible presence of lava channels and Komatiite flows which are favourable for nickel-sulphide deposits. To gain a greater understanding at depth, the Company is completing ground based EM surveys at both prospects.
A moving loop EM survey has commenced over these two zones prospective for nickel mineralisation. The ground EM survey will be conducted at 200m spacing covering an area of 3.5 km 2 at Snark and 1 km 2 at Moonshine (Figures 1 & 2).
Lake Giles Nickel and Cobalt Potential
Snark Prospect The Snark prospect at Macarthur’s Lake Giles Project is considered to be a highly favourable tectonic and structural setting and is well supported by surface geology featuring volcanic sequences comprising of high-mg basalts and Kambalda type komatiitic ultramafic flows of which nickel-sulfide ore bodies are hosted. Exploration by Amax Exploration (“Amax”) in the 1970’s identified a potential nickel sulphide target in the Snark prospect. Rock samples collected from a gossan on the edge of a strong induced polarisation (“IP”) anomaly returned assays to a maximum of 1.04% nickel. Subsequent exploration by Kalgoorlie Prospector, Mel Dalla-Costa, identified material suspected to be asbolite (a cobalt and nickel mineral) at the base of a 1.5m deep costean previously excavated by Amax.
Mapping conducted over the area in 2002 by Keith Fox for Internickel Australia Pty Ltd identified three historical target areas:
- Target A is based on aeromagnetic data showing a possible presence of lava channels. Amax bulldozed a trench and assayed rock chip samples with anomalous nickel values in rocks of up to 1.4% (AMG 781,330mE, 6,698,632mN). Macarthur’s rock samples were collected 200m from the mapped point but at the site of the historical trench. Discrepancies in trench location may be expected due to different datum used between the two surveys.
- Target B is derived from aeromagnetic data and appears to be a bulge on the komatiite footwall at this location. A drill hole by Amax intersected olivine cumulates. The bulge on the komatiite footwall is located on the westerly limb of a folded sequence of ultra-mafic and BIF. Soil samples collected by Amax show anomalous nickel with a high of 2750ppm (MGA_50 782,830mE, E 6,698,000mN).
- Target C was defined from an occurrence of a moderately discrete area of magmatic olivine cumulate rocks. High nickel values in soil 1040 ppm were collected by Amax (MGA_50 782,136mE, 6,699,694mN).
Macarthur has drilled several reverse circulation (“RC”) holes in the vicinity of the targets described above and intersected anomalous nickel in holes LGRC0010 and LGRC0015 (Figure 1). Intercepts of interest include:
LDRC_0010 (288m): 128 meters @ 0.17% Ni (from 108m to 236m) including 1m @ 0.29% Ni LGRC_0015 (168m): 106 meters @ 0.15% Ni (from 62m to 168m)
In addition, Macarthur previously reported surface rock samples from the Snark prospect containing the mineral asbolite containing up to 2.6% cobalt and 2.0% nickel. These samples are within the area of the EM survey.
Moonshine Prospect The Moonshine prospect at Lake Giles has also been identified as prospective for nickel sulphide deposits from previous drilling (Figure 2). Anomalous nickel values including 0.9% Ni from 10.5m to 22m including 1m at 1.4% nickel were detected within the first 30 meters of a 2012 diamond drill hole. Anomalous cobalt averaging 0.13% was also discovered from 18.5 to 22m. The elevated nickel values within shallow weathered zone may be an indication of a nearby sulphide deposit. It was also noted from logging, that sulphides are abundant throughout the sequence and are believed to be a product of hydrothermal convection. There is also mention of abundant sulphides within subsequent drill holes nearby. To date, there has not been adequate drilling at depth however the ground EM survey underway should provide greater understanding of the geology at depth and potential for sulphide hosted base metal deposits.
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 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 ” 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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