Macarthur Minerals Completes Acquisition of the Bonnie Scot Tenement for Conglomerate Gold in Pilbara, Western Australia
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce that it has completed its acquisition of 100% of granted exploration license E45/4764 covering an area of 13 square kilometers in the Pilbara region of Western Australia (“Bonnie Scot”) as previously announced on October 12, 2017. Bonnie Scot sits adjacent to the tenements which form part of the Company’s farm-in deal with Artemis Resources Limited, as announced by the Company on September 28, 2017. These tenements contain the Mt Roe Basalt, the same formation that overlies the conglomerate at Purdy’s Reward.
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The Bonnie Scot tenement is located within 2km of the historic Haoma Auraria open pit for gold.
Mr Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Macarthur Minerals is excited about the acquisition of this tenement as it will be a priority target area early in the 2018 geological program. We already have a sizeable 1,514 km2 tenement position in the Pilbara that we will now focus on with respect to identifying new conglomerate gold targets. The Macarthur Minerals tenements have evidence of extensive Mt Roe Basalts across both tenements and the rock sequences under this sequence are the main exploration target in the area.”
Bonnie Scot
Bonnie Scot 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 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, acquired to explore 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).
Option Agreement
Macarthur Minerals (through its 100% owned subsidiary Macarthur Lithium Pty Ltd (“MLi”)) entered into a Option Agreement (“Option Agreement”) with a private prospector (“Seller”) to purchase 100% interest in the Bonnie Scot.
Under the terms of the Option Agreement, MLi will acquire 100% of the tenement by payment of A$6,000 in a lump sum cash payment and A$15,000 in shares in the Company, at a deemed price based on the VWAP for the 5 Trading Days preceding the exercise of the option, subject to Exchange approval.
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 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, Executive Chairman
| Company Contact: Joe Phillips, CEO and Director jphillips@macarthurminerals.com Tel: +61 448899247 www.macarthurminerals.com |
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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 Geology of the Fortescue Group, Pilbara Craton, Western Australia. Western Australia Geological Survey, Bulletin 144
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