Macarthur Minerals Limited
TSX VENTURE : MMS

Macarthur Minerals Limited

March 23, 2011 09:28 ET

Macarthur Minerals Limited: Snark Drilling Update-42m at 59.4%Fe

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) -

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

Macarthur Minerals Limited (TSX VENTURE:MMS) ("the Company") is pleased to advise the first 36 RC drill hole assay results have been received with 42 metres at 59.4% Fe being recorded, and every hole returning potential direct shipping ore ("DSO") grade mineralisation at its Lake Giles project, located in Western Australia.

Drilling to date has extended the known mineralisation in several locations and new zones of outcropping mineralisation have been mapped in the Snark project area. The drilling was carried out over the outcropping hematite zones where the Company reported an Inferred Mineral Resource of 7.1 million tonnes at 55.9% Fe (News Release dated November 09, 2010).

A full listing of results is detailed in Table 1 (down-hole lengths reported - true widths will be determined). Better intersections reported include:

16m at 59.4%Fe from 2m depth
42m at 59.4%Fe from 3m depth
13m at 59.7%Fe from 0m depth
42m at 58.0%Fe from 2m depth
14m at 58.7%Fe from 3m depth
15m at 57.5%Fe from 6m depth
16m at 58.6%Fe from 3m depth
19m at 55.9%Fe from 3m
depth

Since drilling commenced this year, over 100 holes have been drilled and over 200 drill holes have now been planned at Snark. These holes will form the basis for Mineral Resource estimations which are planned to be completed mid-year.

In addition, drilling has shown that the strike extents of the DSO may continue under surface cover and a new area known as 'Drabble-Downs' has been identified as potential additional source of DSO within the Snark area. Work is now underway to carry out drilling over these new areas.

Based on results to date the Company is confident that drilling should increase the Mineral Resource estimate at Snark. The present total Inferred Mineral Resource estimate is 18 million tonnes at 55.5% Fe (Press Release dated November 25, 2010).

