VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to provide an update on the potential for cobalt and nickel mineralisation at its Lake Giles Iron Ore Projects in Western Australia. A reconnaissance trip to the Project discovered surface rock samples containing the cobalt mineral asbolite with assays reporting up to 2.6% cobalt and 2.0% nickel.
Cameron McCall, President and Executive Chairman of Macarthur Minerals commented:
“Following the Company’s News Release on June 6, 2017, the Company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration. Recent exploration was successful in collecting rock samples containing a significant concentration of cobalt and nickel. The Company is excited by this find that coincides with several targets derived from geophysical surveys. The Company is now in the process of undertaking further geophysical surveys across the area and several other targets identified in its review.”
Lake Giles Nickel and Cobalt Potential
The Snark prospect at Macarthur Mineral’s Lake Giles Iron Ore Projects 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 Minerals 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 Minerals 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)
Rock samples containing nickel and cobalt
In February 2018 Macarthur revisited the location of the Amax trench and surrounding area and collected five samples of float material containing asbolite returning assays up to 2.61% cobalt and 2.01% nickel (Table 1). Fieldwork was limited by wet weather and a follow-up survey is planned to commence as soon as practicable.
Table 1. Assays of float material collected at the Snark prospect
|Sample ID||Co %||Ni %||Cu ppm||Mn %|
All samples were collected at 781596mE, 6698934mN, MGA94, Zone 50
Macarthur Minerals Lake Giles Iron Ore Projects are the source of non-overlain by a komatiite ultramafic unit. Previous exploration work has demonstrated the ultramafic unit in the 60km strike extent of the tenements but due to fault repeats, the tenements are estimated to cover more than 100km of komatiite strike length (Fox).
Mapping, gossan sampling and drilling results over the area has shown anomalous cobalt, nickel values suggesting a favourable environment for the occurrence of nickel sulphide deposits.
During 2004 to 2006, two geophysics surveys were carried out, one an airborne electromagnetic survey (“EM”) (as reported in Macarthur Minerals 2006 Technical Report) and the other a ground based fixed loop TEM. The surveys were designed at defining bedrock conduits associated with base metals. The surveys identified five potential target areas. The ultramafic rocks and nickel anomalies within the greenstone belt offer good scope for discovery of massive nickel-sulphide mineralisation.
NEXT STEPS FOR WORK ON TENEMENTS
Macarthur Minerals will extend the sampling over the full extent of target areas A, B, C to identify and map the localities of outcropping gossanous rock. The Company is currently engaging a contractor to complete detailed geophysical surveys including ground and downhole EM around prospective nickel and cobalt targets identified from past drill assays at the Snark, Clark Hill and Moonshine prospects.
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 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 Mt Manning iron ore project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Executive Chairman
|Company Contact: |
Joe Phillips, CEO and Director
Tel: +61 448899247
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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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