VANCOUVER, BC--(Marketwired - November 04, 2016) - Macarthur Minerals Limited (TSX VENTURE: MMS)
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" or "Macarthur Minerals") is pleased to announce that it has completed staking an additional 360 claims covering approximately 6,975 acres (28.22 square kilometers) surrounding its Stonewall Lithium Project ("Stonewall Project"). Expansion of the Stonewall Project, by staking additional claims, has increased the Company's footprint in the Lida Valley to a total of approximately 12,019 acres (48.64 square kilometers) covering almost all of the playa (i.e. 'dry lake bed') in the Lida Valley, Nevada. The Company has staked the additional claims because of the lithium prospectivity of the Lida Valley, indicated by surface grades returned from the initial drilling program of up to 145.5 parts per million ("ppm") lithium ("Li") 1.
The Stonewall Project is located in the Lida Valley, Nevada, the basin adjacent to the Clayton Valley, which hosts North America's only producing lithium mine, Albemarle's Silver Peak Lithium Mine.
As previously announced, lithium has been detected at the Stonewall Project from a shallow drilling program conducted as part of due diligence for acquisition of the Stonewall Project. All nine shallow drill holes reported lithium, with grades up to 145.5 ppm Li from near surface sediment, confirming that lithium is present in the Lida Valley.
David Taplin, President, CEO and Director of Macarthur Minerals commented:
"The Company has strategically expanded its footprint in the Lida Valley to cover almost all of the playa, where we have detected lithium near surface from all nine drill holes with grades up to 145.5 ppm lithium. The Company views the Lida Valley as strategic and plans to accelerate exploration. The Stonewall Project is strategically located adjacent to the Clayton Valley, where Albemarle's Silver Peak Lithium Mine, the only operating lithium mine in North America is located and 306 kilometres from Tesla's Gigafactory in Nevada."
Stonewall Lithium Project
The Company staked an additional 360 claims covering approximately 6,975 acres (28.22 square kilometers), bringing the total size of the Stonewall Project to cover approximately 12,019 acres (48.64 square kilometers), as indicated in Figure 1.
Expansion of the Stonewall Project has increased the Company's footprint in the Lida Valley to almost all of the playa, adjacent to the Clayton Valley Basin, which hosts the United States' only producing lithium mine.
As indicated in Figure 2, the Stonewall Project is strategically located in the Nevada lithium supply hub, 306 kilometers (191 miles) southeast of Tesla's new Gigafactory, which has a planned production capacity of 35 gigawatt-hours per year by 20202.
The Company's previous announcement made on October 21, 2016 contains further details of the Stonewall Project and results of the initial shallow drilling program.
Proposed ASX IPO of Australian Lithium and Iron Ore Projects
As announced on October 28, 2016, the board has resolved to progress an Australian Securities Exchange ("ASX") Initial Public Offering ("IPO") of its Australian 'hard rock' lithium and iron ore projects, subject to regulatory approval. Macarthur Minerals will maintain majority ownership and control of the ASX IPO listed entity.
The Company's wholly owned subsidiary, Macarthur Lithium Nevada Limited, will continue to advance the Stonewall Lithium Project, located in Nevada.
Australian 'Hard Rock' Lithium Projects
The Company has one of the largest lithium hard rock acreage packages in Australia, covering an area of 2,029 square kilometres (501,376 acres) across the Pilbara, Ravensthorpe and the Yalgoo/Edah regions of Western Australia. Initial reconnaissance across the Company's acreage has been encouraging, including initial assay results from rock chips of up to 3.75% lithium (Li2O) received at the Yalgoo Lithium Project (see the Company's announcement dated October 12, 2016).
Australian Iron Ore Projects
The Company owns the Ularring Hematite and the Moonshine Magnetite Projects in the Yilgarn region of Western Australia. The Company has previously invested over A$60 million in progressing the Ularring Hematite Project beyond Pre-Feasibility3 and the Moonshine Magnetite Project to a Preliminary Economic Assessment4. The Ularring Hematite Project has received approval to develop an iron ore mine under Western Australian and Australian Federal environmental laws.
The Company believes that the iron ore projects remain valuable assets with the recovery of the global iron ore market, with a spot price of $US65.46 a tonne today5.
Mr. Randy Henkle, a Registered Member of the Society of Mining and Exploration and a Professional Geologist licensed in British Columbia, Canada, is a Qualified Person as defined in National Instrument 43-101. Mr. Henkle has reviewed and approved the technical information contained in this news release.
ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments, with significant lithium exploration interest in Australia and Nevada. In addition, Macarthur 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, Chairman
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.
1 Refer to Macarthur Minerals Limited News Release dated October 21, 2016.
3 NI 43-101 Technical Report filed October 1, 2012, titled "NI 43-101 Technical Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite Project, Western Australia - this report is not current.
4 NI43-101 Technical Report filed March 25, 2011, titled "Macarthur Minerals Limited: Moonshine and Moonshine North Prospects, Lake Giles Iron Project, Western Australia, NI43-101 Technical Report - Preliminary Assessment" - this report is no longer current.
5 Australian Financial Review, November 4, 2016.
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