Table 1 – RC Intersections

Hole ID From To Length Fe % SiO2% Al2O3% P% S% LOI%
LGRC_514 1 6 5 55.1 8.4 2.6 0.07 0.06 9.4
LGRC_515 27 30 3 52.2 14.4 2.9 0.06 0.03 7.3
LGRC_516 10 18 8 56.6 8.2 3.2 0.06 0.13 7.0
Including 11 16 5 58.9 5.1 3.0 0.06 0.12 7.0
and 27 33 6 57.1 8.9 1.8 0.07 0.05 7.0
LGRC_517 2 18 16 59.4 3.5 2.9 0.07 0.43 7.9
LGRC_518 3 45 42 59.4 6.1 2.2 0.08 0.06 6.2
Including 4 34 30 61.8 2.5 2.3 0.08 0.08 6.3
LGRC_519 0 13 13 59.7 4.0 2.7 0.06 0.14 6.8
LGRC_520 2 44 42 58.0 6.7 3.1 0.10 0.05 6.5
LGRC_521 7 15 8 53.7 9.8 4.8 0.07 0.25 8.0
and 35 41 6 54.5 12.1 1.2 0.14 0.01 6.6
LGRC_522 7 14 7 53.1 9.2 5.4 0.09 0.16 8.5
and 29 41 12 56.1 10.5 1.8 0.13 0.02 6.5
LGRC_523 3 17 14 58.7 3.3 3.5 0.08 0.37 8.6
LGRC_524 6 21 15 57.5 4.2 3.9 0.05 0.31 9.1
LGRC_525 4 16 12 55.4 5.8 4.7 0.10 0.26 9.6
LGRC_526 0 5 5 51.7 6.8 7.2 0.14 0.20 10.9
and 8 16 8 53.2 6.0 6.1 0.09 0.47 11.0
including 14 16 2 60.2 2.9 2.5 0.13 0.17 8.2
LGRC_527 3 19 16 58.6 3.8 3.3 0.07 0.23 8.5
LGRC_528 2 13 11 53.6 10.1 3.9 0.07 0.18 7.8
and 38 41 3 57.5 10.9 0.3 0.06 0.00 4.4
LGRC_529 0 15 15 54.2 6.9 4.7 0.04 0.47 10.3
LGRC_530 2 9 7 51.7 6.6 6.6 0.04 0.97 11.6
and 33 36 3 54.8 6.1 4.9 0.04 0.35 10.2
and 38 40 2 52.7 9.8 5.1 0.02 0.33 9.3
LGRC_531 7 11 4 52.1 9.0 6.4 0.03 0.20 9.4
and 19 24 5 57.4 4.5 3.7 0.06 0.23 9.2
and 35 40 5 54.1 6.4 5.9 0.06 0.24 9.7
LGRC_532 4 9 5 53.1 7.1 6.1 0.04 0.49 10.2
and 15 24 9 58.8 3.6 4.0 0.06 0.17 7.6
and 41 50 9 56.1 4.7 5.0 0.10 0.13 9.5
including 45 48 3 60.7 2.4 2.6 0.14 0.05 7.7
and 56 58 2 54.1 6.9 6.0 0.14 0.04 8.9
LGRC_533 5 7 2 54.3 6.3 5.5 0.05 0.15 9.0
and 25 30 5 58.9 3.5 3.8 0.07 0.28 8.1
and 32 34 2 54.9 3.7 5.4 0.22 0.25 11.5
LGRC_534 6 8 2 57.5 6.9 3.0 0.04 0.06 7.3
and 28 33 5 53.2 8.2 6.2 0.07 0.11 9.0
LGRC_535 20 27 7 53.2 7.2 5.7 0.10 0.19 10.5
LGRC_536 4 11 7 54.1 5.1 6.2 0.09 0.81 10.7
including 9 11 2 59.7 2.4 3.5 0.08 0.45 8.0
and 18 21 3 52.5 7.2 7.3 0.08 0.48 9.8
and 26 31 5 56.4 5.7 4.5 0.03 0.14 8.7
LGRC_537 5 7 2 53.3 9.8 5.5 0.07 0.14 8.1
and 9 12 3 55.4 6.7 5.0 0.09 0.11 8.5
LGRC_538 4 16 12 55.4 7.4 4.9 0.08 0.23 8.0
LGRC_539 3 22 19 55.9 8.0 4.9 0.08 0.17 6.6
including 11 16 5 60.6 4.4 2.6 0.07 0.13 6.0
LGRC_540 5 16 11 58.1 5.0 3.8 0.07 0.23 7.6
LGRC_541 12 16 4 57.8 1.9 4.3 0.05 1.26 10.0
and 19 37 18 55.7 7.1 4.7 0.10 0.43 7.6
including 26 28 2 60.9 3.3 2.6 0.12 0.14 6.5
including 30 33 3 59.3 5.3 3.5 0.09 0.16 5.8
LGRC_542 0 9 9 55.7 6.8 4.7 0.06 0.35 8.1
including 6 9 3 60.8 3.1 2.8 0.07 0.26 6.6
and 24 31 7 58.4 6.3 3.4 0.05 0.15 6.5
and 48 50 2 54.2 11.4 4.9 0.08 0.10 6.1
LGRC_543 5 9 4 57.2 4.5 4.9 0.05 0.64 8.1
including 5 8 3 59.2 3.7 3.6 0.05 0.49 7.4
LGRC_544 3 18 15 56.5 7.2 4.8 0.04 0.09 6.8
including 9 17 8 61.4 3.6 2.5 0.03 0.08 5.8
LGRC_545 7 9 2 51.5 9.3 7.2 0.07 0.20 9.2
and 12 17 5 56.1 11.9 2.7 0.05 0.10 5.0
LGRC_546 0 10 10 56.1 9.0 3.7 0.06 0.12 6.4
including 3 7 4 61.1 4.0 1.8 0.07 0.12 6.3
LGRC_547 21 24 3 50.7 21.6 1.1 0.05 0.13 4.3
LGRC_548 7 9 2 53.9 14.1 3.6 0.03 0.13 4.7
LGRC_549 1 4 3 55.7 8.1 5.0 0.04 0.10 6.5

Notes for Table 1:

  • All analysis by X-Ray Fluorescence Spectrometry (XRF) at Amdel Laboratory in Perth, Western Australian.
  • RC Samples collected over 1 metre intervals using a industry standard 3 tier riffle splitter
  • Intersections are reported >50% Fe Minimum intersection width 2 metres with internal waste of no more than 2 metres
  • Downhole lengths reported as true width is unknown.
  • Azimuths are referenced to local grid.
  • Fe intersections grade rounded to 1 decimal figure.

Quality Assurance and Quality Control (QAQC):

Intersections reported have been verified by the company's QAQC protocols. All samples from drill holes are prepared by Amdel and pulverised to 90% passing 75 microns then analysed for the iron suite using XRF.

QUALIFIED PERSON

Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and an independent consultant geologist, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), in charge of the exploration on the Lake Giles project.

Further information on Macarthur Minerals Limited and technical reports on the Lake Giles project can be found on the company's website www.macarthurminerals.com or www.sedar.com.

ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE:MMS)

Macarthur Minerals Limited, is a Perth, Australia based resource development company that is currently focused on developing its Lake Giles Iron Ore project, located in the Yilgarn iron ore district in Western Australia. The Lake Giles project is located 110Km from rail with direct access to the Port of Esperance, Western Australia. The project has a resource of 1.3 billion tonnes of Magnetite mineralization that has been reported in accordance with National Instrument 43-101, and 18 million tonnes of potential Direct Shipping Ore (DSO) Goethite/Hematite at 55.5% Fe.

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

Alan Phillips, President, Chairman & CEO

Caution Regarding Forward Looking Statements

The forward-looking statements in this document 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 document, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that is referenced in this document or was otherwise relied upon by the Company in preparing this document. 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. The term "ore" in DSO is not meant to imply economic viability has been established. Factors that could cause actual results to differ materially from those in forwardlooking statements include unforseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore or magnetite 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 document are made as of the date of this document. 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.

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 or this release.

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