VANCOUVER, BC--(Marketwired - August 22, 2016) -
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 applied for an additional exploration licence E45/4824, in the Pilbara region of Western Australia, adjacent to its existing exploration licences E45/4708 and E45/4709, to extend the contiguous area to 367 square kilometres (90,687 acres). The Company now has total tenement acreage under application in the Pilbara region of 1,449 square kilometres (358,055 acres), in addition to its Yalgoo, Edah Hill, Ravensthorpe, Sulphur Springs, Whim Creek interests in Western Australia and Nevada Stonewall interests in the United States of America.
David Taplin, President, CEO and Director of Macarthur commented:
"The Company has applied for further acreage in the Pilbara to extend exploration licence applications E45/4708 and E45/4709, with new exploration licence application E45/4824, into a contiguous area bringing the total tenement acreage under application in the Pilbara region of 1,449 square kilometres in addition to its Yalgoo, Edah Hill, Ravensthorpe, Sulphur Springs, Whim Creek and Nevada Stonewall interests. The majority of the tenement acreage under application is due to be granted by November or December, which will allow the Company to commence initial lithium exploration."
New Pilbara Tenement
The location of the new Pilbara exploration licence application (E45/4824), which covers an area of 211 square kilometres is shown in Figure 1.
The Pilbara applications cover similar geological settings to the Pilgangoora Li-Ta pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited and Altura Mining Limited.
Geological Setting of the Tenement Applications
Macarthur's applications in the Pilbara are selected on the basis of geological attributes that are broadly consistent with the currently accepted exploration/mineral system model for Lithium-Caesium-Tantalum ("LCT" type) rare element pegmatites. The tenement applications cover areas of potential LCT pegmatite host rocks such as greenstone belts (meta-volcanic sequences), earlier granitoids and gneisses. The tenement applications are located within 5-10 km of ~2.89 to 2.83 Ga(1) post-tectonic monzogranite (S-type) intrusions, which are considered to be the source of magmatic melts from which the LCT pegmatites evolved. The fertile character of the highly fractionated younger monzogranites(2), and their potential link to lithium mineralisation, adjacent to and within the new application is supported by numerous associated occurrences of lithium (Li), tantalum (Ta), tin (Sn), and beryllium (Be).
The Company now holds 21 Exploration Licence Applications and prospective interest in rights to lithium covering a total area of 2,029 square kilometres (501,376 acres) in the Pilbara, Ravensthorpe and the Yalgoo/Edah regions of Western Australia. In addition, the Company has also entered into an agreement to acquire the Stonewall Project in Nevada, which covers an area of approximately 5,700 acres (23 km2).
Macarthur is currently evaluating its acreage and commencing discussions with various third parties concerning potential joint ventures to maximise the exploration effort throughout 2016.
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 retains its two iron ore projects in Western Australia; the Ularring hematite project (Indicated 54.46 million tonnes @ 47.2% Fe, Inferred 25.99 million tonnes @ 45.4% Fe -- Pre-Feasibility Study)(3) and the Moonshine magnetite project (1.3 billion tonnes @ 30.1% Fe -- Preliminary Economic Assessment)(4).
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) Ga is giga anna -- 1 Billion years.
(2) S-type monzogranites are biotite-bearing granitoids considered to have formed by crystallisation of melts from metasedimentary protoliths.
(3) Previously announced on August 16, 2012 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."
(4) NI43-101 Technical Report filed December 17, 2009, titled "NI43-101 Technical Report on Lake Giles Iron Ore Project: Western Australia" and was updated by Snowden Mining Industry Consultants (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."
Image Available: http://www.marketwire.com/library/MwGo/2016/8/22/11G111293/Images/Figure_1-857261e1b5d29d0eb8ce0c02eef4b961.jpg